Pan Andean Resources - Final Results
1997年8月11日 - 4:30PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS No 5104d
PAN ANDEAN RESOURCES PLC
11th August 1997
Pan Andean Resources P.L.C.
('Pan Andean')
- the oil exploration and development company -
announces
Preliminary Results for the year to March 31 1997
STATEMENT BY THE CHAIRMAN, JOHN TEELING
In what has been a very eventful period for our company four
significant points have emerged.
There are hydrocarbons in the Chapare exploration block.
Our task is to find them.
After examining other projects I remain convinced that the
Chapare block offers the best prospects for a commercial
hydrocarbon discovery.
There are a number of world class oil companies interested
in exploring the Chapare. We hope to conclude a joint venture
agreement with one of them in the near future.
Bolivia remains the focus of our activity. It is an area
with great potential for hydrocarbons adjacent to Brazil, one
of the largest and fastest growing world markets for gas and
oil. Bolivia is a low risk country with excellent fiscal terms
and a clear licensing system. The pipeline structure being
constructed will offer quick and reasonably priced access to
markets.
TODOS SANTOS
The highlight of 1996 was the drilling of our first exploratory
well in the Chapare. Oil and gas indications were discovered
over extensive layers of sand but a fractured seal had allowed
the hydrocarbons to migrate. Shareholder expectations had
risen during the drilling so the positive results when
announced were seen in a bad light. The negative impact
was exacerbated by a premature and unfortunate leak of
information from our partner, BHP's office in Santa Cruz,
Bolivia. This leak has been the cause of ongoing friction
with BHP. The entire matter is in the hands of our legal
advisers.
Pan Andean was not satisfied with the BHP review and analysis
of the Todos Santos drilling. We commissioned two studies of
the available data, one by Oilfield Production Consultants
(OPC) in London, the other by Bolivian experts. The principal
conclusion reached by both groups was that BHP had drilled in
the wrong place and had missed the structure at which they were
aiming. These results shook our confidence in BHP. However,
there is no reason to assume that more accurate drilling would
produce a different result.
TERMINATION OF THE PAN ANDEAN / BHP JOINT VENTURE
The Chapare needs to be drilled. Pan Andean has several
drillable targets, particularly Chipiriri. BHP, our former
partner, would not commit to drill in 1997/98 nor would they
give any undertaking to drill in the subsequent year. For this
reason the board of Pan Andean decided that the shareholders
interests lay in replacing BHP with another partner. This
decision was not taken lightly. BHP had invested over $30
million on Chapare.
BHP has a substantial interest in the two blocks adjacent to
Chapare where drilling is imminent. They hold 50% of Mamore to
the south and 28.6% of Secure to the west.
Prior to deciding on further Chapare drilling they wished to
evaluate the new wells. This did not suit Pan Andean. Once
BHP realised that there was a divergence of objectives between
themselves and Pan Andean they agreed to withdraw. As a result
Pan Andean now has 100% of a block with $30 million invested,
proven indications of hydrocarbons and identified targets.
NEW PARTNERS
Once the agreement with BHP was terminated Pan Andean began a
search for new partners. The response was fast and vigorous.
At present four international oil companies have signed
confidentiality agreements and three so far have reviewed
available data.
I believe these are the reasons why there is such keen
interest:
On the adjacent Mamore block, Maxus has become the largest
Bolivian oil producer producing 14,000 bpd and rising.
Drilling is taking place in weeks on both the Mamore and
Secure blocks.
The Bolivia-Brazil gas pipeline will be on stream within 2
years providing a huge growing market for gas within a few
miles of the Chapare.
The $30 million worth of work done to date on the Chapare
has indicated at least 10 targets in the lower half of the
block.
Chipiriri has been identified as an immediately drillable
target. Estimated drilling cost is $7 million.
I am very confident that one or more of these parties will
offer to farm in to the Chapare. In particular I expect to
obtain a free carry for a substantial part of the equity. It
should be remembered that to preserve a 20% interest in a
second well Pan Andean would have had to put up 10% of the
total cost.
THE 1996 BOLIVIAN HYDROCARBON LAW
Pan Andean has informed the Bolivian government that they will
be converting their existing contract to a new contract under
the terms of the 1996 law. A new contract has been negotiated
and subject to certain items, will be signed. The principal
changes in the new contract are :-
An extension in the contract period from 30 to 40 years.
A reduction in the State take from 57% of gross revenue to
about 35%.
A reduction in the size of the Chapare block from 1.3
million hectares to 775,000 hectares. The net effect here is
small as under the old rules 30% had to be conceded this year
with a further 10% next year.
The old work programmes are substituted by a minimum
expenditure level over three years based on block size. Pan
Andean has a credit.
Payment of an annual rent of 50 US cents per hectare.
The right to split the block into multiple farm outs.
This offers the possibility of a wildcat well on Chipiriri as
well as a farm out to a major.
The new law brings Bolivia in line with best practice world-
wide. It is a very positive development.
