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

though i got singed, i am old enough to know one takes the rough with the smooth, and overall, the week has been very profitable ..... however, in the case of GOO i am now regarding the management in the same sort of light as Mr Timmis

Forgive my ignorance, but who exactly is Mr. Timmis?

Fliper, are you still in this one? The phrase: "Goouwch!" springs to mind here?

Mr Timmis is the "colourful" character who heads up Regal Petroleum ...... His parents had a sense of humour and christened him Frank

Very good, Cynic.

The Company were informed on 7 December 2006 of the following:


that at 6 December 2006, Credit Agricole Cheuvreux International Limited
("Credit Agricole") has an interest in 14,782,200 of the Company's voting
shares, representing 3.44% of the Company's issued share capital.

since their last announcement in mid November, this company has (conveniently) sold 800k shares ....... not sure whether they are actually holding as nominees, perhaps for Mr P

cynic,

agree does leave a bitter taste in your mouth, certainly didn't have confidence to top up even though it did look oversold, regret it now,but am holding for long term.

Big Al,

could you give any more info or links to the excellent knowledge you appear to display on the oil industry re wire logs etc, also call me thick but doesn't oil float over water, so shouldn't they go shallower?

Steveo, I, personally would not have bought in today unless I believed in the long term growth prospects. For sure, there has been some dodgy dealings going on behind the scenes this week but the product remains the same. Bad management, poorly timed RNS's and mechanical/technical problems are not indicative of what is beneath the surface. Such things are merely the facilitators. There is a very high probability of good quality oil being present and one way or the other we all find out the true extent, sooner rather than later.

Well done markus, you got in at the right time . I am glad i was out all day .

Gents i must say i have been taken back by todays news but am hartened that their was a tic up to 9 p! i would say hold as this is now a med - long term hold but the management need to bemore upfront about when releasing the negatives sooner !

Absolutely.

First hour of trading on friday should be interesting . markus may sell at 10p !

Huh, Markus will be fast asleep at such an unGodly hour, Fliper!

Well fliper their may be a few sellers at 10p right now , however i feel goo wil come good as that oil is still down below. Maybe the Market feels the same , just that another drill early next year will justify holding on who knows ?

Happy to recoup my 600+ loss which GOO cost me, several weeks ago (better not mention PTH's untimely tip otherwise he'll start sulking again!).

more to goo than 1 well. XXI is 1m acres and has a 30yr license. wildcats are usually 50/50 chance of success. it will however tell goo alot about the acreage and strategy for next stage. secured another 1m acres today offshore Z34.

NBM production rates should increase in the short term with 4 workovers due to commence on proven oil fields and after that further exploration upside. moore was in Colombia this week as someone emailed if its genuine lets hope they have secures more acreage in Colombia.

would like to see a medium risk asset in Colombia they have high risk in XXI and Z34 but potentially company making areas more likely Z34.

steveo - no website I'm afraid. It's my job to find the stuff and has been for over 25 years!!! ;-))

Big Al,

Fair comment, I'm just being lazy, will do my own research, daft not to know more about the subject, knowledge is power apparently.

Markus,

its all about timing and cash flow, pity not oil flow, but as stated above long term looks good, lets hope management have some more thought for investors in there delivery of news next time.

Agreed, Steveo.