Pan Andean Resources sees Antorcha drilling in 2009
12 August 2008
Pan Andean Resources has completed a 60km 2D seismic survey in the Antorcha Block in the Middle Magdalena Basin of central Colombia.
Additional seismic covering 70km has been reprocessed. Regional studies and surface geological work are also complete and have been integrated with the newly acquired data.
Preliminary geological and petrophysical studies and the most recent data acquisition suggest potential for moveable heavy oil at shallow depths of less than 2,000 feet.
Subject to confirmation of drillable targets and well rig availability, a limited drilling programme will be undertaken in 2009.
David Horgan, Managing Director of Pan Andean Resources, commented:
'This is a key step in Pan Andean's development. With the seismic and regional studies now complete, we can concentrate on drilling and finding quality partners. Pan Andean has already been approached by major oil players.
This activity will illustrate what we believe to be the huge value locked in Antorcha. Obviously we hope that drilling will confirm the presence of commercially viable hydrocarbons. Farming out to a financially and technically strong partner will allow us to again demonstrate both the value in the block, and our desire to monetise the asset to the best advantage of our shareholders.
We have long been impressed at the excellent fiscal terms available in Colombia, and good security in the Antorcha region. There are no community or environmental issues in what is a long established hydrocarbon producing area. Recent high profile transactions, as well as the 2008 Colombian Heavy Oil Round in which many majors took significant positions, confirm the potential and value being attributed to exploration and heavy oil opportunities in Colombia.'
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