Pan Andean Resources announced that it has formally signed the contract on Exploration & Development Block 161 in Peru.
Pan Andean said that it was awarded this block in the 2008 bid round. The contract was signed on 16 April 2009, in the company of H.E. Alan Garcia, President of Peru.
Block 161 is located in the Sub-Andean foothills in the prospective Ucayali basin of central Peru, close to Blocks 114 and 131 in which Pan Andean already holds a 30% carried interest.
David Horgan, Managing Director of Pan Andean Resources, commented, "With the signature of the Block 161 contract, Pan Andean has confirmed its position as a major acreage holder investment programme for our nearby Blocks 114 and 131 is proceeding on schedule."
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