GOLD OIL, the London-based oil exploration company focused on the South American and Caribbean region, announces that in late December 2005, the Company received an Operator Certificate from PeruPetro that allows the Company to carry out seismic, drilling and development operations in Northwest Peru.
The Promotion Licence signed with PeruPetro on October 15, 2004 with PeruPetro for Block XI (now renamed Block XXI) onshore Sechura Basin has been converted to an Exploration and Production Licence. The Licence now goes to the Ministry of Energy and Mines for approval, which could be forthcoming anytime between February and May of this year 2006.
The terms of the E&P Licence commit the Company to either shoot 120 km of 2D seismic or drill a well in the first period of five over a seven year term. The remaining four periods require the Company to either drill a well or drop the acreage. The Licence is for a term of 30 years for oil and 40 years for gas, with a minimum royalty of 5% on wellhead production for the first 5000bopd (30 MMscfd for gas) rising to 20% if and when production reaches 100,000 bopd (600 MMscfd for gas).

Times Article:
Gold Oil is valued in the market at about �15m. That is so small that almost any good news must have a big impact on the share price.
What are the chances of that happening? Run by a former Burmah Oil director, Mike Burchell, Gold Oil will drill the first in a series of wells in the Sechura Basin in April. There will be surprise if it does not find gas, as another company, Olympic, has done just that in a similar formation nearby.
The secondary target, later in the year, will be oil, I gather. A couple of months ago, Petro Tech made a big oil find offshore in the Sechura Basin. The theory is the oil may have migrated up into Gold Oil�s block. Don�t ask me to explain the geology because I don�t speak Palaeozoic. But a decent oil find here would be a company-maker.
Gold Oil has enough cash to fund this year�s drilling programme. And it already has a deal in place to sell its gas to Mann Ferrostaal, a German company that is building an ammonia plant nearby. Getting all that for �15m seemed a bargain to me. But Gold Oil still has to find its gas.

GOLD OIL http://www.goldoilplc.com/index.html

Plectrum Web Site
http://www.plectrum.co.uk/splash_content.html

Wall Street Reporter Interview
http://www.wallstreetreporter.com/interview.php?id=17724&player=real
Growth Equities & Company Research Nov 2007
http://www.goldoilplc.com/docum/gecr_09Nov07_GoldOil_full.pdf
Gold Oil's Presentation On The 10/12/2007
http://www.proactiveinvestors.co.uk/pdf
Research Page Last updated Oct 23 2008
http://www.moneyam.com/InvestorsRoom/posts.php?tid=10572#lastread
6 AUG 2009 Operational and Reserves & Resources Update Colombia & Peru
http://moneyam.uk-wire.com/cgi-bin/articles/20090806084900H3062.html

I dont see anything mentioned not finding oil!!! what over reaction man!!
pain in de a***

Anyone got a link to the RNS please?

Sold some then bought back in I now have more shares, it looks like a small delay they also have other fish to report on all will be coming up over the months ahead.

HARRYCAT

http://moneyam.uk-wire.com/cgi-bin/articles/200609041039314201I.html

Thanks driver.

On the news page Harry.

Same as you Driver, got more shares than I started with, a bit annoyed I missed the top when the RNS came out and didnt pick today's low (thus far) either.

GOO are not a one trick pony and are still a good punt whatever the outcome of this water business. Amazing to watch the herd scrambling though, both up and down.

pth

a double bottom test at 8.5p is needed
buy signal short term

Gold Oil Peru well test identifies potential hydrocarbon bearing sands
AFX


LONDON (AFX) - Gold Oil PLC said its specialists interpreted 250 feet of potential hydrocarbon bearing Palaeozoic sands in the initial test drilling of its San Alberto-1X Peruvian exploration well, with 90 pct of the hydrocarbons in a single zone below 4,570 feet.

The company said in a update that it drilled 2,300 feet of Palaeozoic but agreed with Perupetro to stop drilling 135 feet short of the obligation in its Block XXI licence, because of severe wear on the drilling equipment.

'The original plan was to drill to 6,500 feet but because of the geology encountered in the well Perupetro agreed with our view that at 5,113 feet the well had more than adequately evaluated the Palaeozoic.

