OPEC Analyst Joins Pan Andean's Board

The directors of Pan Andean Resources said that Ivan Sandrea has joined the company's board of directors.

Ivan is the Principal Oil Supply Analyst at the Organization of Petroleum Exporting Countries (OPEC). He was formerly Associate Vice President of Oil & Gas at Merrill Lynch in London. An exploration geologist and Venezuelan national, Ivan Sandrea has also worked with BP Exploration International in Egypt, Norway and Venezuela.

Pan Andean Begins Work in Peru

Following the signing of the Contract for Lot 114, covering 770,000 hectares in the Central Ucayali Jungle, Pan Andean immediately began to work towards the goal of early discovery of economic reserves of oil.

Towards this end, we have obtained from the Peruvian state oil company Perupetro, the digital tapes including approximately 2,000 kilometers of seismic data.

Where appropriate, these data will be reprocessed and re-interpreted. Work required to confirm the geographic coordinates of the original seismic lines will be completed by end November.

Together with our technical partners, Compania Consultora de Petroleo, we have begun the evaluation work required to identify the best drill locations.

Simultaneously, Community Relations efforts are underway. In accordance with Peruvian law, we are already preparing for the required Community Workshops. Workshops will be held during the month of October at the towns of Masisea and Iparia, with over 200 community leaders from throughout the area expected. At each presentation, Pan Andean and Perupetro, on behalf of the Peruvian Government, will outline its plans and general work program for Lot 114.

We are finalizing terms of reference for the Environmental Impact Study. The scope of study will cover the first four well locations, any required seismic work, the access road and regional work covering the entire Lot 114. The study will begin in October and should be completed by January 2007.

Field Geological Work will commence when the environmental permits are in place, probably after the rainy season ends in 2nd quarter 2007.

Bolivian update

The board has noted that the Bolivian authorities have postponed the mooted nationalization of the oil & gas sector, reportedly due to lack of resources including compensation funds.

Iranian update

Progress is being made toward Pan Andean's goal of entering the Iranian oil and gas sector. The Company is at a preliminary stage in assessing a potential exploration project.

David Horgan, Pan Andean's Managing Director, commented:

"The addition of Ivan Sandrea to the board is a significant development for Pan Andean, boosting our hydrocarbon technical and financial experience. As a Venezuelan national, as well as a technically and financially expert oil and gas executive, Ivan brings unique insight into how best to work with the new popularly elected governments in Latin America.

"We are watching developments in Bolivia as they unfold. Despite political turbulence, Bolivia has over 50 trillion cubic feet of gas reserves and some of the world's most prospective gas acreage. Pan Andean takes a positive attitude to the electoral outcome and is determined to work with local people and authorities. We will be part of the solution, rather than part of the problem.

"In Peru we will drive forward our exploration projects as fast as possible whilst we will continue to press our case with the Iranian oil authorities."


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