Pan Andean announces successful drilling in Texas

Oil and gas producer and explorer, Pan Andean, which trades on the AIM market in London, has announced that its Vrazel No 2 well in onshore Texas has been successfully drilled to the target depth of 9,453 feet.

The well encountered 86ft of payable gas/oil in four strata, including 35ft in the lower target zone.

The company says that a completion rig is being mobilised to bring the well into production, which should take place within one month.

Reservoir characteristics will be estimated from actual production, and it is possible that stimulation may be required to produce from the lower pay zones.

Pan Andean holds a 21% working interest in this well.

John Teeling, Chairman of Pan Andean Resources said: "This further discovery enhances the area's prospectivity and encourages Pan Andean to maximise its stake in the upcoming and larger Danbury Dome well."

Pan Andean Resources, based in Clontarf, Dublin, produces oil and gas from drilling operations in the US, Mexico, and Bolivia.