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

i of course was referring to GM the very raddled ex hard metal guitarist ..... actually a very nice guy ..... met him many yeasr ago when i was "patron" of a brasserie which was quite often used for post-tour parties

Oracles Thanks anyway that's more information than we new!

Oracles
welcome to our Goo party. enjoy it

Bought in at 15p went away for a week and now sitting on a massive loss oh well thats investing I suppose.

try to have a long term view syd443s. this type of stock is going to be volatile. but i wouldnt sell before z34 results in 2007.

Oh dont get me wrong I am here for the long haul its just annoying as it was either goo or top up my holding in chp come back from hols goo down 30%+ and chp 50% up :-D oh well it will come good in the future its just nice seeing your investment going up rather than down.

chp recently traded down from about 17p to under 10p. early days for both companies. i think goo will be producing in s america sooner than chp.

as for the med long term?.

syd443
sorry about your lOSS, 15p was a bit expensive at this stage but with nancy and z34 fingers X . bEST LUCK

Lots of sells and no change to sp ?

the good news is not far away i can smell the oil, lot of it.can you smell the gas, if not, you will.good luck.

If you can smell gas , there is a number to ring !

Dave 7010 ----It's also a good idea not to smoke.
2517

i rang the no and they said it was a load of goo.

Like Fliper has pointed out, the sells far outweighed the buys today yet sp holding firm. Sells probably short-term T+ holders bailing out? Signs are good - MAYBE??

production approval from ecopetrol now thats good. resolve the piston problem and on we go. await xxi developments. going for oil imo.

Lizard where have you got that confirmation? I have looked at their own website its same as before regarding faulty piston.

Lizard where have you got that confirmation? I have looked at their own website its same as before regarding faulty piston.

R88AVE- not on website. i take it that ecopetrol have granted approval and once this piston is upgraded they can start production.

i expect once this happens we will get an rns on nancy and situation on xxi. i spoke to burchell and he is flying out when testing starts.

From ADVFN:

OracleUK Says
"I would expect an update either today or tomorrow based on the update from the 15th on the website. Ministry have granted approval, production is ready to start all thats keeping them from getting the oil out of the ground is a broken piston which from Fridays update would be sorted within several days, anyone selling now would be silly."

Lizard just hope Burchell doesn't visit US on the way! ;-))))