Survey Over Block 141 Underwa

RNS Number : 2944S

Pan Andean Resources PLC

15 May 2009

 



15 May 2009

Pan Andean Resources plc

('Pan Andean')

Airborne survey underway over Pan Andean's Block 141 

in the Peruvian Andes

Pan Andean Resources PLC ('Pan Andean') the AIM listed oil and gas producer focused on South America is pleased to announce that an aero-gravimetric and magnetometric survey has commenced on Block 141 in the Titicaca basin of the Peruvian Andes, close to Lake Titicaca. The survey will acquire 7,348 kilometres of data covering the entire block.  The block operator is Reliance Exploration & Production DMCC, a subsidiary of Reliance Industries Limited, India, (Reliance).

The licence on Block 141, covering 516,892 hectares, is held by Pan Andean (10%) and Reliance (90%). Pan Andean has the right to increase its stake up to 30% under certain conditions.

The airborne survey is expected to reveal anomalies and leads that may result in further exploration work including a 300km seismic acquisition programme.

Growing interest in the area around Block 141 is shown by recent signature of a neighbouring block 155 by Pluspetrol, Reliance, CNPC & Petroperu as well as Block 156 by GPS, both signed in April 2009 following the last Peruvian bid round.

This announcement has been approved by Ivan Sandrea, Director, Pan Andean.  Mr. Sandrea has more than 10 years of international E&P experience.

Contacts:

David Horgan, Managing Director	+ 353 87 292 3500
John Teeling, Chairman	+ 353 1 833 2833
Smith & Williamson Corporate Finance
Nick Reeve	[phone]
Barrie Newton
College Hill
Paddy Blewer	[phone]
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, 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.

 

END

 

 

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