Pan Andean Resources Says Repairs at High Island 30 Platform Delayed

Pan Andean Resources has been informed by Sterling Exploration & Production Company that they have been unable to complete repairs and refurbishment of their own facilities due to a lack of service boats. It will be "several weeks" before a boat can be secured to lift the equipment into place. This is causing delays at Pan Andean's High Island 30 Platform. Sterling is responsible for producing and delivering oil from the High Island 30 Platform located in the Gulf of Mexico.

The No 3 well on High Island 52 in which Pan Andean has a 50% interest is expected to be back in production this week. The Gryphon wells on High Island 52 (Pan Andean has a 1.3% royalty) continues to produce in excess of 30 million cubic feet of gas a day.