Pan Andean is pleased to announce the spudding of an exploration well on our
Vrazel lease which is part of the Danbury Dome area onshore Texas.



The well has as targets three zones which may contain up to 7 billion cubic feet
of gas. At a cost of $1 million, the well will take 12 days to reach the target
depth of 9,200 feet and, if successful, can be tied in to existing pipelines
within three weeks. Pan Andean holds a 21 per cent interest in the project with
Houston Petroleum Inc, the majority partner.



Meanwhile, formal discussions continue in relation to the 75 billion cubic feet
target on our Danbury Dome leases. Pan Andean currently holds 100 per cent of
these leases and is examining proposals which may lead to a 20 per cent carry on
a $ 3 million 14,000 foot deep well.



John Teeling, Chairman commented, "Actions to develop our operations in the
highly prospective Danbury Dome area of onshore Texas continue to bear fruit.
Following the successful discovery on our, Zachery lease, I am very hopeful that
the Vrazel well will further enhance, not only our cash flow, but also the
potential and prospectivity of our 100 per cent owned Danbury Dome leases.

Running up again this morning (fat chance of me adding again at 18p as I had hoped)...
Gonna be knocking at 24p again very soon..., significant if it manages to break that decisively...
Danbury (and/or El Dorado, though that's less important) news imminent...
No guarantees of success, of course (but this is Texas)...

The sudden increase in volume and price can partly be attributed to DES holders taking some profit and buying in as they are the next best :-

Waiting for news hot riser.

Up at 24p again... Critical level... News imminent...
One of my largest holdings, and I have a target of 40p...

Update: Fell back off 24p - right on cue.
Now gotta see if a few runs-down-and-up will break it or not...

only 40p, might be better to hold tight and get a better picture of developments.

Nick - :)

Her we go again.

Nice bit of news would go down a treat!

say +5 immediately or so..........

Broken through 24p. Is this it? Onwards and upwards
:)

Give it a kick........

.......and another.......

My mid shows 25p.

Maybe the earlier poster was right that news must be coming.

Hats off if it happens.........

So much for 24p ?! :)

Lets hope that is the last time we see 24p.

The power of concentration.

It worked.

Now for 30p

What a beeauty!
+32% today
Gonna buy it a curry tonight.
But watch the news tomorrow (or v.soon)...

Goodness gracious.

This with no news?

I smell news soon.

DD it is then, better thn expected do we think?

Find out soon I bet.

Enjoy.

Stockmarket gauleiters should demand PRE issues a statement in view of the speculation. Will be watching from 0715 hrs tomorrow.

We have waited a long time for this!

Will the same thing happen ahead of the PCI drilling report!

As always, here's to us, there's none like us.

Theory elsewhere that this is about an Iran deal - the "joint venture in the Middle East" that has been mentioned prevously and may have leaked.

If so, another Petrel, which is up by 400% from the point where I looked at it and stupidly failed to buy. Shall we say 60p+ if Iran is the deal.

Lets say that.

As Teeling is CEO of both PET and PRE, it makes sense.

In a way I hope it is that for the sake of the other long sufferers on PET.

They deserve it!

Up and down like a t*rts nickers.

Think it's time to stop wtching and get some work done.

IOf it's gong to happen it will even if I'm not here.

SWW - I am not very familiar with Tart's underwear, but I do know that there is a "k" in knickers!

What started all this speculation? We still don't know.

No idea.

Thought it looked wrong!

the letter k

Dropping off today, wierd or what?

having a punt around now to see if anyone has any ideas.