Pan Andean oil deal imminent

A deal between a major oil exploration company and Pan Andean to carry out drilling in Bolivia was imminent, the company chairman told Irish shareholders yesterday. Dr John Teeling said after a briefing meeting for shareholders in Dublin that he would expect the unnamed prospective partner to spend about $10 million (£6.69 million) a year. "That is assuming that they do one well a year." The managing director, Mr David Horgan, said the company also hoped to get a smaller "wildcat" exploration company, which would need to put up the estimated $7 million to drill a well. There were 10 test site areas within the block, he said.