Pan Andean has high hopes for Texan target

Drilling company Pan Andean expects to reach target depth of 9,200 feet by tomorrow on its Vrazel 2 well in Texas.

The company reported that significant gas shows have been encountered in the mud logs.

It is anticipated that electric logs will be run over the coming days, with results available next week.

Chaired by Dublin businessman John Teeling, Pan Andean has a 21.3% interest in the project.

John Teeling said today: "Drilling is on target and the presence of gas shows in the mud logs is very positive.

"Tests over the coming week will demonstrate whether or not we have a hit," he added.