Pan Andean Commences Survey over Block 141 in Titicaca Basin

Pan Andean announced that an aero-gravimetric and magnetometric survey has commenced on Block 141 in the Titicaca basin of the Peruvian Andes, close to Lake Titicaca. The survey will acquire 7,348 kilometers of data covering the entire block. The block operator is Reliance Exploration & Production DMCC, a subsidiary of Reliance Industries Limited, India, (Reliance).

The license on Block 141, covering 516,892 hectares, is held by Pan Andean (10%) and Reliance (90%). Pan Andean has the right to increase its stake up to 30% under certain conditions.

The airborne survey is expected to reveal anomalies and leads that may result in further exploration work including a 300km seismic acquisition program.

Growing interest in the area around Block 141 is shown by recent signature of a neighbouring block 155 by Pluspetrol, Reliance, CNPC & Petroperu as well as Block 156 by GPS, both signed in April 2009 following the last Peruvian bid round.