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Bolivia

Pan Andean is active in Bolivia through Petrolex a wholly owned subsidiary, Petrolex was acquired in 2000. The group currently has two non-operated interests both of which are joint ventures with oil majors.

El Dorado

Pan Andean has a 10 % working interest in this gas discovery located 90 kilometers southeast of the city of Santa Cruz de la Sierra. Our Operating partner is Pan American Energy (JV between BP and Bridas).

The joint venture has drilled a total of three exploration wells in the Block. The first well, DRD X-1001, drilled in 1998 following a complete 3D seismic campaign, was a discovery well, yielding a production of 20 million cubic feet per day and 365 barrels per day of condensate at a depth of 4150-4200 meters. In 2000, the second well DRD X1002 was drilled, confirming the reservoir and productivity of the previous well. In 2004 well DRD X1004 was drilled with the objective of testing the same reservoir but the results were inconclusive.

The consortium has already carried out extensive geological and reservoir engineering work on the discovery and has determined that it is suitable for development. This includes 7-9 development wells and a gas processing plant with a capacity of 40 million cubic feet per day, and condensate pipelines to connect the field to the nearby gathering system for oil and gas.

Monteagudo

Pan Andean has a 30% interest in this condensate and gas producing field located in Southern Bolivia. The block is operated by Repsol YPF and includes Petrobras as a partner. Monteagudo has produced more than 37 million barrels of condensate and gas since 1968. Natural gas production is marketed entirely by Petrobras. A total of 11 producing wells have been drilled.

The area offers significant opportunities for infill drilling and work-over as well as deeper exploration potential.