Farm Out to CEPSA Completed

RNS Number : 1603E

Pan Andean Resources PLC

24 September 2008

 



Pan Andean Resources plc

Pan Andean is an oil and gas producer and explorer in South America

 and the Gulf of Mexico

24th September 2008

Farm Out to CEPSA Completed on Blocks 114 and 131 in the Ucayali Basin of Peru

The directors of Pan Andean are pleased to announce that CEPSA of Spain and Perupetrol have finalised the legal agreement whereby CEPSA becomes the operator of Blocks 114 and 131 in the Ucayali area of Peru. A Supreme Decree has been issued authorising the transaction.

Under the terms of the agreement, Pan Andean maintains a 30 per cent carried interest in each block with all expenditure funded by CEPSA, up to and including 100 per cent of the first exploration well on each block and 50 per cent of a second well on each block.

CEPSA have paid Pan Andean back costs incurred on the blocks totalling $3 million to date on both blocks.

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	[phone]
Nick Elwes
Blue Oar Securities Plc
John Wakefield	[phone]
Simon Moynagh

www.panandeanresources.com

 

END

 

 

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