PRE Pensana Plc

RNS Number:3515C
Pan Andean Resources PLC
20 April 2001

Pan Andean Resources announces that the well drilled by Gryphon on the High
Island 52 block in the Gulf of Mexico has flowed at a rate of 10.3 million
cubic feet of gas per day and 240 barrels per day of condensate. Pan Andean,
through its wholly owned subsidiary Endeavour Oil and Gas, owns a 2.1% royalty
on this well with an option to convert to a working interest of 11.6%. The
well is expected to begin production during the third quarter of 2001 using
the Endeavour platform and gas gathering facilities.



John Teeling, Chairman of Pan Andean said, "The discovery on High Island is
significant for Pan Andean made all the more so by the high gas prices in the
US. The hit is leading to a re-evaluation of the exploration potential on the
entire block particularly at deep levels".

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