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 nearly jumped on GOO this morning until I noticed a strange movement in the spread that suggested the mm's were trying to lock people in, so I held off for now. After this the price started to fall. It might mean having to pay a little more if positive news, but then I would rather that than be stuck with another dead duck.

UK smallcap opening - Gold Oil moves up on talk of Columbia find
AFXU

LONDON (AFX) - Gold Oil moved up 1 to 8-3/4 amid talk of a big find in Columbia. No details yet available.

ah but talk of WHOM finding lots of oil in Colombia? ..... if Columbia, then wrong continent too!

That was a 'copy & paste' so obviously the journalist was having problems with his geography, but for those needing accuracy, for Columbia read 'Colombia'.
Of course he MAY have also got the wrong company as others are exploring there, but lets hope not!!!

Where does the Express get their rumours it wasn't even on the B/Boards like last time some one should give them a ring, I'm of out.

if it was the Express reporter who does not know the diff bewteen Colombia and Columbia, one must seriously question the validity of his comments!

He may be talking rubbish, but because of it over 5m shares traded this morning on GOO & sp up 10%. Nothing on GOO website however, so, as you say, treat with caution.

after the last media rubbish of 0.5bn find their reporting has become embarassing. but in saying the odd one is accurate but mostly garbage.

seems to be the norm for spelling COLOMBIA wrongly. remember Chaco releasing an rns spelt in same way.

14/02 19:05 - Peruvian Government Awards E&P Contract To 2 UK Companies

LIMA (Dow Jones)--Peru's government has awarded a contract to develop block Z-34 off the Peruvian coast of Piura to U.K.-based Gold Oil PLC (GOO.LN) and U.K.-based Plectrum Petroleum PLC (PPE.LN), it said in Wednesday's official gazette.

Gold Oil's Peru manager, Thomas Tidow, said Wednesday that developing the block will require heavy investment.

"Our investment commitment with (government agency) Perupetro is for around $40 million, but it will probably involve many more millions," Tidow said in a telephone interview.

According to Tidow, Gold Oil and Plectrum will each have a 50% stake in the block.

Gold Oil is already operating block XXI in northern Peru and spudded its first well in July 2006.

Block Z-34 will be Plectrum's first venture in Peru.

Peru has been trying to boost production in its flagging oil sector for several years, and its efforts are apparently paying off as new companies are showing interest and existing operators are pumping more money into exploration and development.

The government signed a record 16 exploration and production contracts in 2006.

It recently embarked on a series of roadshows to promote 18 new blocks, including some in jungle regions, and plans to award them in July.


-By Rebecca Howard, Dow Jones Newswires; 511-221-7050; peru@dowjones.com


(END) Dow Jones Newswires

February 14, 2007 13:05 ET (18:05 GMT).

Tried checking GOO website, but its a no go at the moment. Perhaps they are busy updating it this very moment with all the latest news.

thats a good start.

prs 78
Good find, should see some news tomorrow then.

The Colombian oil find belongs to PELE announced this morning on RNS. Serafin well no 1 is at the higher end of expectations.

Another good start to the day!

oilyrag- as i read it pele have found gas not oil and the rumour on goo was oil.

Lizard what you say has just been confirmed on afx,indeed hopes of an oil find continue to boost goo.

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UK smallcap opening - PetroLatina Energy ahead on bullish well test results
AFX


LONDON (AFX) - Good progress was seen in PetroLatina Energy, 4-1/2 pence ahead at 28-1/2, after the company said initial production testing results at its 50 pct-owned Serafin Well No 1 in Colombia are at the higher end of expectations. It added that it expects first commercial gas deliveries late in the second quarter of 2007.

And hopes of a big find in Colombia continued to support Gold Oil, 3/4 up at 9-1/4, while TomCo Energy hardened 0.08 to 2.70 following news that the company has contracted for a 20 pct working interest in a five well drilling program in Overton and Fentress counties in the State of Tennessee, US.

Away from the explorers, RC Group moved up 5 to 116 as the provider of biometric identification products, security and RFID systems announced its increased presence in the Middle East and three biometrics-based projects in the region.

Again on the contract front, Aukett Fitzroy Robinson Group edged up 0.62 to 15.62 after the commercial architect revealed it has won a 65 mln stg construction order for a 65,000 sqm mixed used project in Kursky Square, Moscow.

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cape- cant see how at this stage. only NBM in play and as far as we know they just have Nancy1 in production and not doing workovers yet or further exploration. so dont get it. at the moment i would say its inaccurate.


also it has been denied by the company (other thread poster).

of course it would be good but cant see it at all.

Lizard,best i keep the champagne for another day then,Cheers!

wouldnt disagree with that.