Petrominerales complete takeover of Pan Andean

The acquisition of Pan Andean, the Irish, AIM-listed oil and gas company, by Petrominerales has been completed today.

Pan Andean's shares were suspended from trading on Monday April 12, 2010, and a request has now been lodged with the London Stock Exchange to cancel the admission of Pan Andean shares to trading on the AIM from 7am tomorrow.

The takeover includes the demerger of Pan Andean’s North American and Bolivian interests which will be transferred to a new unlisted company Hydrocarbon Exploration.

No date has yet been set for the listing of the new company.