Pan Andean in share placement

Publicly-quoted oil and gas exploration company Pan Andean Resources said it had completed a share placing to raise €4.2 million.

The company, which is already active in South America and the Gulf of Mexico said the funds would be used to drill three new wells in the Gulf of Mexico, Texas and Bolivia.

Application has been made for the new shares to be admitted to London’s Alternative Investment Market and it is expected that admission will take place and dealings will commence on June 18.