Pan Andean Resources Finds Gas in Bolivia

Significant gas shows have been encountered in the first target zone in the deep El Dorado gas well near Santa Cruz Bolivia. The well, which is a joint venture between Pan Andean (10%) and Chaco, a BP subsidiary, (90%) is currently at 4,210 meters depth with a further 80 meters to go to the final depth.

The gas shows, encountered in the Iquiri formation, are currently being logged. Rock porosity and permeability are thought to be excellent.

Within days the target Tacabo reservoir at 4,290 meters will be drilled. It is anticipated that a full open hole well test will follow completion of drilling.