Pan Andean Resources PLC
22 March 2000
PAN ANDEAN RESOURCES PLC
* Drilling dates for Chipiriri announced.
* Joint Venture (Memorandum of Understanding) signed with ENEL to study power
generation in Bolivia.
Chapare Block Drilling
The road to the Chipiriri X-1 well site in Chapare, Bolivia is now usable.
The rig contractor, Pride International, has set a mobilisation date of 10th
April. It is anticipated that drilling will commence within 15 days of
mobilisation. Drilling will take between 42 and 50 days.
Joint Venture with ENEL Power
Pan Andean has signed a Memorandum of Understanding with the Italian
electrical utility, ENEL Power, to examine the feasibility of gas fired power
generation in the Santa Cruz area of Bolivia.
A limited feasibility study for Pan Andean by SADE of Argentina has indicated
that commercial returns are available in the fast growing Bolivian power
market. Pan Andean has undertaken preliminary work on both a gas supply and
power contract. ENEL is one of the largest power companies in Europe and is
expanding aggressively in South America.
A full feasibility study, jointly funded, is now underway.
Contacts:
Jim Finn +353 1 8332833
David Horgan +353 87 2923500
David Bramhill +44 831 413360