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

jb
Your new b/even is 16.9p since your new purchace, cynic don't bother.

sorry not posting much because i am still trying to get my laptop up and running aat the moment I am currently stuggling to get live stream. back in tough later on.

driver any thoughts on BLR today.
I may well buy if it goes to 0.011p

Dont know much about BLR I think they are waiting for some news that they hope will propel them past the 2p mark have a look at GTL a definite double your money and a possible 5 bagger for the future.

Thanks have given a try

columbia updated:

Status
September 07, 2006
Everything ready for start of production. Only ministry approval required which is expected early next week.

Beat me to it tvc15,great news,should see a rise in sp,IMO.

Beat me to it tvc15,great news,should see a rise in sp,IMO.

nice. its all money. goo's biggest bpd thus far. not huge but its a start. question how many bpd?>

TVC 15

Just wondered how you came about with such info regarding your last post. do you have link page for this?

http://www.goldoilplc.com/colombia.html

http://www.goldoilplc.com/colombia.html

was going to top up, but got back to the office too late ..... unless surge over w/e, will do on Monday I guess

tvc15
Cheers for your post GOO certainly keep us informed as long as we keep checking the Web Site. Looks good for next week.

thanks tvc15
production minimum 200bopd up to 500bopd as target or more for Nancy1
news will clear any reservations about Goo. that will do, that will do and very interesting. yes Cynic, will consider to top up on good news. best luck

georgetrio. i think the aim is to increase production over time on Nancy1 so something around 250bpd would be an encouraging start not forgetting this block has been out of production for a while. possibly like you say increasing to around 500bpd on Nancy. there are also 4 other wells to re enter that will need workovers on them combined with further exploration potential on the Nancy Bourdine Maxine oil fields. perhaps 750-1000bpd over time?.

most encouraging imo is goo producing in a new country that has many opportunities, if they can build a decent relationship with Ecopetrol that should bode well for further acquisitions.

lizard
you are spot on, these are the things people should not forget apart from Peru where the big cake is in my opinion, colombia has a huge undeveloped resources. In fact, they don't know at the moment how to exploit it. Like you said acquisitions should be on the card at one point in time. Without being too excited 750bopd in medium term should be achievable. The potential is huge and the benefit excellent for GOO. best luck

Mr Cynic

Im about 8000 miles away in a southerly direction. It's cold and bloody windy, not unlike the West ocast of Scotland!! Mind you heading back towards the sun on Monday :-))

Unfortunately, not checking up on my GOO investment, but then GOO will look after itself. Patience will be rewarded (I hope).

pth

PT ... last time I was on west coast of Scotland I was playing golf at Loch Lomond in blazing sunshine ..... believe it is the same there this w/e! ...... Assume you are in Cape Town or similar or at least not Tierra del Fuego!

dont forget the news this week comeing out of goo,good luck.