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'm still in albeit at a loss at the moment. I will certainly hang as I recently made +20% profit in a a very short term. No point in chrystalising a paper loss at the moment. Future still looks good imo

Nope, am still hanging in there.
When Mr Parvisi starts to unload his stack, then I will be happy to join the lemmings.
Just a bit gutted I missed OEX & FEP. Took my eye off the ball!

laurie squash
All still here no need to panic laurie.

I am still in with my 250,000 i will sit it out a bit longer.

im still in.

ls- do me a favour!.; are you a day trader or an investor?.

Well I was still in wherever you were. Just with shorter nails.

Just in by e. mail - We have a press release doing the rounds, but are having problems getting written proof of what we are saying is correct. (Need lots of proof for everything these days as the Nomad is afraid of making a mistake a la Regal).Nancy having mechanical problems with the surface pumps. Release waiting for that.

TAKEN FROM WEBSITE............September 15, 2006
Production carried at over 600 bpd.

thats more than double my estimates. excellent.

has no one read the update ?. Nancy tested at over 600bpd!.

lizard this is very good news. Well done nancy.

There is no update on the website. It's just one big wind up ;)

Trix77: Go to the Columbia Page - latest entry although dated 15 Sep 06 states the 600bpd!

Been there time after time this morning....nothing..

Extract as follows direct from GOO Website, Columbia page:

Status
September 15, 2006
Production carried at over 600 bpd.

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

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

there must be some good news out because the share price has been up to .11p this morning and this does not happen for nothing.

This production information probably assessed before pump broke as no news of pump now workinhg and Production update dated 15 Sep 06.

Thanks Silver...this is the page i'm getting...probably my computor :(


Colombia

On 1st March 2006, Gold farmed into the Nancy-Burdine-Maxine oil and gas field in South West Colombia. The deal is subject to the approval of Ecopetrol. These three fields were discovered by Texaco and put on stream in 1976. The Nancy 1 well produced initially at 1400 bopd and dropped to 230 bopd by 1978 when pumping was added boosting production to 670 bopd. The other fields had a similar history. In 1995 the fields were abandoned for economic reasons with Nancy 1 producing at 200 bopd with no water. The fields were returned to Ecopetrol who licensed them to the Union Temporal in 2003 as part of the "marginal field" sell off being pursued by Ecopetrol at that time.

The terms were quite stiff as the licence was to develop a known developed oil field. The royalty is 20% before Ecopetrol takes a 41% share with no contribution to either capital or operating costs.

The Union Temporal is made up of several oil and service companies, all of whom have extensive experience in Colombia working for major oil and service companies.

The deal allows Gold an easy low cost entry into Colombia. The plan is to mobilise a workover rig in Q2 2006 and re-enter the Nancy 1 well to commence production from the existing horizons and perforate some new oil bearing horizons that have been identified from the logs and that were considered sub-economic by Texaco when the oil price was in the mid teens. A jet pump will be installed to boost initial production.

The cost of the work-over is expected to be less than $600,000 with the bulk of the costs being made up of the mobilisation and demobilisation of the rig. Initial production is expected to exceed 200 bopd with 500 bopd set as a target.

Once the Nancy 1 well is in production, the remaining 4 wells in Burdine and Maxine will be re-entered as Nancy was and put on production. The Operator is carrying a P50 reserves figure of 727,500 bbl of crude oil. There is additional exploration upside in the block with the Operator's current estimate of 12 MMbbl. The cost to Gold per bbl of P50 oil is $2.36/bbl.


--------------------------------------------------------------------------------

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

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

August 23, 2006
Insurance bureaucracy has delayed full deployment of equipment to the site.
A date is being discussed with the Ministry to make a site visit to allow signature of the memorandum to start production.
At their request Ministry officials to measure the receving tanks at the terminal as part of the startup process.

August 07, 2006
By the end of July the Nancy 1 well re-entry had been completed with the jet pump installed in the hole ready for production. Delays were encountered in getting a suitable storage tank for production, government certification and certain contractors being unable to obtain insurance to work in Colombia. First production is now envisaged mid to late August.

July 31, 2006
Colombia Nancy-1
All legal and environmental permits from national and local authorities are in place. Hydrocarbon transportation schedules are approved by Ecopetrol and the oil purchase contract with Ecopetrol is in place. Two box culverts on the access road are being strengthened. Tomorrow two tanks in Ecopetrol's receiving station will be available. Production facilities have been rented and are on the well site and tie-in and insurance are expected to be ready by the end of the week.

July 14, 2006
The Operator has now installed the jet pump. A concrete pad is almost complete on which the production facilities, power unit for jet pump and two 500 barrel tanks can be installed. The facilities will be pressure tested and witnessed by a representative from the Department of Hydrocarbons. Facilities are being finalized at the terminal unloading point for trucks. The operator expects that production will start in 2 weeks time. The operator remains confident that commercial flow rates will be obtained. .

June 2006
In mid June the Company began operations on the Nancy 1 well. The mobilization was delayed for several reasons one of which was waiting for the recent election results to be confirmed. Difficulties have been encountered with stuck production tubing some of which could not be fished and had to be milled trough. The well is currently being cleaned up before the zones will be perforated and the production pump set.



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I must admit things are now looking at lot better, as I have said before all it takes to start the ball rolling again is some good news. There seems to be a lot of people buying again today.