Business
Trading Statement
Trading Statement.
About this update from Pensana Plc
[{"type":"text","content":"\n Pan Andean Resources PLC\n13 November 2007\n\n Pan Andean Resources Plc\n\n\n\n Pan Andean is an oil and gas producer and explorer in South America\n and the Gulf of Mexico\n\n\n\n\n13th November 2007\n\n\n\n Production Start Up at High Island 52\n\n\n\nHighlights:\n\n • Production start up on High Island 52 in the Gulf of Mexico\n\n • Initial production of 5 million cubic feet of gas per day\n\n • Production rates expected to rise in the future\n\n • Revenue royalty of 2.15% to Pan Andean\n\n • The platform and abandonment liability passed to Phoenix Exploration\n\n\nPan Andean Resources, the Anglo/Irish oil and gas producer (AIM:PRE) is pleased\nto confirm the start up of production of the Phoenix Exploration ('Phoenix')\nwell on High Island 52 in the Gulf of Mexico. Initial production rates are 5\nmillion cubic feet of gas a day, but this is expected to rise as the operator\nfamiliarises himself with the reservoir.\n\n\nPan Andean holds a 2.15% revenue royalty on production from this well and any\nothers to be drilled by Phoenix on High Island 52.\n\n\nPan Andean has also passed ownership of the platform on High Island 52 to\nPhoenix who have also assumed all abandonment liabilities estimated at $6m (Pan\nAndean's previous liability was 50%).\n\n\n\nJohn Teeling, Chairman, commented:\n\n\n'This is a great deal for all parties concerned. Pan Andean gets immediate\nrevenue, an exit from heavy liabilities and an interest in future drilling.\nPhoenix, who were successful with their first well, get a valuable asset with\nproduction, revenue and improved prospectivity on the block. I am very hopeful\nthat drilling of deeper targets on the block will occur in the near future.'\n\n\n\n\nContacts:\n\nPan Andean\nDavid Horgan, Managing Director + 353 87 292 3500\nJohn Teeling, Chairman + 353 1 833 2833\n\nCollege Hill\nPaddy Blewer +44 (0)20 7457 2020\nNick Elwes\n\nBlue Oar Securities Plc\nJohn Wakefield +44 (0)1179 330020\nSimon Moynagh\n\n\nwww.panandeanresources.com\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange VGNZM \n ","length":2568,"tagName":"div"}]