PAN ANDEAN RESOURCES PLC

At the company's AGM held today, the chairman John Teeling confirmed that the
company is debt free, cash generating and producing the equivalent of 1,000
barrels of oil a day. Further, the company's US assets are performing well.
Work carried out on the company's Hi Island 52 and 68 blocks in the Gulf of
Mexico has identified a number of drill targets where estimates of potential gas
reserves run to 100 billion cubic feet of which Pan Andean holds a 40 per cent.
interest. The current economic gloom in Brazil makes it unlikely that the
Company will obtain a sales contract for the El Dorado gas field in Boliva for
the time being and while the Monteagudo field in Boliva continues to produce oil
and gas, changing taxation policies are likely to have a negative impact on
cashflow.

The board is currently examining three investment opportunities, two of which
are in Latin America. All three are at an early stage of evaluation.

daiana,

Exceptional post, truly exceptional!


lol

News

3rd March 2003


Pan Andean evaluates onshore well at Danbury



Pan Andean evaluates onshore Texas well at Danbury Currently high and projected gas prices in the USA increase the urgency of working up some of our excellent gas targets in the USA, both onshore and offshore Texas. Pan Andean is currently evaluating drilling of an onshore Texas well, in partnership with working interest partners on the Mattie Shapard lease. The well is projected to be 2,750 metres (9,000 feet) and will test the ‘shallow sands north’ by means of a ‘turnkey shallow well with directional equipment’. The economics seem attractive. Total well cost is about $700,000. Pan Andean will fund its minority 7.3% stake from its cash resources. Our technical team is currently reviewing the 3d seismic and project economics.


http://www.panandeanresources.com/

PING !

who's this pizzaman geezer?

Cherry Blair is mufti!


lol

Come on lets get back to basics!

PRE - Out of debt cos it took 7.5k off me back in mid 1999!!!!!! :o(!
Was Riding (Hemscott's B/Board 'Milkman') ramper....

LOL !