Pensana Regulatory News (PRE)

21 Mar 2005 07:30

Pan Andean Resources PLC21 March 2005 Pan Andean drills Estaban oil well, onshore Texas Pan Andean Resources plc, explorer for, and producer of, oil and gas in the USAand South America, is pleased to announce the start of an exploration well onthe Estaban Prospect, onshore Texas. The J.B.Cooper No 1 well is expected to take 21 days to drill to the targetdepth of 6,400 ft. Targeted production is 200 barrels of oil daily. A further 8wells are planned if this one is successful. The overall potential is 5 to 6million barrels of oil. Pan Andean has a 25% interest in the well which will bedrilled and operated by Buffalo Natural Gas Ltd. Drilling of the Zackry Korenek No. 2 well in the Danbury Dome area in which PanAndrean has a 7.3% interest, is expected to start on Tuesday March 22nd. Any gas output generated by these wells can be quickly tied in to existinginfrastructure to benefit from high demand and strong gas prices in the USmarket. Contacts: John Teeling + 353 1 8332833Jim Finn + 353 1 8332833David Horgan + 353 1 8332833 Bell Pottinger Corporate & FinancialNick Lambert +44 7811 358 764 www.panandeanresources.com This information is provided by RNS The company news service from the London Stock Exchange