Gold oil also said that because water flowing from below the hydrocarbon zone is preventing any flow of hydrocarbons from above the water zone, steps are being take to shut off this water to definitively test the hydrocarbon leg.

newsdesk@afxnews.com

hjp



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AFX header more bullsih.

Anyone got the technical answer for the last paragraph of the AFX?

I'm only guessing, but if the water pressure is higher than the oil/gas pressure, then presumably the water will push into the sands and limit the flow of oil/gas. Just a thought. IMO etc....

Strawbs
(I don't hold Goo)

Guys look at this parag.

The well was logged and some 250 feet of potential hydrocarbon bearing
Palaeozoic sands were interpreted by our specialists using their experience and
Schlumberger software. 90% of the hydrocarbons are in a single zone below
4,570feet with formation water below it.

That's alot of oil (250 ft deep) think how many millions bpd, wait two weeks for the actual flow test, potental huge find.

I agree I am in for the long term bought at 6.00 and 9.70 and again now at 9.85

What a rollercoaster, still holding mine, pity I've been out would have picked up more at the lower prices, sorry for Janet. On a technical note what's a 'Bare Foot' and is there any significance that the casing was set at the top of the Palaeozoic but not across it. ('scuse my ignorance) Thanks
2517

themaster- dont make stupid predictions none of us have a clue. it may or may not be accurate.

So lets get down to the nitty gritty. We have an RNS stating that they have found hydrocarbons over a 250ft span, 90% of which (225ft) are in one zone. Not bad, eh? If we look at the possible area of the field, times the depth, then we could have one hellova size oilfield. Flow rates will need to be proved to be commercial,and of course, it will require much more appraisal to find exactly the extent of the field, but isn't that much better than last week, when we were merely hoping to find something? I think its fantastic news. Then we have the gas prospect too. There is not just one Verdun sands, but 2 layers, and the total pay zones are much thicker that our neighbours. I think things are really looking great, and have the potential to make us all a heck of a lot of money.

Ok, we have drilled a mite too far, and water is entering the well. So what? Do you honestly believe that our world is gonna collapse? Do you really believe they can't stop it? Do you really believe they don't know anything about plugging it? C'mon!!! Give me a break!!! We have a first class team in the company, and something like we encountered today is so commonplace, it is just routine, and can be fixed, just like your average car.

So lets relax a little, and enjoy the scenario of maybe a nice prospect in view here.

Taken from ADVFN.

Sorry to read about your tanking, Janet (been there myself bigtime with Stanelco's meteoric collapse!). I nearly bought GOO a week ago but hesitated after the sp had risen so much recently. Done a fair bit of research since then and, for what it's worth, even if this morning's RNS causes more selling, I tend to agree with earlier posters in that the huge upside potential still exists. It may drop a bit more this week but if it goes towards 9p then might be worth buying again? I would be tempted at that price, I think.

Not an expert by any means here, missed the run-up from 11p to 15p and was out when early profit-taking last week but prefered to wait the news after that. Got lucky I guess for once but now reading the RNS I would tend to agree that there is possibly a large discovery but that the sp may settle in range 9-12p until Goo can do two things, test the hydrocarbon layer and prevent the water flow to confirm commercial flow rates, hopefully they can achieve both. Today I guess the risk and reward both got higher, depends on your view, attitude and position I suppose as to what to do now. Recent weeks on boards suggested inevitability of large find, well now it seems you might have it but can it be extracted? Good luck.

Markus, me too. Will pick best price I can as there still seems large upside potential.

As always, a RNS takes time to digest. I have Investigate Alert set up and received notification of the news marginally before it appeared on MAM. My initial reaction on reading 'water' was it's gonna tank, but delayed fractionally to assess the market reaction. Once the first sells appeared it was a no brainer to follow suit. Unfortunately for some holders, panic set in with the herd mentality and drove the price down. Now the dust has settled, it would appear that the RNS may be very good news indeed. For that reason, if true, I don't expect the SP to hit 9p again anytime soon. Mind you this could be something of a DCB so who knows? What I do know is that I now have more shares than I did this morning and that they are all profit anyway :-)

pth