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

I grew up in pembury in Kent, near Tunbridge wells... But it wasn;t me - I wouldn;t know how to ramp if I tried.

Who is ramping??????

safety
It really doesnt matter who anybody is no one knows, as long as the research is factual and not lies then whoever posts its content will be beneficial to the rest of us. If GOO were rocketing you would be praising lizard and Pembury who ever they are not having a goo.

Well said Driver, this thread seams to have become more about wild speculation than eductated assesment of late. Lizard any further thoughts on the averages for NMB?

Currently NMB production averages 684 bopd
Ayoluengo averages 110 bopd (GOO 11.25% stake) 12.4 bopd

Total average bopd 696.4 @ $50 a barrell, I make monthly revenue $1.059m, after Burdine & Maxine workover where do you think well be. Also has Nancy been fitted with purchased rather than rented pumps and tanks yet?

explosive
From the research Page in the header.


The first phase was the re-entry of the Nancy 1 well which is now producing at
between 245 and 835 bopd of oil. The average production over the first month to
date that included many shutdowns to tie in gas handling equipment was 485.6
bopd. With increased confidence in the Nancy well, much of the onsite rented
equipment (such as pumps and tanks) is now being replaced with purchased
equipment. The Company's working interest is 40%.

Driver, my 684 figure in respect to Nancy, Burdine & Maxine was taken from the 10/01/07 update advising the December daily average. Your 245 and 835 figure is from the 03/11/06 update. Lizard can you please confirm NBM working interest.

"The royalty is 20% before Ecopetrol takes a 41% share with no contribution to either capital or operating costs." Who else takes a share and do they contribute to capital or operating costs?

explosive
Sorry this is the bit I was pointing out.

much of the onsite rented equipment (such as pumps and tanks) is now being replaced with purchased equipment.

explosive. goo av. for nov and dec on Nancy1 was about 700bopd. they plan as i read it to re enter and do workovers on 6 existing wells on the fields. goo have 40% interest in nbm colombia believe. i also read from the website the blocks have further exploration upside which is important.

Lizard , thanks for that reminder on the workovers that should happen later this year! Hopefully this will give the SP a much need boost upwards again.

mcgrath- they are due to start anytime now not later in 07.

A good start to the morning with buys:sells at 4:1, I notice. :o)

From the "UPS thread ..........

Chart for GOO, showing the double bottom now in process

Good spot, Masterful One. But remember that many of us are not holding GOO based on TA!

.

Oil Down And Out Not Likely

http://www.fatprophets.co.uk/content.aspx?page=OIL%2c+Fat+167

thanks for the pointer Driver ...... a well thought out article, with which i would pretty much concur ...... to my mind, that makes the quality second-liners - e.g. TLW, DNX, BUR - good investments as for sure a number of them will be gobbled up.

the outlook for E&P companies is much more opaque ...... for sure one or two will hit the jackpot, but the nature of these things (like Goldrush prospectors in Alaska etc) is that the vast majority will come away with nothing.

How GOO will fare, along with the likes of CHP, ELP (yuk!), SEY, VOG and the myriad of others of similar (lack of) quality, is very much in the lap of the gods.

A very informative link, Driver, and yes, the whole world needs oil - and (will continue to need) lots of it as the years roll by! But will GOO be the company to find this scarse resource, that is the question...?

dont think there is much question of that in regard to NBM. but its the bigger plays of XXI, Z34, perhaps new Colombia exploration license that really count (could potentially make the company) .

question on NBM is how much it can produce bopd on re entering existing wells and what is the exploration (reserves) upside potential?.

Whos playing ducks & dracks up 1 min down the next trying to get a bargin & not get there fingers burnt they will try it once topo often and finish up getting there
fingers burnt.

Gee, PARKIN. Let's hope GOO's ability to find oil & the traders' abilities to offer reasonable prices are better than your ability to write comprehensible english!!!