Pan Andean profits up 19%

HIGHER oil and gas prices were good news for Pan Andean Resources as the publicly quoted exploration company reported a 19% increase in first-half profits yesterday.

Pre-tax profits rose to £359,000 (€520,000) for the six months to September although revenues fell almost 40% to £1.2 million (€1.7m) as the group focused on a smaller number of projects. Operating costs halved to £805,000 (€1.17m).

Chairman John Teeling said the main focus in 2004 had been on exploring new sites. Pan Andean drilled two wells in the US state of Texas, one in the Gulf of Mexico and a fourth in Bolivia. The results of the drilling programme were mixed, however.