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Last checked at 
22 Dec 2008 10:45
Pan Andean is an oil and gas producer and explorer in South America
and the Gulf of Mexico
22nd December 2008
Danbury Dome Well Plugged
The testing of the Vieman No.1 well at Danbury Dome Texas has not produced commercial levels of gas. The Anomalina sands produced water and after initial gas flows the higher "S" sands also watered out.
There were significant technical difficulties in drilling and testing the well. It proved impossible to reach the target depth of 13,500 feet. The partners have plugged the well while reviewing the data. An option to side track the well to reach the target depth is under consideration.
Pan Andean holds a 15 per cent interest rising to 30.25 per cent after payout. The well was drilled on a turnkey basis. Pan Andean's total cost is $500,000.
John Teeling, Chairman of Pan Andean Resources, commented;
"While the plugging of the Danbury Dome well is disappointing, Pan Andean remains cash generative and profitable and its Board considers that it remains very well positioned to take advantage of emerging opportunities."
This announcement has been approved by Ivan Sandrea, Director, Pan Andean. Mr. Sandrea has more than 10 years of international E&P experience.
Contacts:
Pan Andean
David Horgan, Managing Director + 353 87 292 3500
John Teeling, Chairman + 353 1 833 2833
College Hill
Paddy Blewer +44 (0)20 7457 2020
Nick Elwes
Blue Oar Securities
Nick Lovering +44 (0)20 7448 4400
Toby Gibbs
www.panandeanresources.com
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