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

Thanks Driver, well done to you also.
I'm gonna be away for quite a while now so it can do what it wants over the next 3 months or so. I shall have a peek now and again, but that's all.
Good luck one and all.

pth

PTH
Hopefully the sp will be 60p on your return. Have fun.

where are you off to PT?

Hopefully he is off to Peru to check out our investment!!!
How was Perigord Monsieur cynic?

NBM this week!.

This is early stage, and patience will reward. More coming up, there is Nancy, there is Z34 and more wells will be drilled. As always i take 20% profit and hold the rest. If the sp heads back to 8p, that will be a buying opportunity.

Wishing you well, but to me it all sounds like TAG's 3X drill, water in the well, drilling issues, swabbing to induce oil and we know where that went.............I think most would say the risk level is now very high, which is why you saw so many sell.

Its not all over, there is still some chance of success here, but the risk factor has just shot upwards.

it certainly is not all over. xxi still possible and a producer in colombia by week end.

lizard
It's never over till the fat lady sings.

1.update on block XXI Peru outcome of drilling.
2. Work over work Nancy Colombia complete- looking at production and flow rates.
3. Approval from Perupetro on Z34 offshore Peru- then off to Ministry for completion of contract.

lizard, I panicked yesterday and sold my entire holdings at 8.5 pence. From the time of phoning the stockbrokers to sell they were 11.5 and in approx 4 minutes they were down to 8.5p and I think there are a lot of people out there very disappointed in the news. There are a lot of sell offs today because of this. If they fall back down near to the level I sold at, I will probably buy back my shares but not so many. I believe these are risky at the moment because of lack of good news. Lets wait and see what the next few days bring. I dropped 15K yesterday including profits. my mistake was not selling in the morning at 14.5p when |I could have done, and then buying them back when they fell. nevermind.

spoke to someone at the company- suggested the city had reacted v badly to rns. the response i got was perhaps they didnt read it correctly- we live in hope.

hydrocarbons present!

my view was to hold anyway whatever outcome of xxi. moore has a fair bit up his sleeve imo and seemingly a fair few contacts in the region. deals deals deals.

Confess not sure what to do for myself ...... take a pretty good profit? .... Buy more? ..... Stand still? ..... Probably the latter

janetbennison
It looks to me you got a bad deal from your broker you should have got a quote and not dealt at best, Im hoping it doesnt return to 8p but best of luck anyway.

that was a strange response - that people perhaps had not read the rns correctly. I am not going to rush back in at the moment, but I will watch carefully over the next few days. I have made a lot of mistakes lately and cannot afford to keep on making them. From what the person from the company had said I would take it that everything probably will be okay, but people can say anything when they are in a mess. I mentioned in the post I sent on sunday that I did not like the length of time it was taking for the news to come, because when this happpen normally they have not god good news to tell. ie vog. keep in touch.

jb- nothing is a cert - we dont really know how to interpret this news. the city are no drilling experts. i believe they are disappointed that the news wasnt more advanced and a reason for a sell off after a large rise- perfect mm dream.

jb
This is the birth of an exploration company and IMO a very good one the sp will respond to the day to day workings of GOO but at the end of the day Im 99% sure they will find oil or gas at some point, I have held EEN, PMO, DXN when they where 4p to 15p look at them now I still hold DXN they are 12 punters should buy this sort of share on the dips and tuck them away for a few years.

I would also add that most mini-minnows also find nothing and disappear under the waves.

most cynic!.

cynic
Yes but not the ones I have held, holding DNX, GTL, SER, FTO, and GOO at the moment also looking at BLR, PVR.

in that case driver, you are a very clever chap indeed if you have only ever picked winners!