Pan Andean Resources, the Irish AIM-listed gas producer and explorer focused on South America and the Gulf of Mexico, has announced an operating profit of more than £1m (€685,971) for the year ending March 31, 2009.

TULLOW Oil, which has oil and gas interests on four continents, is on course to enter the FTSE 100 Index later this month.

PAN Andean Resources, the Dublin-headquartered oil and gas exploration company, has announced the successful drilling of one of its wells off the coast of Texas in the Gulf of Mexico. The well was drilled by the company’s farm-in partner Phoenix Exploration to the target depth of 8,700ft and encountered three zones of gas-bearing sands.

Pan Andean Resources, the Dublin-headquartered oil and gas exploration company, is attempting to find interested parties to buy into its 1.8m acre oil and gas block in Peru’s Amazon jungle.

THE Irish-based exploration company, Pan Andean Resources has appointed Ivan Sandrea to its board of directors.

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

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.

PRODUCTION and exploration group, Tullow Oil, has found good quality gas at its Bangora well in Bangladesh.

Publicly-quoted exploration company Pan Andean Resources has reported pre-tax profits of £1.2 million (€1.8 million) for the year to the end of March, up from £360,000 the previous year.

ENTREPRENEUR John Teeling has ruled himself out of the running to take over publicly-quoted distribution group Norish, after the company said it had received an approach from a potential buyer yesterday.

Exploration company Pan Andean Resources has started drilling at a gas field near the city of Santa Cruz. The new well will be drilled to a depth of over 4km and will be operated by BP subsidiary Chaco, which owns a 90% interest in the venture. Drilling will take 90 days.

Oil and gas exploration company Pan Andean Resources has announced that preliminary work on its High Island 52 block in the Gulf of Mexico had shown positive signs.

Pan Andean Resources shares fell 6% on London’s Alternative Investment Market (AIM) yesterday, after the company said drilling at one of its wells in the Gulf of Mexico had finished without uncovering enough gas to make commercial production worthwhile.

Oil and gas company Pan Andean Resources said drilling had started on a 5,000 acre site in the Gulf of Mexico, in which the company has a 50% interest.

Publicly-quoted oil and gas exploration company Pan Andean Resources said it had completed a share placing to raise €4.2 million.

Oil and gas exploration group Pan Andean Resources has raised £2.84m (€3.77m) from institutional and private investors.

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.

Clontarf-based Pan Andean Resources announced drilling from its Vrazel 2 well, in onshore Texas is to take an additional two weeks.