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

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.

I confess that now GOO seems to have been taken into the bosom of the Peruvian govmt, it has rather more appeal (to me) ...... As Times article said, "The company is so small that almost any good news must have a big impact on the share price", but of course that is equally true should there be any news that does not satisfy the hype, let alone bad news ...... NMS is also tiny at only 50k ...... Nevertheless, one to mull over and perhaps invest some of the profits from elsewhere.

don't forget that before drilling starts in peru the colombia nbm contract will be up and running (comm may) delivering short term cash flow!.

this deal imo is a sensible low cost/risk entry point into a country that offers huge exploration opportunities as does brazil (new jv) largest mkt in south amercia for oil and gas!.

driver

You may want to change the charts on the top threrad into "moneyam" one's below is a couple similar to the ones you have on top



Map to get a bigger picture, just add the % that will make the right size you want at the end of the properties, I done a width=30%>


< img src="http://www.goldoilplc.com/images/maperubig.gif"width=30%>

REASONS TO BUY GOLD OILRecent Gold Oil News Headlines
Date Time Source Headline More

21/04/2006 13:23 AFXF Gold Oil gets govt approval for Peru licence
21/04/2006 13:02 UKREG Ministry Approval
13/04/2006 11:01 AFXF Gold Oil forms joint venture in Brazil with Proen Engenharia
13/04/2006 10:33 UKREG Strategic Partner in Brazil
09/03/2006 12:15 AFXF Gold Oil to buy 40 pct stake in Nancy-Bourdine-Maxine fields in Colombia
09/03/2006 11:49 UKREG Acquisition of Interest
14/02/2006 11:58 AFXF Ascent Resources ups stake in Ayoluengo oil field to 88.75 pct
07/02/2006 13:33 AFXF Gold Oil expects drilling to start on Block XXI in Northern Peru in April/May
07/02/2006 13:00 UKREG Contract award and warrants
06/02/2006 12:10 AFXF UK small caps remain higher at midday, Designer Vision gains on Renault deal
31/01/2006 13:15 UKREG Shareholding - Amendment
30/01/2006 12:08 UKREG NPEL Completion