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Peru

Pan Andean entered Peru in July 2006 with the signing of an E&P contract for Lote 114. Since then we have continued to expand our technical knowledge and pursue additional high potential exploration opportunities in the country. On July 2007 two additional licenses - Lote 131 and 141 - were awarded to Pan Andean in a competitive bidding round. Pan Andean’s acreage in Peru now totals approximately 3.3 million acres (132,000 square kilometers).

Lote 114 (Ucayali Basin)

Pan Andean has 90% working interest in this block which is a 1.8 million acres (72,000 square kilometers) block located in the central Ucayali basin. Our local partner is Compania Consultora de Petroleo (CCP), a leading geological and engineering firm with more than two decades of experience. CCP holds the remainder 10% working interest in Lote 114.

Lote 114 is located north of the world-class Camisea field, with proven and probable reserves in the range of 15 TCF of natural gas and 600 million barrels of condensate. To the south, there are also important oil and gas fields including Maquia, Aguas Calientes and Aguaytia. Exploration activities in the 1970s and 1980s led to the acquisition of approximately 2000 km of 2D seismic, the drilling of four wells, and the identification of over 12 prospective structures in the block. Current activities include environmental impact studies, seismic re processing and new interpretation of several key prospects. Plans are under way for the drilling of a high impact well in 2008.

Lote 131 (Ucayali Basin)

Pan Andean has 100% working interest in this block with a total area of approximately 1 million acres (40,000 square kilometers). The block is located west of Block 114. Available data includes approximately 750 kilometers of 2D seismic, four wells, and three known oil seeps. Over the next 12 months, the work program will include the reprocessing of 500 km of 2D seismic as well as geological and geophysical studies to determine drilling targets.

Lote 141 (Titicaca Basin)

Pan Andean has 100% working interest in this block which has approximately 556 thousand acres (20,000 square kilometers). The block is located northwest of Titicaca lake in the high plains of South East Peru. The basin is considered frontier but it has a working petroleum system having seen successful exploration activities as early as 1875 when the Pirin oil field was discovered. The current plan is to undertake regional geological studies, the surveying and processing of aeromagnetic and aerogravimetric data in a period of 18 months.