Pan Andean begins drilling in Texas

Exploration group Pan Andean Resources has announced the start of an exploration well on the Estaban Prospect in Texas.

The well is expected to take 21 days to drill to the target depth of 6,400 ft. Targeted production is 200 barrels of oil daily.

A further 8 wells are planned if this one is successful. The overall potential is five to six million barrels of oil. Pan Andean has a 25% interest in the well which will be drilled and operated by Buffalo Natural Gas Ltd.

Based in Dublin, Pan Andean was formed in 1988 and is listed on AIM with 7000 shareholders.