Pan Andean holds a 21% interest in this project.
John Teeling, Chairman said, "Finally Vrazel is commercial. Drilling confirmed the presence of a number of gas zones. Technical problems greatly delayed the completion process, but now all is in place for commercial production. Current gas prices make this a profitable venture for Pan Andean.
Expected production and cash flow from Vrazel complements our other successful producer in the area, The Zachry – Korenek No. 1 discovery.
These two discoveries bode well for the forthcoming drilling program on our 100% owned properties in the Danbury Dome area.
Pan Andean expects to make an announcement specific to this venture in the coming weeks.
The company's offshore drilling program is also active. A rig is in place on our 50% owned Hi Island A-68 Block in the Gulf of Mexico. I expect to announce the start up of drilling within a few days".
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