Last checked at 18 Jun 2009 07:00
18th June 2009
Pan Andean Resources PLC
("Pan Andean")
Peruvian Operational Update: The Ucayali Blocks
Block 131
Pan Andean Resources PLC ("Pan Andean"), the AIM listed oil and gas producer focused on South America is pleased to announce that its partner and operator on Peruvian Blocks 131 and 114 in the Ucayali area, Spanish major CEPSA, having completed Exploration Period 1, has made a decision to enter into Exploration Period 2. This 18 month period begins in July 2009, and requires 300 work units or the acquisition, processing and interpreting of 300 kilometres of 2D seismic. The Peruvian authorities have been notified.
Block 114
The previously announced decision by CEPSA to acquire 200 kilometres of 2D seismic is now being implemented. Canadian contractor SAE is now mobilising in the Tamaya area in the north-east of Peruvian Block 114.
Nine seismic lines will be acquired with 2,660 shot points, 75 metres apart with 7,980 receiving stations every 25 metres and a capacity of 2,200 channels. A base camp will be constructed and logistics will be conducted by river boats and three Bell Helicopters, with 39 heliports and fly camps. About 330 people work on the project: 210 Peruvian and international engineers and technicians working closely with 120 local people who will benefit from training as well as employment.
They expect the seismic acquisition to be completed within two months. Following acquisition, the seismic data will be processed and interpreted, with the objective of selecting drill targets.
Pan Andean Interest
Pan Andean holds a 30 per cent interest in both blocks and is fully carried in all expenditure through the first well and for 50 per cent of a second well.
David Horgan, Managing Director of Pan Andean Resources, commented;
"This is excellent progress by CEPSA on both our joint blocks. The potential of Block 114 is recognised by the speedy decision of CEPSA to move quickly to acquire detailed seismic on a small area of the block.
We are delighted that the CEPSA review of data on Block 131 supports the view of Pan Andean that the Block has high potential."
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 Resources | |
| David Horgan, Managing Director | + 353 87 292 3500 |
| John Teeling, Chairman | + 353 1 8332833 |
| Smith & Williamson Corporate Finance | |
| Nick Reeve | +44 (0)117 376 2213 |
| Barrie Newton | |
| College Hill | |
| Paddy Blewer | + 44 (0)20 7457 2074 |
| Nick Elwes |
Notes to Editors
Pan Andean was founded in 1988 as an oil & gas exploration and production ("E&P") company with a focus in South America. The group has assets in Bolivia, Colombia and Peru and important working interests and minority holdings in the United States in the Gulf of Mexico (offshore) and Texas (onshore). Profitable, cash generative and debt free, Pan Andean's strategy is to identify and access unique opportunities in frontier and established basins with transforming commercial potential.
In Peru, Pan Andean has a very substantial landbook. Pan Andean has joint ventures with BP (Bolivia), Petrobras and Repsol (Bolivia), Hunt Oil (U.S.), Reliance Industries (Peru), as well as CEPSA.