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

only thinking about approval 2517 -sp can do what it likes i think once this is received and build up to drilling could get interesting. mm look for any opportunity to play in between updates!.

Green09- not sure how this will work out?- we could either get approval before election or approval once election over i think it is set for 9th april.?.

talk about timing!.

Nice 400k buy.

lizard - according to article in the FT on Wednesday GE is 7th April. Apparently one of the front runners is threatening to stuff mining cos. with a windfall tax if he gets in. Seems to have spooked a few. One US mining consultancy has indicated there will be no substantial investment in Peru before July.

beyond our control- i reckon it is in their best interests to keep things moving smoothly i.e they need the capital investment from outside investors.

talk about timing!- i have yet to have an oil company that has not had any dramas along the way!- the general procedure i reckon.

Plenty of buyers today.

Picking up a bit today

From another board

The guy we don't want in may be falling into 3rd place.
interesting that "41% of respondents thought that Ollanta Humala has committed human rights violations"
strange country??
http://en.wikipedia.org/wiki/Peruvian_national_election%2C_2006

Taken from iii.


anyone else hearing whispers that they have been given ministry approval,some big trades going through as well,looks set for a good run now.
fingers crossed the whispers are true,and we wont see these levels again

tvc15
Sorry tv I don't like whispers I think ministry approval will come in time we will have to be patient.

no rush as long as it comes in proposed time- expected march/ april. keeping to schedule atm.

Children?

How do you report abuse [ spamming shit ]

Seems like someone as wiped all his shit posts off the threads.

Just to explain if you blinked you would have missed it, earlier we had some one posting very nasty pictures of sewage on all the threads. Well done M AM for taking it all off and a very fast ban.

Yes well done , didn't expect it to be so fast thought we had to wait untill monday.

Lots of buyers today.

tvc is great at hearing rumours especially on the yoo thread

looking encouraging again all charting levels i have are being achieved in trend.

Another tick up looking good.

Nice 200k protected buy.