Irish exploration group Pan Andean's turnover in the six months to the end of September fell by more than 60 per cent to £468,000 (€527,000), compared to £1.4 million for the same period last year. The firm said the decline in revenues was due almost entirely to a fall in US gas prices.

In first-half results released yesterday, the group reported a pretax loss of £37,000 compared to 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.