Pan Andean Resources PLC
24 April 2008
Pan Andean Resources plc
Pan Andean is an oil and gas producer and explorer in South America
and the Gulf of Mexico
24th April 2008
Recommencement of Production: High Island 30
Highlights:
O High Island 30 back on production
O Flow rates of 75 barrels a day
O Additional drilling prospect on the block under consideration
The board of Pan Andean (AIM:PRE) announces the restart of production on High
Island 30 (62.91% Pan Andean) in the Gulf of Mexico.
Production is currently about 75 barrels a day giving a net income to Pan Andean
of $75,000 a month to which is added a $30,000 monthly net income from Hunt Oil
who pump oil from an adjacent oil field though the platform. The one producing
well on High Island 30 was closed during 2004 to allow for refurbishment,
installation of gas lift and new pipelines to shore.
The operator of High Island 30, Hunt Oil and Pan Andean are examining options to
increase production from the existing well while Pan Andean is bringing forward
the evaluation of a potential drilling target previously identified on the
block.
This announcement has been approved by Ivan Sandrea, Director, Pan Andean. Mr
Sandrea has more than 10 years of international E&P experience.
John Teeling, Chairman, said;
'High Island 30 is back on stream and generating positive income for Pan
Andean, though the current rate of production is below expectations. Options to
enhance production from the well are being examined. Meanwhile, we will evaluate
a drilling target earlier identified on the block.'
Contacts:
Pan Andean
David Horgan, Managing + 353 87 292 3500
Director
John Teeling, Chairman + 353 1 833 2833
College Hill
Paddy Blewer +44 (0)20 7457 2020
Nick Elwes
Blue Oar Securities
John Wakefield +44 (0)1179 330020
Simon Moynagh
www.panandeanresources.com
Notes to Editors:
Pan Andean produces oil and gas in Bolivia and the Gulf of Mexico and is
exploring in Peru and Colombia. In Peru, the Company has a joint venture with
CEPSA of Spain. In Colombia, a seismic programme is underway on the Antorcha
block.
Pan Andean was formed in 1988, listed on AIM in 1995, has over 5000 shareholders
and is profitable.
Directors: John Teeling, Chairman, David Horgan, Managing, Guy Delbes (FR),
Stefano Borghi (ITL), Jim Finn, Company Secretary
Registered Office: 162 Clontarf Road, Dublin 3, Ireland
This information is provided by RNS
The company news service from the London Stock Exchange