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

so is mine at 15.25 .... but fear that though i have got back in at less than i sold, it is not necessarily the right move ..... a touch of greed prevailed

my stop loss st in today at 14.25p if they continue the dropp tomorrow I may do the same as you cynic. good luck everyone in this one.

As per my post yesterday, the test rig was up and running yesterday (13th Nov), so surely the next news is going to be the test results??? Does anyone know how long it takes approx to test & analyse results, 'cos that, imo, is going to be the next rise in the sp?

from memory, running the test hole is usually about 20 days but full analysis thereafter, assuming things look promising, is something like 90/120 days thereafter (or at least it is for VOG on their gas site Well 103)

So it's likely that the sp will increase in +/- 20 days in anticipation of the test being completed successfully???

cynic- it wont be that long before outcome of XXI.

You may be right, lizard, but how long will it be then? (testing then analysing?)

ah, but what's the guarantee of good news? ..... lol!!
by the way, do you concur with the timetable i just noted for Harry?

cynic- no guarantee that is the risk.

testing the Palaeozoic first for oil so work way up test Verdun for gas. think we will have an idea before month end.

just 2 weeks? .... Really??

If news is out for month end then it'll be very good going. No doubt we'll hear how testing is going like lizard says but results will take longer. I'd be very surprised if results are announced in '06. For thoses looking for a fall we have time. I'm looking to get back in around the 12p mark if possible. Each to their own and good luck however your playing this one. Finally I must say well done to lizard for all the info and a great thread. Nice to see the rampers/derampers have left this thread alone!

i think with the agm coming up (22nd) the signs will be there if good or not whether they inform the mkt before or soon after?. explosive- long term hold for me anyway so what will be will be. always my intention to hold whatever XXI outcome. Z34 a big reason to hold!.

also thinking about the mou with MAN Ferrostaal and timing of rns.

i do think at this stage they would have an idea on the block.

expecting Z34 XVI Perupetro approval this month. NBM schedule for workovers (3 wells Burdine oil field Colombia), Brazil bidding in round 8 Nov 27th Rio d J. possibly news on Colombia exploration license Nov/Dec.

cynic have a look in your email box, and let me know what you think. reply to my hotmail address.

http://www.elregionalpiura.com.pe/archivonoticias2006/julio_2006/julio_19/regionales_19f.htm

this is the link from advfn. Geologist by the name of Alberto Arispe.

Explosive, I think you would be lucky if you could get in at 12p. I think support level was formed late this afternoon, considering the amount trades went through for that short period. I am still holding for news of z34 and xxi at least.

Don't suppose theres and English version Lizard?

there is but cant post for some reason. needs converting into.

I agree with explosive, i have been in and out and my small holding owes me nothing, but i will add if they retreat back to 12p these results always take longer than everyone expects, and i see no reason for it not to drop a tad more over the coming weeks, of course if not, i haven't gained (nor lost) anything...

dont forget a lot of work has been done already they are going back to production test Palaeozoic and Verdun reservoirs.. not as though they are starting from scratch.

Babel Fish Translation below, not the best but I got the jist of the article.

Julio, 19, 2006. - Piura would continue being a petroliferous power to confirm the expectations that are had with respect to the explorations that so far are made in the district of Castile of Piura. Of being therefore it would be added to ancestral wells of Destroyed recently and discovered wells of San Pedro in Sechura. The petroleum perspective in the district of Castile could be superior in five times to the reserves of San Pedro de Sechura, recognized the company Gold Oil through the geologist, Alberto Arispe. "Until now the project it is leaving as it had been planned and possibly within a month we can have positive results", they were the first impressions of Arispe Velarde to Cutivalradio. The professional referred one indicated that the present exploration in Castile - denominated San Alberto- it is considered of "High Financial Risk" because it is the first time that is reversed in a zone where studies have not become before and either some investment. According to Alberto Arispe, the geologic structure of Castile is similar to the one of San Pedro and, those similarities are used to make the advances in the studies of the exploration. It is necessary to need that in their beginnings, the reserves of San Pedro de Sechura indicated the production of thousand 200 newspaper barrels crude and, today are in approximately in 5 thousand barrels. "the studies that we have done in Castile have a very great expectation because they would be up to five greater times to those of San Pedro and, to be optimistic, like this project it is to very long term, it is possible that they are gotten to have approximately 500 oil wells in this zone", very referred Arispe Velarde trusted before the regional authorities and a group of journalists. After rains of the 2003 operation of petroleum it has allowed that are resources public for the investment. The oil canon at the moment finances diverse activities and projects in the Piura region. to confirm the information, it will be a potentiality that would be added to other resources that are had in the department.