Stmnt re Press Comment, etc

PAN ANDEAN RESOURCES PLC
22 September 1999


Pan Andean has noted recent press comment.

The Company is currently in negotiations to put together a consortium to drill
the Chipiriri oil prospect on their Chapare concession in Bolivia.  The
discussions, which have been ongoing for some time, are at an advanced stage.

The Company will be announcing its results for the year end 31 March 1999 next
week.