OTHER BOLIVIAN INTERESTS
For some years now Pan Andean has pursued an interest in the
Ixiamas block in Northern Bolivia. Though heads of agreement
were signed by the state oil company of Bolivia, YPFB and the
Pan Andean / Irish Marine Oil (IMO) consortium, no supreme
decree was issued by the Bolivian president. Under the new law
any area not covered by a concession was open for application
up to July 17,1997. Pan Andean and IMO have made a new
application for the Ixiamas block covering an area almost
identical to our earlier proposal. We will know during August
the status of our application. Should we be successful we will
immediately seek a joint venture partner.
Eleven state owned oil/gas fields are up for tender. Pan
Andean has identified two which have deep gas plays as well as
some limited production. It is likely that a competitive
bidding system will be introduced. Pan Andean will be a
bidder.
FINANCE
Pan Andean always attempts to be a low cost operator. Money is
not spent on overheads or salaries. The increase in
expenditure in 1996 reflects the higher level of activity in
Chapare. 1997 has seen a great deal of consulting work
completed on Chapare, Ixiamas and the two new areas in which we
are interested.
Shareholders have not been asked to put up money since 1993 and
there are no plans for a rights issue.
FUTURE
The Pan Andean strategy is to hold as much of the Chapare for
as long as possible.
We need to drill Chapare. Ideally the Chipiriri target is
drilled as soon as possible. In negotiating with new partners
their proposed drilling programmes will be a vital ingredient.
Any deal we do with a new partner will be on better terms than
those of the earlier venture.
I look forward with confidence to the future. The
opportunities open to us now in Bolivia are if anything better
than ever. With perseverance and some good fortune we will be
successful.
ENQUIRIES
John Teeling
Chairman Pan Andean Resources P.L.C. 00 353 1833 2833
David Bramhill Pan Andean Resources P.L.C. 0117 951 8510
Barrie Newton Rowan Dartington & Co Ltd. 0117 925 3377
Tony Winnington Winningtons 01235 534181
PAN ANDEAN RESOURCES P.L.C.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 1997
1997 1996
# #
TURNOVER - -
Operating charges - -
GROSS RESULT
Administrative expenses - other
than exceptional (117,265) (79,422)
Exceptional item - (66,562)
Total administrative expenses (117,265) (145,984)
OPERATING LOSS (117,265) (145,984)
Interest receivable and similar
income 6,694 3,000
LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION (110,571) (142,984)
Tax on profit - -
LOSS ON ORDINARY ACTIVITIES BEFORE
TAXATION (110,571) (142,984)
Loss per share (0.26p) (0.35p)
The loss for the year can be
analysed as follows :
Holding company (110,571) (142,984)
Subsidiary - -
(110,571) (142,984)
The results were derived solely
from continuing operations.
PAN ANDEAN RESOURCES P.L.C.
GROUP BALANCE SHEET
AS AT 31 MARCH 1997
Group Company Group Company
1997 1997 1996 1996
# # # #
FIXED ASSETS
Intangible assets 403,768 403,768 311,142 311,142
Tangible assets 3,263 3,263 6,216 6,216
Investments 1,001 1,001 1,081 1,081
408,032 408,032 318,439 318,439
CURRENT ASSETS
Stocks 256 256 276 276
Debtors 2,902 2,902 12,189 12,189
Cash at bank 106,171 106,171 303,207 303,207
109,329 109,329 315,672 315,672
CREDITORS
(Amounts falling due
within one year) (58,872) (58,872) (54,399) (54,399)
NET CURRENT ASSETS 50,457 50,457 261,273 261,273
TOTAL ASSETS LESS
CURRENT LIABILITIES 458,489 458,489 579,712 579,712
CAPITAL AND RESERVES
Called up share
capital 423,633 423,633 421,633 421,633
Share premium 1,450,407 1,450,407 1,450,407 1,450,407
Profit and loss
account - (deficit) (1,415,551) (1,415,551) (1,292,328) (1,292,328)
EQUITY SHAREHOLDERS
FUNDS 458,489 458,489 579,712 579,712
NOTES :
1. CONTINUING OPERATIONS
None of the group's activities were acquired in this
financial year or discontinued during the above two
financial years.
2. TOTAL RECOGNISED GAINS AND LOSSES
The group has no recognised gains or losses other than the
loss for the above two financial years.
3. LOSS PER SHARE
The calculation of the undiluted earnings per share is
based on losses of #110,571 (1996 #142,984) and 42,263,300
shares (1996 41,246,633) being the average number of shares
in issue during the year weighted on a time basis.
4. EXCEPTIONAL ITEM
The exceptional item refers to the costs incurred in
obtaining a listing on AIM in September 1995.
5. The results set out above are not full accounts as defined
in s.254 of the Companies Act 1985. The auditors have
made an unqualified report on the accounts for each of the
years ended 31 March 1996 and 1997 under s.236 of the
Companies Act 1985 which have been and will be filed with the
Registrar of Companies.
6. A copy of this announcement will be available at the
offices of the Company for 14 days from the date of this
announcement.
7. The preliminary announcement is not being posted to
shareholders.
END
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