any panandeans on here?

PAN ANDEAN RESOURCES (BUY)

Pan Andean moved into profitability amid some very upbeat signals about its future prospects. As well as recording a pre-tax profit, the group has a positive cash flow of 1.6 million and daily production of oil has topped 1,000 barrels. It is also receiving royalties of $100,000 per month. Furthermore, it has acquired ownership of a significant acreage in the Danbury Dome area of Texas, and this offers significant drilling opportunities. Estimated reserves here alone could amount to 100 billion cubic feet of gas. The deep target with Gryphon on High Island 52 offshore Texas also has strong potential, and Gryphon has already drilled two hits on the block producing 35 million cubic feet of gas a day. It has been a long hard slog for Pan Andean, and after 15 years this is the first ever profit. And with royalties set to increase further, the group may have finally turned the corner for good. (JC).

For those who missed the recent article in Shares Magazine.

Panandeans get everywhere pizza.

LOL !

So this is were you Panandeans go to chill out

all we need now is shhhhhh, you know who !!

ps some large sells at the moment. Im assuming they are just taking advantage of the mupperty run up after the shares mag tip. There should be some solid support based on the decent results this time though.

AYE!

I'd almost forgotten I'd still got a few down the Pan Andean shares. It looks as though things are finally coming together, though no massive price hikes as yet.

I suppose the only way we can make some serious money on these is to wait for the next big gas strike rumour. Any inkling from JT as to when this is planned to circulate ?

overgrowth
AGM next week i believe so should know more soon.

im expecting an announcement of a drill before xmas, previous drilling has caused huge share price rises in the past, will it be any different this time ?

A short term 40-60p on the cards perhaps ? That would help the festive season along well.

As contestants in the shares4schools, who bought some, i hope you'll be right!

You can never tell with PRE, as is the case with any other exploration company.

As soon as news of a strike is out, the mad scramble to buy will start and rise at a phenomenal pace. If it happens, then mind that you don't hold on for too long before you sell.

testing testing..........

ping

Hello must use this website more often, my Apple MAC doesnt like ADVFN these days.

How did the meeting go with ML , looks like they talked about PET (+37%) rather than PRE still it shows what can happen in these type of oil stocks i guess, PRE next ?

Pan Andean Resources PLC
08 March 2005


Pan Andean Resources PLC

Texas Update

Pan Andean Resources, (AIM: PRE) the oil and gas explorer and producer in South
America and the Gulf of Mexico, announces an update on exploration and
development activities in the coming months.

Danbury Dome Area, onshore Texas

Pan Andean is active in this large area, some 60 kilometres south of Houston
with one well coming on stream and four wells being spudded in the coming
months.

The Blackstone Ivory well on the Pan Andean lease is being connected into
the Pan Andean owned gas gathering system and will shortly produce at a
minimum level of 1 million cubic feet of gas a day. Pan Andean has a 20%
interest.

Pan Andean as 100% operator will workover the 8,800 foot deep Korenek No. 4
well. It is believed that commercial levels of gas exist in other strata.
Assuming success, further wells will be drilled on the lease.

Zachry as operator will spud within 10 days an 8,450 foot well in to test
the Frio Sands in the Korenek area. Pan Andean has a 7.3 % working
interest.

In June Zachry will drill a 10,650 foot well to test the Frio Sand strata
in Danbury Dome East. Pan Andean has a 9.75% interest.

In July, Zachry will test the two strata in Danbury Dome Neff area by
drilling a 10,000 foot well. Again the targets are the Frio Sands, Pan
Andean holds a 9.75% interest.

A well will be drilled by Houston Petroleum in the Vrazel area of Danbury
Dome. The Pan Andean interest is 20.9%. This well will commence once the
Zachry wells are complete using the same drilling rig.

Gulf of Mexico, High Island 30

Pan Andean is installing gas lift and developing a new pipeline system for this
block. Difficulties in acquiring sufficient gas has delayed the installation of
a pipeline tying in to the gas gathering system. Production will start when
compression and platform modifications are completed. Output should be circa 300
barrels daily. Pan Andean has a 67% working interest.

Estaban Project, West Texas

The Cooper No.1 well will spud within two weeks. The target depth is 6,400 feet.
Targeted production is 200 barrels of oil daily. A further 8 wells are planned
if the first one is successful. The overall potential could be 5 to 6 million
barrels of oil. The prospect is low risk as oil has already been discovered. New
technology acid treatments will be used to extract oil from the un-drained
zones. Pan Andean holds a 25% interest.

John Teeling, Chairman of Pan Andean Resources plc, said, 'This is a busy time
for Pan Andean. The opportunity is onshore USA. High prices, quick drilling and
fast connections offer a rare chance to generate rapid cash flow. In the coming
months we will participate in at least 5 wells onshore USA. We also have two
producers coming on stream. The Blackstone Ivory well on Danbury Dome is coming
on stream at a minimum of 1 million cubic feet of gas daily. High Island 30 will
shortly restart at 300 barrels of oil daily. At current oil and gas prices, both
projects will be very profitable.

Most of our wells are being drilled in the Danbury Dome area of Texas. We
already produce in the Zachry, Vrazel and Korenek areas. There is significant
potential in each of these leases. While not reaching the very high levels
expected, the Black Stone Ivory well in Danbury Dome will contribute up to
$50,000 a month to Pan Andean.

While focusing on immediate opportunities in the US, we are examining a proposal
to increase our stake in the Monteagudo oil and gas field in Bolivia. At the
same time, we are examining early stage exploration projects in Africa and the
Middle East'.

What do you make of it Curry?

PING!

Aye it pinged early, but not many buyers.... the news is about stuff happening later, nothing very big for the short term .

JT must have had a spare 5mins between opening new co's and thought, what the hell, lets have an RNS.

Market not impressed by the news today it seems

if they give more regular reports it might help

PING!