Pensana Regulatory News (PRE)

28 Aug 2007 07:16

Pan Andean Resources PLC28 August 2007 Gas Discovery on HI52 in Gulf of Mexico Pan Andean Resources Plc is pleased to announce the successful drilling of anexploration well on Block High Island 52. The well was drilled to the targetdepth of 8700ft and encountered 3 zones of gas bearing sands. Production casingis now being set prior to testing. The well was drilled by our farm in partner Phoenix Exploration. Pan Andeanholds a 2.15% revenue royalty. The announcement has been approved by Mr Ivan Sandrea, Director Pan Andean. MrSandrea has more than 10 years of international E&P experience. Contacts: Pan Andean Resources PlcJohn Teeling (Chairman) +353 1 8332833James Finn (Director) +353 1 8332833 College HillPaddy Blewer +44 207 457 2074 Blue Oar SecuritiesJohn Wakefield +44 1179 330020 Note to Editors Pan Andean was established in 1988 to explore for oil and gas in Bolivia, whereit currently produces from the Monteagudo Field where the company is inpartnership with Repsol and Petrobras. Pan Andean has a Bolivian joint venturewith BP over the large El Dorado gas discovery. In the US Pan Andean produces onshore in Texas from a number of small wells andoffshore in the Gulf of Mexico. Pan Andean has an existing Revenue Royalty on HI Island 52, the location of thelatest discovery, and expects to recommence oil and gas production within weekson HI Island 30. The company is profitable, debt free and cash positive. At12.25p per share price the market capitalisation is £14.6m. This information is provided by RNS The company news service from the London Stock Exchange