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

dt014- couldn't have put it better myself -i for one will be looking to add tomorrow depends on the open though?.

You can only buy 100,000 online but you can sell 500,000, must be short of shares.

doesn't always follow ..... try going through your broker ..... at worst, you can leave an order in place to be filled during the day - i.e. it will slowly accumulate at your predetermined price

should be a fair bit happening in june.

workover on colombia nbm wells.
drilling on sechura peru
possible new block?
election outcome
cuba, brazil acquisition?

As I say quite regularly on this and other threads ..... don't get too carried away by licences, exploratory wells etc etc .... the only thing that matters at the end of the day is results!

yes but you need all the above to get results its the process which is not that easy and very competitive.

only point I was making is that sp should not be chased too high ...... look back at ELP and the (in)famous test well on Jaguar field

up and down like a bloody yoyo atm. can't seem to hold a rise.

Good for topping up though.

already have oilyjim -

Me to. I think i timed it right today which makes a change.

I also bought a few more today.

who knows what will happen in june. hopefully the speculation on block XVI will be clarified interesting read up on bpz energy report on this block (inc 2yr license).

PERU ELECTION ON SUNDAY,4th JUNE-LATEST........Support for Garc Still High in Peru
(Angus Reid Global Scan) Former head of state Alan Garc would win this Sundays presidential run-off in Peru, according to a poll by Universidad de Lima. 61.2 per cent of respondents would vote for the American Revolutionary Peoples Alliance (APRA) contender. Ollanta Humala of the Union for Peru (UP) would finish second with 38.8 per cent.

speculation is that goo have raised 2.5m - if true what is this for i think they have about 2m in bank already at this stage?.
?

The directors of Plectrum Petroleum Plc ('the Company') announce that they are
in the process of finalising a fundraising of up to £2.5 million through the
issue of new ordinary shares, at a price of 14p per ordinary share (the
"Placing").
The proceeds of the Placing will be used to strengthen the Company's balance
sheet, which the directors believe will enhance the Company's position when
negotiating offshore exploration licenses and farm in agreements, in particular
in relation to the Peruvian offshore exploration license Z34, for which the
Company has recently submitted an application, in conjunction with Gold Oil Plc.

whats the news on goo placing at 5.5p then. i thought the deal was for ppe to raise the funds ie. the price they have to pay for the right to have a 50/50 partnership. this is goo's license firstly so intial costs are for ppe. as i understand this is at no cost to goo for work on Z34?.

are the funds for something else?.

lizard
You are possibly right they probably are for something else either way it's looking good for GOO.

Lizard: maybe Block XVI???

Looks like were going to see another aquisition