Pan Andean Resources announced that the work programs on Peruvian Blocks 114 and 131 are advancing well. As established contractually, Pan Andean's 30% interest in both blocks, for the contracted work program, is carried 100% through the drilling, testing & completion of the first exploration well and through 50% of the second well.
Canadian contractor SAE has been selected to acquire 200km of seismic in the priority northern section of Block 114 in the Ucayali jungle of central Peru. This seismic is designed to confirm a prospect in the Tamaya area and optimise well location selection.
SAE are experienced in the logistical challenges of this jungle area, and have the necessary equipment in the field ready to start. The project is scheduled to start in June 2009 and be completed by November during the dry season.
This work will fulfil our work commitment for this second phase of the contract. The next phase of the work programme specifies an exploration well to a minimum depth of 2,850 metres or into the main Cushabatay Formation target of Cretaceous age.
We are pleased to announce that the required phase 1 work program in neighbouring jungle Block 131 has been completed. This included reprocessing of c. 500 km of 2D seismic, and a geological-geophysical evaluation of the block to define prospective areas or leads.
Environmental permitting proceeds well in Block 131, in anticipation of the 300km seismic acquisition program required in the next phase. Geological field work has been carried out, which together with reprocessed seismic has revealed several new leads.
Seismic work should start by end 2009 with new seismic acquisition scheduled for mid 2010.
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