Pan Andean Resources PLC
4 July 2000
PAN ANDEAN ANNOUNCES BOARD CHANGES
Pan Andean announces that Mauricio Gonzalez (45) and Jim Finn (41) have
accepted invitations to join the board while David Bramhill is stepping down
to concentrate on his mineral ventures.
Mr Gonzalez has served as Bolivan Energy Minister as well as President of
the National Bolivian Oil Company. He continues as a key player in the
Bolivian energy industry. Mauricio was educated at Oxford, Yale and the
Harvard Business School.
Jim Finn is Secretary of Pan Andean and a main board director of Minco and
Cooley Distillery. He holds qualifications in business and accounting.
In commenting, chairman John Teeling said 'The board appointments announced
today are further steps on the road to growing Pan Andean into a meaningful
E & P company. Mauricio Gonzalez brings a wealth of experience in South
American oil. He has transformed Bolivia's energy fortunes.
Jim Finn has handled the finances of Pan Andean for 8 years. As Finance
Director he will direct all Stock Exchange, banking and financial
relationships.
I am sorry to see David Bramhill leave but the growth of his mining ventures
made it inevitable. For eleven years he soldiered with me, without
compensation, as we sought to develop our Bolivian acreage. I wish him
success'.
Pan Andean will announce further details regarding Mr Gonzalez and Mr Finn in
due course.
Bolivian Drilling
Drilling on our Chipiriri X-1 well in Chapare continues on target. After
six days the well has reached a depth of 450 metres.