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

Website is being updated now, but we had another delay
on Nancy (pump broke). We are trying to issue a
statement on San Alberto and Nancy at the same time.
Sorry for the inconvenience, but you should experience
how I feel about it.
Regards
Gary

Oracles??

so does this mean we have colombian approval to start production at nancy and then the pump broke? So it is not all that bad news then! At least we can start production at nancy once we get the pump sorted.

Thats what is says also I like the fact they want to release Snews on an Alberto and Nancy at the same time.

not necessarily ..... good news on one may be used to mask not so good news on another

cynic
If it had been leaked to a few surely we would have the big drop if it was that bad?? Or are you saying the price dipped so that the 'big fish' can get on board at cheap?

i am a cynic! given that the company van driver knows all (i joke not), it is far from impossible that there was a leak that RNS was not entirely good; hence dip in price ..... of course it could just have been peeps on T10 and similar feeling more comfortable closing their positions rather than renewing.

come on cynic have some faith man

its only a broken pump, not such a big thing is it really. At least they have approval to start production when they want, thats what really counts.

so Nancy is essentially OK news, though pump is fucked, but what about Alberto?

I am looking forward to find out thats for sure! will this be known on their website later tonight then?

seemingly so, tho i shall wait until breakfast time i expect

September 15, 2006
Hydraulic power pump that operates jet pump failed due to damaged piston.
Start up delayed for several days while replacement sourced.

do they need any help? ive got an old car they can have a piston out of that.just to get things going till they can get one.good luck goo.

delay so what!. part of the drama of holding oil stocks. as long as the end product is delivered im happy. xxi has to be goo's main focus.

excuse me laurie, but where is this much vaunted announcement of import, or is it just that damp squib whimper, "Mummy, my piston's broken"?

I thought that Alberto was to be updated as well or do we have to wait for rns on Monday?

Its a shame re Nancy, it could have confirmed that they have colombian approval to start production as well. There is confusion to whether they started production and then pump broke!

perhaps a blessing in disguise, as if this had happened after the production rns it would not have gone down well. get it sorted it will be replaced with better components that will help longer term.

my guess on xxi is they are trying to get the necessary equipment for the next stage, which in s america it appears is very sparse.

if the opportunity arises where i can add at 10p or under i will do so.

reckon you will be able to on Monday ..... in fact, would not be surprised offer at 9.75 or perhaps a little less

Last press release on GOO site is sept 7th.
Anyone got a link to this new story please?

nothing major just a piston issue. that is being sorted a few days i expect. at least no problem from ecopetrol which would have concerned me.

Cynic all I was told was update was happening not what.

Harrycat look up GOO website and colombia but it is as TVC15 states above.

Oracles any sign of the San Alberto update?