Business
Strategic Entry into Colombia
Strategic Entry into Colombia.
About this update from Pensana Plc
[{"type":"text","content":"\n Pan Andean Resources PLC\n20 June 2007\n\n\nPan Andean Resources plc\n\n\nStrategic entry into Colombia\n\n • Pan Andean opens representative office in Bogota, Colombia\n • Partnership with AGN E&P Consultants to focus on exploration and\n production opportunities within the region\n • Strong local management team led by Jose Luis Acevedo (Ex PDVSA and\n Avante)\n\nPan Andean Resources PLC ('Pan Andean' or 'the Company') the AIM listed oil and\ngas producer (AIM:PRE) is very pleased to announce that it has opened a new\nstrategic avenue, commencing operations in Bogota, Columbia. The branch will\nfocus on exploration and production opportunities in Colombia, in addition to\nneighboring countries in which the company does not currently have a presence.\n\nThe Branch will be managed by Mr. Jose Luis Acevedo, who has more than 16 years\nof experience in the South American oil and gas sector. Prior to joining the\ngroup, Mr. Acevedo was the General Manager of Avante Colombia coordinating\noperations in association with the National oil company (Ecopetrol). He\npreviously worked for Metapetroleum in Colombia as operations manager and for\nPetrobell in Ecuador in a similar capacity. Mr. Acevedo worked for 12 years in\nPDVSA (Venezuelan national oil company) in various technical roles in reservoir\nengineering, drilling engineering and project evaluation. He has a degree in\nCivil Engineering from Rafael Urdaneta University and a Magister in Petroleum\nEngineering from Universidad Maria Baralt/CIED PDVSA.\n\nTo further aid the Company's progress towards identifying value enhancing\nprojects Pan Andean has partnered with AGN Exploration Petroleum Consultants, a\nhighly respected Colombian firm that provides integrated E&P consulting services\nwith over 30 years of local E&P experience. AGN and Pan Andean will work\ntogether to evaluate and develop exploration and production opportunities in the\nregion.\n\nThe Board of Pan Andean believes that Colombia has an attractive environment for\nexploration and development. Over 9 bn barrel of oil and 21 Tcf of gas have\nbeen discovered in world class basins. The country produces more than half a\nmillion barrels of oil per day, has an excellent oil and gas infrastructure and\nhas been a net oil exporter since the mid 1980's. Impressive annual economic\ngrowth for the past f...