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

It's not good. rns out.
2517

Just shows the small invester was last to know.

and of course you will now not be able to sell ...... glad my holding was quite modest, but this is the inevitable problem with mini-minnows (as i have regularly commented)

Another cockup from a small explorer.

Becoming a bit too commonplace. Bad luck those holding.

oops :( Oh well, I had a miniscule holding anyway at 6.9p so I would imagine it wouldn't drop that far...

Whilst I'm not buying anymore I am sitting on mine which I paid 6.45p, a few days ago I had more than doubled my money, greed got the better of me, and of course I regret not selling then, but imo GOO will come back from this disappointment.
2517

Apologies to anyone that has lost today very disappointing news all that can I can say is that GOO wasn't ramped not on this board anyway.

Markus,

you must be feeling a little releived, still on the positive side, they are generating cash, have other interests that will be cash generative and no one ever gets 100% strike rate. Thank-fully my holding modest too, but most of my profit now gone. Good level for the long term though.

Driver-----you have nothing to apologise for, we make our own decisions re buy / sell. Thanks for all your posts, it would be appreciated if you continue posting, unless you're moving on that is, all the best.
2517

A little unfair of them to issue the drilling report at 10.20 especially after the good news RNS at 7.00am I thought significant news such as the former should have been issued prior to the open

Ooouwch!

were you back in then?

bailed out at 7.5 as can see no recovery in the immediate future ...... it will be interesting to see what yesterday's huge sales reveal as to change in holdings ...... heaven forefend that i should guess at whom that might be ..... whoever it turns out to be, it certainly casts a shadow over the bona fides of the management, for though it may not be legally provable, it is surely a racing certainty that there was a (deliberate) leak to a favoured party or two ...... Only good part is that the big seller will have done his bollocks big time, even if he got 10/11p rather than 7/8

The whole eposide in past two days has been absolutely ridiculous. IMHO the pi will be thinking this company has a bad reputation from now on which is going to be even to harder to regain credibilty certainly after non productive well.
Do one think that if GOO had used more cash on this project for the testing they could have used better equipment, my motto is 'you get what you pay for ' they may have got the black stuff coming out.
Thankfully I came out at 15p and shall probably not look into GOO for a long while now. Good luck to all holders.

personally, i don't think it would have made any difference at all even if they had state of the art equipment ....... dry (or very wet in this instance!) holes are inevitable in the oil biz, with prob only about 25% being remotely successful ......

my major complaint is the seeming duplicity of the management

I was a little confused by the completion choice of the slotted liner. Wireline logs should have indicated the oil/water contact and if it was observed then why run it.

There's been a cockup somewhere, probably the wireline interpretation.

Strange

AL .... what is "strange" is the seemingly knowledgeable sale of 20m+ yesterday

with ALL oil companies you get the good and bad news. still holding/added today and bullish.

as i said, it's not the bad news to which i object, for i accept that is an inescapable part of the oil exploration biz

call me a fool if you like but I have added on the drop. I think there is good news coming soon-they have only encountered problems not abandoned the prospect. 2007 will hopefully see them bounce back!