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

lizard
It's already in the header.

Peru runoff battle focuses on votes cast abroad
Thu Apr 13, 2006 7:09 PM BST

By Robin Emmott

LIMA, Peru (Reuters) - The battle for a runoff place in Peru's presidential election focussed on about 200,000 votes cast abroad, as aides to a left-leaning former president sought on Thursday to annul ballots that a conservative rival hopes will lift her into second place.

With slightly more than 88 percent of the votes counted after Sunday's election, nationalist former army commander Ollanta Humala was first with 30.99 percent of the vote and assured of a place in a May or June. No candidate won the majority needed to avoid a runoff.

Former President Alan Garcia, whose 1985-1990 rule ended in hyper-inflation and surging violence by Shining Path rebels, was second with 24.42 percent. Conservative rival Lourdes Flores, a lawyer and former lawmaker favoured by international investors, had 23.34 percent.

Flores hopes that the 200,000 ballots by Peruvians living abroad, which are expected to favour her, will be enough to cut Garcia's lead of some 120,000 votes. So far, only 12 percent of the expatriate votes have been counted.

But members of Garcia's American Popular Revolutionary Alliance party, or APRA, have called on election authorities to annul ballots from Milan, Italy; Madrid, Spain; La Plata, Argentina; Miami and New York -- around 110,000 votes.

They say Flores' National Unity party illegally campaigned in those cities on the same day of voting.

"Serious irregularities have been committed in those cities," said senior APRA member Jorge Castillo. "The APRA is calling for ballots there not to be considered," he added.

Flores said it was "an old strategy to annul ballots" and rejected the allegations.

Peruvian election officials declined to comment.

Flores, 46, also urged election authorities to include around 1.5 million marred ballots, which are either illegible or not filled in correctly, in the count.

Members of her party have questioned whether the ballots were held back on purely technical grounds.

"War Declared" ran several Peruvian newspaper headlines on Thursday, underscoring the increasingly tense battle between Flores and Garcia.

BETTER AT THE BEACH

But most Peruvians who voted in the election had lost interest, as the Roman Catholic country took a long weekend to celebrate Easter, and the capital, Lima, emptied.

"This is a time for reflection and relaxation. Flores and Garcia would be better off going to the beach and letting the authorities decide," said 36-year-old economist Julio Licea.

Election authorities told Reuters it would take about 10 days to review and count the marred ballots and a final result would probably not be announced until the end of the month.

Flores says she is determined to beat Garcia to the second round because she narrowly lost to the former leader in the race for a runoff in Peru's 2001 election.

Garcia, 56, lost that runoff to Alejandro Toledo, now the outgoing president.

A string of corruption scandals during Toledo's government and the president's failure to keep his promises on job creation, better schools and prosperity for the half of Peruvians who are poor have revived Garcia's chances.

Garcia has recast himself as a moderate who knows how to manage the country's fast-growing $75 billion (43 billion pound) economy. Using his charisma, he has tried to convince voters he has changed from the days when he refused to pay Peru's foreign debt.

International investors now see Garcia as a far better option than Humala, 43, who has vowed to put Peru's economy in state hands for the benefit of the poor.

Pre-election polls showed Humala would face a tight runoff against Garcia. If Humala were to face Flores, the polls suggested she would win.

driver- ta

the sooner goo get the approval from ecopetrol the better reg NBM Colombia, this is proven and would generate cash flow in the short term!. if the contract proves a success i would hope to see goo increase 40% stake. g moore reckons would be further opportunities to explore acreage.

from another site.

g moore used to be a negotiator at Texaco (now sub of Chevron) then on to commercial manager at same time they owned Nancy Bourdine Maxine. (goo website), so he may have more knowledge on this project than we think?.

rns approval to drill sechura!

has been held back for weeks because of elections and imo new acquistions not in sp.

