Pan Andean, the AIM-listed, Irish-based oil and gas company, made a pre-tax profit of £1.2 million (€1.76 million) in the year to end March 31st, 2004.

The result is an almost fourfold increase on the previous year, when profits were £360,000. Chairman Mr John Teeling said the company's operations in both the US and Bolivia were profitable.

Turnover was £3.5 million, a drop from the previous year's figure of £4 million, but there was a significant drop in the cost of sales, to £1.6 million from £3 million.

"Successful drilling and high gas prices made these results," said Mr Teeling. "We need to take Pan Andean to the next level of output. Having rejected numerous proposals in the Americas, we are now examining two projects in new geographic areas."

He said the company's priority would be to develop its existing assets, particularly the potential of its onshore Texas block.