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.

For all you PRE holders from UKanalyst.com:

There was more good news from Pan-Andean Resources today. The group said that significant gas reserves have been found in the first target zone in the deep El Dorado gas well near Santa Cruz in Bolivia. The well is a joint venture between Pan Andean, which owns 10% and Chaco, a BP subsidiary that is unrelated to UK-listed group Chaco Resources, which owns 90%. Rock porosity and permeability are thought to be excellent, the company said. Pan-Andean also said that, within days, the target Tacabo reservoir at 4,290 metres will be drilled. It is anticipated that a full open hole well test will follow completion of drilling. The shares added 4.5p to 22.5p.

Well it only goes to show that every newspaper interprets what they see differently.

For the record, Pan Andean hold 21% of the Bolivian deal.

Hopefully there will be a bigger bubble when they get to the required depth, and again twice for the Danbury Dome.

1 a share would be nice, but unless these finds are both significant, we may have to settle for 50p or there abouts............."Doh!"

Will PRE continue to rise next week, any comments anyone??

No idea.

There is a good chance they will hold near the 22p mark until the next bit of news, if it is good.

That is the best case senario.

When the required depth is reached, it depends what quantities have been found as to the way it will go. I can guess like anyone else, romantically I am attached because I hold, therefore biased to a hold and steep rise because that is what I want to happen.

Anyone else will have an opinion, but that is as good as mine.

If you are in then make a judgement when to sell, if you are buying imho there is more in this yet but as usual you decide and do your own research.

Cant see how this can fail to rise given the impending news. Of course the actual news has to be good. Its a reasonable punt with decent odds imo.


I do hold.

Well Monday rise and fall is about right.

Up to nearly 26, then the profit takers sell like mad.

Not tempting enough for me yet, I am looking for 1 a share!

If it goes much lower I will buy in again.

Oh well, darn it!

It's gone up again.

I may as well sit on my spare cash then as I am nicely in the blue.

What a life! ;-)))

I halved my holding to grab a profit at 22p.

Once again I sold too soon - will I ever learn. Still, at the end of his life, one of the Rothschilds said " I always sold too soon" so I'm in good company. It's apparently one of the most common small investor mistakes. We're fear driven when we should be ice cold, because we can't face a big loss.

If and when PCI goes up, I must remember PRE.

Money in the Bank on both counts!


However never coun t the chickens............etc.

I think you did right, but hold the other half.

Does any one know of a site which is charting the bid and the offer on the same graph? Could be another useful bit of info.

Well, as suggested it looks like this is holding at 22p or thereabouts.

Now where is the next bit of news????????

They said within days the target depth will be reached so any time will do.

Obviously got to wait till after the weekend now.

And I said that so I could be wrong!

Midweek-ish is the word. Which midweek was not specified.


Due for a miracle!

No miralces.

Believe!

shows 1.75p up!

Did I miss something?

No RNS that I can see, maybe the word is that they hit gas/oil at the target depth in Bolivia?

That's more like it, dropping back!

The Independent

The Outlook Column:

*Hope of second time lucky for Bolivian bonanza - Pan Andean Resources (LSE: PRE.L - news) a long-term investment.