PAN Andean, the exploration company chaired by Mr John Teeling, has reported losses of £56,000 for the six months to the end of last September. The interim figures translate into a loss per share of 13p for that period. However, announcing the results yesterday, Mr Teeling said the company will be taking further steps towards its goal of becoming an oil and gas producer over the coming months.

Results from its Todos Santos exploration well at the Chapere Block in Bolivia, he said, were proving to be "encouraging".