The Irish-owned oil exploration company Pan Andean Resources plc today announced pre-tax profits of euro 504,000 for the six months to September. This compares with euro 111,000 losses for the previous period.
Sales for the same period were euro 1.457 million, compared with nil for the previous. Earnings per share were 40 cents in contrast to a loss per share of 23 cents in the 1999.
Shares in the company rose almost 3 per cent on the London stock market this morning in response to the positive results.
The company said: "In the last six months we have drilled wells, made money, generated cash and acquired new partners, Pan Andean has never been stronger".
"The coming twelve months will see us build on this base by further drilling and by increasing our stake in existing operations."
These will most likely take place on El Dorado or close to the Chapare, it said, adding there is a host of opportunities open to Pan Andean in Bolivia and elswhere.
The company said: "Record gas prices in the US and high world oil prices are having a very positive effect on our cash flow".
