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

Nice!

To save you all looking, this is what FT actually reported ....


*Gold Oil rose 5.8 per centto 13p amid speculation that its exploration well in Peru had discovered a potential 0.5bn barrel hydrocarbon resource. Exploratory drilling is due to re-start in late October.


No cause to get that excited, as we all knew about this speculation. ...... FT is merely reporting on yesterday's market movement(s) rather than bringing news.

Just thinking this was yesterday news, if people knew in which most didnt then it would have certainly gone up more than 5% more like 20%!

That did.nt take long to come straight back down to where we started toady.

to be expected ..... no real news and sp challenging all time high

Cynic

Can you see it braking before we get any news?

what are you on about?. did we have news to reach past highs- NO. these recent reports are more substantial than before and now closer to outcome.

YOUR BE PUTTING YOUR HOUSE ON THEN!!!

dont need to.

Marcel .... probably not, to answer your question .... but as Lizard says, that news may not be far off, though that has been heard many times before, especially in South America and with the likes of CHP.

I am already a modest holder, but feel no temptation to buy more. This is not because I don't believe in the share. If it roars away, then well and good, and if it just stagnates or even falls, then no real harm done.

chp are not even drilling until dec early 07. goo have drilled and logged the San Alberto-1X exploration well and have confirmed two hydrocarbon bearing sands in two zones the palaeozoic (oil) and verdun(gas) totalling 250ft and 315ft gross.

500,000 Buy or a sell?

Laurie , that's a buy!

Cynic, you must have had bad experience of speculative buying, as you always seem cautious.

At least Cynic does as it say's on the Tin so to speak!

No worse than many, but i am probably older than 90% of you guys here ...... it is very easy to get carried away by hype, myself included, but fortunately (i think), when i see others doing that, it triggers an automatic cautionary approach.

i hold plenty or even too many speccy stocks, but none of them that heavy ..... most will probably lose money, for that is their innate nature, but hopefully there will be a couple of gems (GOO looks a potential contender) which will more than pay for the "sad cases".

with that in mind, i am moderately tempted to buy a few PRTY, though that is an out and out gamble (no pun intended) that the forced merger with 888 will come about and/or the bears will be forced to close ..... either way, a reasonably bet for a modrest stake.

PRTY .... changed my mind! ...... company still has a cap of 1.2 billion ..... that's nuts when 80/90% of its revenue came from USA and its gambling site apparently now makes a morgue feel lively.

cynic
I would stay clear at the moment as you say with an M/Cap of 1.2 bn also there are talks today to regulate the British gambling market that will hit those stocks even more if they align with the U.S

Cynic , here where you are coming from i lost my shirt so to speak years ago with Baltimore Tech. You are honest unlike some on other BB's.
Started to buy into GOO since March , so i am hoping to make up lost ground with this. Am impressed with the informative input on this thread by Lizard , Driver etc.

I heard those talks too DRIVER think you are spot on,
CYNIC,not like you to take a gamble so to speak