Gold Oil has just been floated on Aim and is involved in the exploration for oil in the Americas. The company has just signed an agreement with PetroPeru for exploration in the north of the country and also they have signed a memorandum of understanding with MAN Ferrostaal of Essen, Germany for the evaluation and feasibility study for a more than 200 mln stg petrochemical plant to be constructed in northern Peru.

Following the release of this news AFX commented that brokers believe this could potentially be huge for Gold Oil.

Oil Prices Rise Above $58 Per Barrel
Thursday February 16, 4:08 pm ET
Oil Prices Rise Above $58 Per Barrel After Steep Fall on Previous Day


WASHINGTON (AP) -- Oil prices climbed back above $58 a barrel Thursday, rebounding after a steep drop the previous day.
Light sweet crude for March delivery rose 81 cents to settle at $58.46 a barrel on the New York Mercantile Exchange. The contract had fallen by almost $2 a barrel on Wednesday after OPEC said energy demand was weakening and the U.S. government said its domestic supplies of petroleum were rising.





Brent crude futures rose 42 cents to $58.57 on the ICE Futures exchange in London.

Gasoline rose 2.76 cents to close at $1.4124 a gallon, while heating oil rose 1.78 cent to finish at $1.6253 a gallon. Natural gas increased 6.8 cents to settle at $7.134 per 1,000 cubic feet.

Until the rebound Thursday, crude futures had plunged by more than $4 since the start of the week, settling below $58 a barrel Wednesday for the first time in nearly two months.

"The recent falls have breached so many technical barriers, that it is hard to see where the new support level is. But we see very limited further downside for crude," said Lin Hui, senior analyst at China International Futures.

Oil market concerns about Iran, OPEC's No. 2 producer, have dissipated somewhat but have not entirely disappeared, and analysts say the mid-winter price drop could easily be followed by an early spring rally.

Barclays Capital said in a report that although the twin issues of Iran's nuclear ambitions and violence in Nigeria are temporarily off investors' minds, there is increasing pessimism that these situations will be diplomatically resolved.

In its weekly petroleum supply report, the U.S. Energy Department said crude oil inventories grew last week by 4.9 million barrels to 325.6 million barrels, or 11 percent higher than a year ago. Gasoline inventories increased by 2.2 million barrels to 225.5 million barrels, or 2 percent above year ago levels. The supply of distillate fuel, which includes diesel and heating oil, rose by 900,000 barrels to 136.9 million barrels, or 14 percent than last year.

The agency's report said gasoline demand over the past four weeks was 1.8 percent higher than a year ago, while jet fuel demand over the same period was close to 1 percent higher.

Tobin Gorey at Commonwealth Bank of Australia noted that the build in gasoline stocks has raised the safety buffer for any potential supply disruption, and believes talk of an OPEC quota cut is likely to grow.

Venezuela's oil minister said Thursday that OPEC should cut output at its next meeting. "Everyone is building inventories, Japan, the U.S., and that is very dangerous," said Oil Minister Rafael Ramirez. "There is an oversupply of one million barrels a day."

The Organization of Petroleum Exporting Countries said Wednesday that crude oil demand will grow at a slower pace this year as uncertainties remain over economic growth in the U.S. and Asia.

In its monthly market report, OPEC trimmed 2006 global oil demand to 84.64 million barrels a day and slightly lowered its demand growth forecast for the year to 1.57 million barrels a day.

mac- big post can't see anything to do with goo there?. or relevant to. we have not even drilled yet so the price of oil at this time is not that important.

George, Oily Jim and Mactavish glad to see you on board, things are on the up at last, and not forgetting good ol Lizard, plugging away there! Looks like it could all be worth while !!!!

i hope so sock- still below our highs of around 8p. i hope to see this at least in build up to drilling in april/may.

the signed agreement from ministry of energy should give us a boost!.

Just to make your day - we are now a BUY CONFIRMED on British Bulls :
http://www.britishbulls.com/StockPage.asp?CompanyTicker=GOO&MarketTicker=FINANCIALS&Typ=S

more buying come on move the bid up!

1,030,000 buys and only 37,000 sells at the moment,
ahhhhhhhhhhhh at last people are getting the idea !!!
Hopefully sp should go north soon !!!

Thanks for that Mactavish, more GOOoooood news. SP should be climbing shortly!!
Ah the excitement is whipping up now !!!!

400k buy.

It looks like you have a big seller behind the scenes the sp should have moved.

could be because they moved the bid to 6.25p yest and got hammered. mm caution.- it will have to try soon.

mrp mrp mrp

GOT THEM PH AS WELL!

2 MILLION BUYS V 90K SELLS -NO PRICE MOVE?.

http://www.goldoilplc.com

chart just starting to look encouraging a break through 10p come drilling would be possible.

http://www.timesonline.co.uk/article/0,,2097-2024826_2,00.html

Old (April 05) but nevertheless, quite interesting report re Peruvian offshore continental shelf-slope relating to Talara Basin.
http://www.systemdigital.com/peru/pdf/Offshore%20Basins%20Summary.pdf
Note : it also suggests Gold Oil evaluation period of 15 months

perhaps we will get an update on talara license soon?. interesting to see if they make further acquisitions in the nr term i would expect blocks in peru to be receding quick.- chairman seemed bullsih on this matter.

"17th Feb 06
UK smallcap opening - Ascent Resources gains on bullish broker comment

LONDON (AFX) - Shares in Ascent Resources gained 3/4 pence at 11 after a
report in the Daily Mail said broker WH Ireland has a 'strong buy'
recommendation on the stock and 20 pence price target.
WH Ireland analyst Philip Morgan said the oil and gas exploration minnow is
close to starting a drilling campaign in Europe which offers "excellent gearing
to any success with the drill bit" and is well-placed and well-financed.

newsdesk@afxnews.com
msc/vjt"


Gold Oil own the 11.25 % of the Ayoluengo oil field and Ascent own the remaining 88.75%
Regards

Nice price rise this morning.