AGM Statement

RNS Number : 5166B

Pan Andean Resources PLC

28 October 2009

 



28th October 2009 

Highlights of Chairman's Comments at the

Pan Andean Resources AGM

London, Wednesday 28th October 2009

1	Pan Andean remains one of the few profitable junior oil and gas producers listed on AIM though low gas prices in the US will reduce profits in the current year.
2	Peru remains the focus of our exploration efforts. Our joint venture partners, CEPSA on Blocks 114 and 131, and Reliance Industries on Block 141, are on schedule with their activities. The first well is likely to be drilled in late 2010 or early 2011.
3	During the year, we were awarded a fourth block, 161, in Peru. We have completed the exploration work in the first phase. It is likely that this block will be partnered.
4	In Colombia, our wholly owned Antorcha heavy oil block has been the focus of work. Our seismic identified six drilling locations for which drilling permits have been obtained. Ongoing partnership talks led to an application to extend the drilling licence timescale to 1st May 2010. This has been granted.
5	Discussions continue with parties which may or may not lead to an offer for certain assets of Pan Andean. Shareholders will be informed at the appropriate time.
6	All resolutions were passed at the meeting.

Contacts:
Pan Andean
David Horgan, Managing Director	+ 353 87 292 3500
John Teeling, Chairman	+ 353 1 833 2833
Smith & Williamson Corporate Finance
Nick Reeve	[phone]
Barrie Newton	[phone]
College Hill
Nick Elwes	[phone]

www.panandeanresources.com

 

END

 

 

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