Pan Andean Participates in Successful Gulf of Mexico Well
Pan Andean reports that a third well has been successfully drilled by Gryphon Exploration on High Island 52.
Production will commence in the near future at a rate of 20 million cubic feet of gas a day. The Pan Andean royalty of 1.3% on this production is worth at current prices over $600,000 a year.
The company has been informed by Sterling Exploration our partners, on High Island 30 (Pan Andean 62.9%), that we are next in line to obtain a service boat which is currently working for Chevron. Once on site, refurbishment of the pipelines and pumping facilities are expected to take one month. Prior to the refurbishment, High Island 30 was producing 300 barrels of oil a day. The improvements were necessary to maintain this level of production.
Gas production continues from our onshore Texas, Vrazel and Zachry wells.
Operates 3 Offshore Rigs
- Chevron Starts LNG Output at Australia's Wheatstone (Oct 09)
- Global LNG: Faltering Supply Prompts Short-Covering Price Rally (Aug 11)
- Woodside Sees Output Growing 15 Pct Over Next Three Years (May 23)
Company: Pan Andean Resources more info
- Pan Andean Makes Headway at Peruvian Ucayali Blocks (Jun 18)
- Seismic Acquisition Under Way over Block 114 in Peruvian Jungle (May 19)
- Pan Andean Commences Survey over Block 141 in Titicaca Basin (May 15)
Company: Sterling Exploration & Production Company more info
- VHGI Holdings to Purchase Assets in Bankruptcy Sale (Apr 01)
- Pan Andean Participates in Successful Gulf of Mexico Well (Mar 28)
- Pan Andean Resources Says Repairs at High Island 30 Platform Delayed (Jan 03)