Irish oil-explorer Pan Andean Resources said today fiscal full-year profit fell 22 per cent because of a provision related to a deferred tax asset in Bolivia.
The explorer that operates in the Gulf of Mexico and Peru, said net income in the year ended March 31st fell to £467,644 from £602,399 pounds a year earlier, the company said in a statement.
Pretax profit rose 40 per cent to £1.2 million from £860,570.
Three Peruvian exploration blocks were farmed out on good terms during the period and a fourth block was won in September 2008, Pan Andean said.
Potential drilling targets were identified in the Antorcha block in Colombia, where drilling may begin early next year.
Bloomberg