Pan Andean says Danbury Dome well uncommercial
22 December 2008
Pan Andean Resources has plugged the Danbury Dome, Vieman No. 1 well in Texas as it tested uncommercial volumes of gas.
There were significant technical difficulties in drilling and testing the well. It proved impossible to reach the target depth of 13,500 feet. The partners have plugged the well while reviewing the data. An option to side track the well to reach the target depth is under consideration.
John Teeling, Chairman of Pan Andean Resources, commented;
'While the plugging of the Danbury Dome well is disappointing, Pan Andean remains cash generative and profitable and its Board considers that it remains very well positioned to take advantage of emerging opportunities.'
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