Pan Andean Resources says that the El Dorado X-1004 exploratory well, located in Santa Cruz, Bolivia, has been completed. Gas shows were encountered at target depths with good porosity and permeability in the key target zone. Electric logs showing the presence of gas, good porosity and permeability strengthen our belief that the total reserves are over 400 bcf of gas and 6 million barrels of associated condensate.

Production testing was inconclusive, pending re-entry closer to the development date.

The well confirms our belief that the reservoir extends at the west flank of El Dorado anticline.