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

EXPLOSIVE & HARRYCAT

I THINK YOU SHOULD CALM DOWN AND READ AGAIN MY POSTING.

IT GOES LIKE THIS: There will be aggressive buyers I F GOO touches 8p. You misread the IF. And there is if.
if GOO touches 8p it will become very cheap in my view and what will happen, there will be aggressive buyers including myself. Considering San Alberto, Nancy and Z34; 8p for GOO at this point is a bargain. And by the way it is a board and i am free to post what i think. people should always make their own decision because they are not stupid. However what i said remain to be seen if Goo touches 8p. and it is my view.

Gbrown100
I use hoodlessbrennan and the only thing I pay for is shares transaction ie selling and buying and the charge is 7 per transaction. no other charges for anything else. stop loss, add limit, money withdrawal and the rest are free as up to now.
So i am happy with them but the news you can check them on selftrade for free.

Georgetrio - Like you say its a free BB and you can post what you wish. We disagree on the above but hey thats fine lets not get into a debate abount it, everyone has a different view!!

I hold BGF, BLR, CHP, CHNS, FTO, GOO, GFM, LTR, RNSM, RIFT, SER, SEO & WTV Some the same I see.

explosive
I dumped FTO today and topped up with SER what a load of old oilies on here.
Your WTV's a bit unwell I see.

driver
I'm thinking of dumping all but 250K in SER and playing HNR, can see a rise to the 1 again looking at news and graphs!! Breakeven on FTO and think Dec will see an upturn so gotta hold it really.

Here's my lot, looking for 50p on SER.

BARC,ALY,AL.DNX,PCM,SEO,CCT,GOO,DCD,ERX,GTL,SER

Good hand and nicely spread driver. SEO must be a loss for yer, I'm down on it more than any other I think ever, still I hold though till the bitter end!!

explosive
Till the bitter end you can say that again yep I am at a loss on SEO but did take some profit at 16p

driver
glad to hear it, my entire stake is the profit I made from my first punt profit from 5p to 19p. Long may she remain afloat and continue to break every rule in investment which prompts you to get out!! As stubbon as me I see. But hey should it all come true, well EUROMILLIONS for me!!!!!

Explosive

I DO NOT EXPECT GOO TO TOUCH 8p, finger X and we are talking here about a company that is doing very well. IF it touches 8p that would be overselling but as you said it is very difficult to get there. Very soon news should come from Nancy, san Alberto and Z34. BEST luck to all

explosive
Better get packing then excuse the pun.

I've been asked to comment on the RNS below by someone:

Gold Oil plc ('Gold') update on the testing of their Peruvian exploration well
San Alberto-1X.

In the offshore San Pedro field wells have drilled some 500 - 600 feet of
Palaeozoic and the wells are completed 'bare foot' with casing set at the top of
the Palaeozoic but none across the Palaeozoic.

In San Alberto-1X Gold drilled 2,300 feet of Palaeozoic and because of severe
wear on the drilling equipment it was agreed with Perupetro to stop drilling at
5,113 feet, 135 feet short of the obligation in our Block XXI licence. 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.

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.

Given the experience of San Pedro it was decided to test the well 'bare foot'.
The drilling rig was moved off the location and a workover hoist moved on
together with tanks and testing equipment. To reduce the bottom-hole pressure,
and so allow the well to flow, completion fluid was swabbed out of the well and
the well flowed highly saline formation water at 960 bwpd. We believe that this
water is flowing from the zone below the hydrocarbon zone and is preventing any
flow of hydrocarbons from above the water zone.

We need to pull the uncemented slotted-liner so that we can shut off the water
and definitively test the hydrocarbon leg. Discussions with the contractor are
in hand to mobilise appropriate equipment to the well site.

Once the Palaeozoic test is complete we will test the higher Verdun sands which
have some 315 feet of potential hydrocarbon bearing sands in both the equivalent
gas producing Upper Verdun sands in the nearby Las Casita field and the deeper
thicker Verdun sands that are not present in Las Casita.

The technical information contained in this announcement has been reviewed and
approved by Mike Burchell, B.Sc., 66, member of the SPE and with over 44 years
experience in the oil and gas business.


What I will say right from the off is that I've not followed this story closely and am not aware as to how far the offshore San Pedro wells are in comparison to this one. I'm also uncertain as to whether the Verdun sands are below the last cemented casing string or above it, i.e. they'd perforate to test. However, I've got a few years in the drilling business behind me. ;-)

Seems like a bit of a problem here if the water below the target sand is flowing.

I'm rather confused as to why it should prevent the oil from a higher level in the same sand (presumably) flowing either. In your average situation the oil-water contact is in the same sand with similar premeability - why should it only flow "highly saline" water, which is denser than oil? It doesn't make sense to me unless I'm missing something out of the ordinary.

I'm naturally sceptical of "our specialists using their experience and Schulmberger software". They certainly missed something if it flowed saltwater, didn't they? ;-))

There was probably a valid reason to complete barefoot, but it hasn't worked. Having changed out the rig for a workover hoist, I'd like to know if the hoist can pull the slotted liner from 5000ft. Most probably wouldn't have the power, but we'll see. If they need to re-mobilise a rig there's a fair cost implication in time and ultimately money.

It's often interesting when the plug is pulled on wells short of their designated TD. You must question why. In this case, we have hard drilling, but they also set the barefoot completion based on "local knowledge". Logic dictates that knowledge should have told them how hard the drilling was and prepared accordingly. Hmmm.

Good to see the technical info was reviewed by some one who's a member of SPE. So am I.

Might watch this with interest, but it's a bit of a cockup at present. ;-0

Best of luck

Big Al- thanks for your thoughts. im no expert but i cant determine if this is good or bad news. time will tell i guess. we must also take into account this is the first exploration well in a 1m acre block and it shows signs of hydocarbons- would you take this as positive?.

would a deeper thicker verdun sand be of benefit for gas?. or the opposite?.

sorry major problem posting.

;

;

;

have decided to bank a rather smaller profit than i had yesterday as it looks to me as if sp could fall quite sharply

it already has cynic- did you miss it?.

only a bit .... out at 9.8, so no grumbles at a 25% profit albeit that it could have been considerably greater, but no one ever went broke taking a profit ...... perhaps i'll get into SEO (I don't think so!!)