Gold Oil gets govt approval for Peru licence
AFX


LONDON (AFX) - Gold Oil PLC said Peru's Ministry of Energy and Mines approved the exploration and production licence entered into between the company and state oil company PeruPetro for Block XXI.

Gold Oil initialized the contract with PeruPetro in December 2005 and approval now allows the company to commence drilling.

All equipment for the first well, San Alberto 1X, has been ordered and Gold Oil expects to finalise an agreement with a Peruvian drilling contractor to spud San Alberto-1X at the beginning of June at an AFE cost of 1.3 mln usd.

In Colombia, Gold Oil said preparation work is progressing well on the Nancy-3 wellsite and that the operator expects to start workover operations around 5 May.

newsdesk@afxnews.com

joy



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YES YES YES

Taken my holding today from small to more substantial now.

Excellent news, its deprived me of my AST top up, but so be it, Peru is a major event for GOO, and the next few months should see plenty of action now.

and what about -

Colombia -ready to start may 5th proceeding. 40%
Brazil- jv Entering next bidding rounds.50%
Peru- offshore Talara B Block 100% interest.
onshore Sechura 100%.

well over 1m acres in Peru. 30years of exploration acc to g moore md.

not many posts here considering!.

Should get a good press write up over the weekend.

lizard,,, too busy watching the sp appreciate, although I did MOR, it was your posts that convinced me to buy GOO a few months ago, thanks, hopefully the sp will continue upwards, I do intend to hold for ALL the benefits, I shall leave them locked away. Good luck to those who hold.
2517

surprised no more additions to posts here.

agree2517- long term hold. need to be brave though as drilling is anyones guess?.

Potential is very big though, and Peru very exciting now the go ahead is given. I would expect plenty of buying before the drilling starts in Peru.

Topped up on the news well done every one for hanging in there.

quietly confident i think is goo board strategy!.

The area of Block XXI is equivalent to just less than 14 UK North Sea blocks.
The target reservoirs are mostly at shallow depths of +/-5,000 feet. Rig and drilling costs enable wells here to be drilled typically for US$500,000 or less. The block lies in a desert area, next to the city of Piura, and to the east of an existing producing gas field. Both lie within the Sechura Basin, which is adjacent to, and is believed to be a sub-basin of the Talara Basin.
The Talara Basin to the north and west has produced over 1.6 billion barrels of oil over a period of 100 years. Independent assessments put the number of reserves remaining to be discovered at 2.2 billion barrels and 5.8 trillion cubic feet of gas. Gold Oil also holds exclusive rights over a second area here, Block Z-34, in the offshore sector of the Talara Basin, also immediately offset from producing fields.

Previously the Company had been interested in the gas bearing Verdun reservoirs in Block XXI, but the recent well by PetroTech offshore Sechura Basin flowed oil at 1200 bopd from the Paleozoic, a reservoir previously not considered over the last 100 years as oil bearing. The Paleozoic reservoirs are believed to run under Block XXI at around a depth of 6000 feet.

Gold Oil shares rose 2.125p to 8p after it said that it had won approval for its exploration and production plans for Block XXI in Peru. The country's Ministry of Energy and Mines approved the exploration and production licence entered into between the company and state oil company PeruPetro. Gold Oil initialised the contract with PeruPetro in December and approval now paves the way for the company to start drilling.

a question for you TVC ...... how much hope is already built into sp do you feel ..... as i mentioned on CHP, having a drilling licence is one huge distance form getting a commercial strike and then getting it out of the ground

More to come from this SP wise on Monday, good press coverage will see this going up again, do not forget it has already been tipped in the Times, guy who covered it will surely have something to say about GOO. Nearly 18 million shares traded today in just 3.5 hours.

The simple thing is, Peru is massive for GOO, if the drill bit hits oil then GOO could be massively undervalued, look at the figures in the header, the market cap, number of shares in issue.

I will be building a bigger position up ahead of June drilling in Peru, that is the major event not too far away now.