Pan Andean has provided an update on activities on our Colombian oil play at Antorcha in the Central Magdalena Valley.
Because of the project's high potential, Pan Andean decided in 2008 to seek partners to drill the Antorcha block. Pan Andean had completed extensive geological work including 2D seismic, which confirmed our geological model and has identified suitable drill targets. A data room was opened in Bogota in November 2008. A significant number of companies obtained the data and detailed presentations and discussions occurred with six companies. The list has been refined and decisions continue. Environmental permitting is underway for 6 well locations. Drilling on Antorcha will take place in 2009.
David Horgan, Managing Director of Pan Andean Resources, commented, "Despite the fall in oil prices and economic chaos worldwide, Colombia remains an attractive and prospective location for oil discoveries. Antorcha is a highly prospective block featuring oil seepages in an area producing 18-degree API oil. Identified targets are low cost to drill at 2,000 meters. Rigs and drill services are available. The area is accessible all year around, has excellent infrastructure and no serious security issues. We intend to finalise discussions with a partner in the near future and then move rapidly to a multi-hole drilling program."
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