🕐16.09.08 - 08:00 Uhr
Pan Andean Awarded Block 161 in Peru New Area Tender
16th September 2008
Pan Andean Awarded Block 161 in Peru New Area Tender
The directors of Pan Andean (AIM:PRE), the US and South American oil and
gas producer are delighted to announce that Pan Andean has been awarded
100% of Block 161 in the recent Peruvian exploration area licensing
round.
This award complements the three other blocks (114, 131 and 141)
currently held by the Company in Peru.
Block 161 is a 492,000 hectare block in the west of the Ucayali basin in
central Peru.
It has oil seeps, 925km of seismic and five wells drilled
decades ago.
Three prospects are already identified; Pisqui, Tahwaya and
Juanita.
There are producing fields close by.
The focus of Pan Andean in Peru is the Ucayali basin where the Company
now holds 30% of Blocks 114 and 131.
The decision of the Hess
Corporation to focus exploration on Brazil and withdraw from Block 161
provided a rare opportunity for Pan Andean to leverage their knowledge
of the Ucayali basin and to acquire a block with excellent potential.
The planned work schedule involves reprocessing existing seismic and
reinterpreting well logs, running new seismic and drilling at least one
exploration well.
David Horgan, Managing Director of Pan Andean Resources, commented;
"The award of Block 161 reinforces the position of Pan Andean as one of
the leading ground holders in Peru.
Our focus on Peru in recent years,
in particular on the Ucayali basin is paying off.
The Ucayali area is an
emerging oil producer and we are delighted to add to our ground holdings
in the area."
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
John Wakefield +44 (0)1179
330020
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
Simon Moynagh
www.panandeanresources.com
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