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.

I was stung in 2000 for 7.5k when it fell off the cliff down to 12 from around 45, did a 200% bounce from 12 though!

16 to sell and 17.9 to buy. MM's not falling over themselves to sell us any. A large buy order from someone who thinks like me that they are now oversold? Is this the time to buy?

Yes - just put my money where my mouth is! They cost 17.25 with charges an tax.

This is from a poster on TMF. It has been recommended 22 times.

Good luck PRE holders, good luck PET holders. Hang it, good luck all!

Starts here:-
Thank you for recommending this post to our Best of feature.

Well, for those that have been waiting, Danbury Dome has gas, not as much as anticipated, 2 principal targets non-commercial, no oil and lots of disappointment.

http://www.uk-wire.com/cgi-bin/articles/200411290700287353F.html

(full text thus)
Pan Andean Resources PLC
29 November 2004

Drilling on the Blackstone Ivory No. 1 well has penetrated the upper anomolina target sands, including the two principal targets. Initial indications are that the anomolina sands do not contain commercial quantities of gas. However, gas has been encountered in a smaller zone which could contain up to 1 billion cubic feet of gas. Drilling is continuing to 14,500 feet to penetrate the remaining smaller targets.
Contacts:
John Teeling + 353 1 833 2833
etc
----


So what did Horgan mean a few days ago when he was quoted on oilbarrel:

++ Pan Andean is drilling ahead at the moment on the Blackstone Ivory-1 well on its Danbury Dome leases onshore Texas. We are now at 13,000 ft and we've seen excellent gas shows which means we know there's some gas to pay back the cost of the well, said Horgan.....++

==

Either "Excellent" can be interpreted as 'Non-Commercial'

Or, IMHO, Horgan can best be described as having given a statement that was deliberately misleading, or, perhaps, to use an unparliamentary phrase, a liar.

This really is disgraceful. I'm glad I don't hold PRE, PET or any other Teeling vehicles

All the 17p unknown trades are buy's.

"we've seen excellent gas shows"

To be fair to the guy, to see any substantive gas show on the way down to what you believe to be a big pocket is surely good news, although excellent might be pushing it a bit.

Irish hyperbole perhaps, which could now be going on with Petroceltic and the 50% chance of a big strike. It's their revenge for us sending in the Black and Tans! We had it coming.

Pan Andean's (PRE) great hope Danbury Dome, the onshore Taxas gas play, has flopped. You would not have a chance to trade out this morning which makes me feel all the better about advising a top slice at 30.5p a couple of weeks ago. I sincerely hope that you did follow that call. The statement reads:

"Drilling on the Blackstone Ivory No. 1 well has penetrated the upper anomolina target sands, including the two principal targets. Initial indications are that the anomolina sands do not contain commercial quantities of gas. However, gas has been encountered in a smaller zone which could contain up to 1 billion cubic feet of gas. Drilling is continuing to 14,500 feet to penetrate the remaining smaller targets."

The best case scenario is thus that in a perhaps 10 days time we will hear news of a small commercial find worth a penny or two on Pan's NAV. The worst case scenario is that this is a write-off. That leaves Pan Andean with a risk-weighted NAV of c19p per share although given what I suspect will happen to US gas prices this winter that is a cautious number. Clearly the market was always going to over-react to either success or failure. It has indeed done just that, whacking the shares down to 16.75p. That leaves them trading at a discount to my cautious NAV. If the US winter is cold and/or if John Teeling pulls off one of his long promised corporate deals there is still a good bit of upside. The stance is therefore "hold

The joys of investing.........first PRE and now PCI.........BUGGER!!!
At least NBR is goin in the right direction. No need to mention PET at this point!!

Remember this share? It is now looking cheap.

You couldn't give it away!

I'll take any that you want to give away SWW!

PRe will go a bit higher in the new year IMHO. Just need to be patient. A lot of oil companies recently have suffered badly but thats just the risk. I dont think it can go much lower.

Pan Andean confident of Bolivian deal
By John Murray Brownin Dublin
Published: May 13 2006 03:00 | Last updated: May 13 2006 03:00

Pan Andean Resources, an Irish Aim-listed company, insists it can continue to operate in Bolivia following the surprise decision by the land-locked South American country to nationalise its oil and gas fields.


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But the company's plans could depend on partnering the Venezuelan government, controlled by populist left-wing president Hugo Chavez, in a deal that could involve the effective expropriation of BP assets.

David Horgan, Pan Andean's managing director, said: "If we do a deal, we will have to buy out BP's interest."

The company, which is led by John Teeling, is linkedto Petrel Resources, an exploration business in Iraq that controversially struck deals with Saddam Hussein's former regime and is now one of the few western companies active in the country today.

Pan Andean's hopes of overcoming the threat of nationalisation, made by Evo Morales, Bolivia's president, depend on the future of a $40m (21.2m) joint venture gas project with BP in the country. The company said it had continued in active discussions with the La Paz government on the gas project following the announcement on the nationalisation plans this month.

The project is based around developing the El Dorado field, some 40km from Santa Cruz in the south of the country. Pan Andean plans to process the gas for sale in the local market.

Pan Andean owns 10 per cent of the El Dorado block. The rest is owned by Chaco, the former state-owned company that is part of BP.

Pan Andean, valued at 12m, said it was in discussions with the Venezuelan oil ministry to tap into a $100m fund and possibly bring it in as partner.

Pan Andean hopes the nationalisation will not, in effect, cover some small operators, particularly one which is based in an officially neutral, non-aligned country.

Company officials conceded that, in doing business with the Morales government and exploiting the legal uncertainty, they might be encouraging other countries to take similar steps towards nationalisation.

However, Mr Horgan said: "We don't really care what precedents it sets. What the majors see as a problem we see as an opportunity."

Mr Horgan knows all about operating in politically difficult terrains. He also runs Petrel Resources,Professor Teeling's Iraqi oil company, which is upgrading the old Subba and Luhais oilfield near Basra in a $200m project for production by the end of 2009.

Pan Andean is well connected locally.

Mauricio Gonzalez, a former deputy energy minister and president of YPFB, the Bolivian state oil company, runs Petrolex, Pan Andean's local subsidiary.

He, like Mr Horgan, is a Harvard alumnus. They met when they were both working for the Boston Consulting Group.

Pan Andean shares were unchanged at 11.125p yesterday.

Going up?

whole load of buys recently, including 3 * 250k's 2 * 150k's and many 100k's

something brewing ?

Another bout of tall tales no doubt.

what the verdict on this company lots of directors buying and share grants!

Employ bargepole.

very stong feelings there take a look at in intermim news if they get the $20,000 a day from the well that been repaired what pe is pre going to be on, this is a buy 4 sure the directors think so only 120 millions shares in issue!

Look back through this thread.

There's not too much of it, but you should get the flavour of this Company.