Taking Stock

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The Independent Online
Shares of Pan Andean Resources, the high flyer which crashed to earth two months ago when it was discovered its much vaunted Bolivian exploration was not commercial, are quietly staging a revival. They rose 4.5p to 55p.

At one time the shares were riding at 135.5p; the realisation the oil being sought had "migrated" sent the price crashing to less than 30p in a day. The company and its partner, the Australian BHP giant, are believed to be re-examining the Bolivian field and the strength of the share reflects growing confidence the missing oil will be traced. Drilling should resume early next year.

Airsprung Furniture was firm at 245.5p as stockbroker Bell Lawrie White upgraded its profit forecasts. It expects pounds 7m this year then pounds 8.5m.