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

Georgetrio
I ask for just the odd extra good RNS please.

laurie
will come sooner than later, finger X. good news come to those who wait. however it is not easy to wait. will be nice if it comes very sweet. best luck.

this is extracted from daily mail chat room today:
this was Gary Moore's response to an e-mail i sent to him on Wednesday last week. i enquired as to when we would be getting an update on Peru and Colombia?
the response came last Thursday.

"There is a press release and webpage update in circulation for approval. We only say things when we have something to say.
Regards
Gary"

i wonder why it has not been released yet?
is it because they are collating more data from the wells?
if they are collating data, then the wells must be producing.
ho well that is wishful thinking i suppose lol.

this extract from today's results statement is curious .......

In Colombia the Company's farm-in to the Nancy-Burdine-Maxine block containing
three fields that were abandoned some years ago by a major oil company as
non-material when oil prices collapsed. First results are due in September.

Well either that statement refers to 2007 (I hope not!), or is is a typo, or a statement is due within the next few days ..... If the last, it is rather strange that there was nothing more specific to state today, even if only that the relevant RNS should appear on/before 30th.

Perhaps one of you chaps who seem to have the ear of the board could enquire further and report back

yes, i don't know what to say now, a bit strange

cynic- as i understand they are looking to do an operations update as more than one of there assets needs updating in the mkt. so therefore i would expect nbm, xxi, z34, spain more than one of those to be reported at the same time. looking as though this week now.

i like the results early days but bullish further acquisitions planned in colombia/ brazil or?.

Let's hope they do results and then an update with good rns the next day the same as AFE have just done. But why keep holding?

yes indeed very strange, they dont even mention about commencement of production in colombia either! I feel this statement is not in line with their website 'status'. I am very confused here. one minute they are ready to start production, next the pump is broke and now the first results are due in September????

I have read it again and the phrases "Bland" and "Not up to date" come to mind. Going from the website further good news has to come or the website has been misinformative (Nicely worded).

Afraid I am rather busy today, but do any of you guys have time to conatct the company direct and perhaps speak to someone of authority for some clarification ..... confess i do not like these woolly statements when there should patently be something more definitive.

and i thought i lacked patience. if nbm not out by end of week i will phone them.
results fine imo. very early days for goo. only floated two yrs ago.

lizard
I agree early days, happy with the results cash in the bank and very bullish statements.

I don't think it's a matter of patience!
Most exploration stocks are high risk, so it makes sense to play the swings in the sp, which seem to be news related, rather than just sit & hold for a couple of years. Not really a solid, long term investment, imo, especially with falling crude prices & the emergence of other fuels.
Am still holding, but with trepidation.

HARRYCAT
With my experience with oils and thats not much GOO looks better than most oil minnows they are running a very tight ship with a small cash burn and a massive exploration and production acreage I see plenty of news flow to come.
Exciting times ahead if you are in I will be holding and adding on any dips.

disagree harrycat- they will build the company up to a stage to sell it or to a level so they can pay a dividend to shareholders. 5yr hold for me. not without risks need some luck like all oil e and p companies. but with xxi and more likely z34 they have the acreage to substantially increase mkt value. and by the sounds of the results plenty in the pipeline on the acquisitions front money in the bank, drilling costs cheap in s america so they could do four or five wells on xxi for the price of one in other continents such as europe.

crude trading around $60pb now hardly low is it!. hurricane season, political situations worldwide. would not rule out $100pb over next few years.

I would be interested to see how the market reacts today and for the rest of week. So far very low trading indicating not all impress with the rns. The next rns will be very crucial now, otherwise its bye-bye!

lizard - though you may be right about "$100pb over next few years", that is too far out ..... the market is concerned no more than 18 months ahead, an is currently preoccupied with a potential or even probably US recession of unknown severity.

Cynic - I have sent you a mail.

Naturally, we all have different strategies, but I did say "falling crude prices" (lizard), not low prices.
My experience in trading expl stocks, which is also limited to the last few years, has taught me to keep taking profit, having been burnt by ELP a while back.
I wish the long term investors luck - imo you are gonna need it!

more news just come out on goo