OilVoice - Airborne Survey Underway Over Pan Andean's Block 141 in the Peruvian Andes

Airborne Survey Underway Over Pan Andean's Block 141 in the Peruvian Andes

Friday, May 15, 2009

Pan Andean Resources PLC the AIM listed oil and gas producer focused on South America is pleased to announce that an aero-gravimetric and magnetometric survey has commenced on Block 141 in the Titicaca basin of the Peruvian Andes, close to Lake Titicaca. The survey will acquire 7,348 kilometres of data covering the entire block. The block operator is Reliance Exploration & Production DMCC, a subsidiary of Reliance Industries Limited, India, (Reliance).

The licence on Block 141, covering 516,892 hectares, is held by Pan Andean (10%) and Reliance (90%). Pan Andean has the right to increase its stake up to 30% under certain conditions.

The airborne survey is expected to reveal anomalies and leads that may result in further exploration work including a 300km seismic acquisition programme.

Growing interest in the area around Block 141 is shown by recent signature of a neighbouring block 155 by Pluspetrol, Reliance, CNPC & Petroperu as well as Block 156 by GPS, both signed in April 2009 following the last Peruvian bid round.

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