Revenues down 60% at Pan Andean

Irish exploration group Pan Andean saw turnover in the six months to the end of September fall by over 60 per cent to £468,000, compared to £1.4 million for the same period a year earlier.

The company said the decline in revenues was due almost entirely to a fall in US gas prices.

Announcing its first-half results this morning, the John Teeling-headed group reported a pre-tax loss of £37,000. as against a £618,000 profit a year earlier. Loss after tax was also £37,000 compared to a £433,000 profit for the same period last year.

During the six-month period under review gross profit declined from £926,000 to 244,000, the group said.

A bid to acquire Pan Andean by the Canadian listed firm Petrominerales is currently under consideration. The deal is worth about £18 million with Mr Teeling, the group's second-largest shareholder, set to net just under €1million should the acquisition proceed.