The main thrust for the Pan Andean exploration company continues to be the Chapare block in Bolivia, according to chairman Dr John Teeling. "I am hopeful that the coming months may yield some developments in this area," he tells shareholders in his annual report.

Depending on the final make-up of the Chapare consortium, the group may contribute up to $1.5 million (€1.4 million) out of $5 million. Dr Teeling said there would be a small placing of new shares if funds were required. Pan Andean generated no turnover last year. The loss before tax fell from £388,677 (€493,871) to £83,301.

It has a deficit of £1.5 million in the accumulated profit-and-loss account, but has cash of £386,831.