🕐19.09.08 - 09:12 Uhr
Pan Andean Resources: Danbury Dome Drilling
19th September 2008
Danbury Dome Drilling
Pan Andean (AIM: PRE), the AIM listed oil and gas producer is pleased to
announce the commencement of drilling of the Vieman No.1 well on its
Danbury Dome leases, onshore Texas.
The target is the Anomalina Sands which 3D seismic surveys indicate
could contain up to 28 billion cubic feet of gas at depths of between
13,000 and 13,500 feet.
The well, which will take approximately 45 days
to drill to target depth, is being drilled and operated by Turnkey E&P
Corporation and will cost in excess of $5m.
A consortium of North American companies has been formed to drill
Danbury Dome.
Pan Andean will have a 20 per cent free carry after
pay-out following commercial discovery.
In addition, Pan Andean will
participate for an additional 15 per cent.
This
will give Pan Andean a net 31.25 per cent interest if this well is a
discovery.
The well will be drilled and operated by Turnkey E&P
Corporation.
David Horgan, Managing Director of Pan Andean Resources commented;
"Danbury Domes gas potential is very large.
This is well supported by
seismic and other studies.
Although wells drilled to date have been
unsuccessful and may never have reached the target zone, which is deep
by Texan standards, the operator and principal partner is a Canadian
company experienced in deep drilling, so we have every hope that we can
get a definitive result with this well."
This announcement has been approved by Ivan Sandrea, Director, Pan
Andean.
Mr.
Sandrea has more than 10 years of international E&P
experience.
Contacts:
Pan Andean
David Horgan, Managing Director + 353 87 292 3500
John Teeling, Chairman + 353 1 833 2833
College Hill
Paddy Blewer +44 (0)20
7457 2020
Nick Elwes
Blue Oar Securities
John Wakefield +44 (0)1179
330020
Directors: John Teeling, Chairman, David Horgan, Managing, Guy Delbes
(FR), Stefano Borghi (ITL), Jim Finn, Company Secretary
Registered Office: 162 Clontarf Road, Dublin 3, Ireland
Simon Moynagh
www.panandeanresources.com
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