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

Buyer in the background this will finish green or in the blue today IMO. Dropped from red 0.25p to 0.5p for price for the buyer.

couild do with Mr P offering 25p for the balance .... fat chance!

ls- cant see that today. not a bad buy level though. just keeping an eye on newflow now the trading is **"!!**** at the moment. off another 20% on news we already knew in the mkt.

do not be surprised .... Dow is down a further 100; oil price is weak; general feeling that US will not lower interest rates so $ significantly stronger ...... Dow could fall a further 150 points and still maintain its upward chart

dow has been trading at historic record levels recently unlike our mkt.

that is true, but as is often said "When Dow sneezes, the whole world catches a cold"

just like to inform you that when Petrel resources gets the Iraq contracts alot of overseas oil stocks will probably crash...Petrel will become the BP of the Middle east so get in quick and forget these minnows

as usual, a total lack of logic ..... if/when Petrel gets its contracts that may well be good news for Petrel (have no real idea as do not know the stock), but to say that will make other oil stocks crash is pure balderdash .... but then what would you expect from that source

maestro what a load of old bullucks.

maestro- no chance of that!.

cynic I do have a little handle on the stock as I once held, but I have not been tempted even though they may benefit from oil contracts come the 7th January.

Iraq is, and will continue to be a very volatile hostile arena for all westerners.

They are on the brink of civil war and no amount of licenses will stop that.

No I am not tempted.

Good luck if you are in or buying in maestro.

When Iraq starts to pumping oil onto global markets there will be nothing more than an increase in supply. Yes this could cause the price to fall but the only companies that will be affected are those with high costs of production.

Its alot of if's, when etc. etc. Yes it could happen, but so could someone developing a stable fusion reactor. As usual Maestro a good idea we know about, too far from todays reality though.

Can we refocus on GOO The thread seems to have gone off at a tangent with Petrel and Iraq.

I am confident GOO will come good and I have been topping up over the last two days at the lower levels. I am not trying to ramp up, I just see this as a medium / long hold. I did well a couple of months ago at levels of 16p and hope that these will be achieved again and GOO represents some 15% of my portfolio. I am willing to wait.

Good for you Mr Turbot, I see no point in focusing on what we already know or any point repeating it for the sake of posting. Any chance you might share why your confident and topping up at these levels?

Petrel Resources (PET) Asked if nationalistic Iraq, resenting the US & global oilcos, is grooming PET into
a "BIG BEAST". DH replied: "that is exactly what is happening"

was this a private interview with you? ..... who is DH anyway? .... one of your golfing buddies?

Maestro is also ramping PET on EME. I said its one you can afford to miss as its going to be difficult to deliver. It may however, be one to produce a quick profit purely on speculation. Not my style thanks.

Peter Shearlock writes into days Sunday Times Heaven/Hell portfolio. Peter is still keeping faith in his Gold Oil shares even as we all know the results of its first well that gushed water instead of oil in Peru!

Peter says " The shares have picked up from their lows and that the company will fight another day".

they will!.

mcgrath1958

"Explorer Gold Oil finally revealed the results of its first well in Peru. The well was a gusher all right but it gushed water, not oil. Having sold enough shares at 13p the previous month to leave the rest in for free, I was not unduly upset. The shares have picked up from their lows and the company will fight another day."

Note he says he 'SOLD' enough shares at 13p. He is now trading on free shares so is not worried about the drop. Neither would I be that worried.
Good luck all {small holding}GOOers.