Offshore a 4,000 ft. well will be drilled on High Island 68 to access an estimated 1 to 10 billion cubic feet of gas. Drilling is expected to commence the week of June 21, 2004. The principal exploration target is Danbury Dome onshore Texas. The target is 50 bcf of gas and associated liquids at a depth of 13,000 ft. Discussions with potential farm-in partners will be completed shortly.
In Bolivia, our partner on El Dorado, BP (Chaco), proposes to drill a 14,000 ft. well costing US$7m. Pan Andean has a 10% Interest.
Application has been made for the new shares to be admitted to AIM and it is expected that Admission will take place and dealings will commence on June 18, 2004.
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