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

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.

newsdesk@afxnews.com

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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.

My reading of that rns is that the GOO sp is up only because somebody else (PELE) has successfully extracted gas from their field in Colombia & therefore others may also be drilling in the right area. In other words, if your neighbour hits gas then you may also get lucky!
I have got to admit that the original reporting was very inaccurate.

Gold and Plectrum receive approval from the Ministry of Energy and Mines for
exploration contract offshore Peru


Gold is delighted to announce that it has received approval from the Peruvian
Ministry of Energy and Mines for an Exploration and Exploitation Contract
covering Block Z-34, Offshore Peru, in conjunction with its Aim-listed joint
venture partner Plectrum Petroleum Plc.


Gold obtained a Promotional Licence from Perupetro for Block Z34 in February
2005 and after some G&G work decided to apply for an Exploration and
Exploitation Licence with an industry partner. Under the terms of the agreement
with Plectrum Petroleum Plc, Gold is the Operator with a 50% interest and is
carried through the first phase of the work programme worth an estimated $1-1.5
Million to Gold.

Perupetro approved the 30 year contract on 6 December 2006 and now the supreme
decree from Peru's Minister of Energy and Mines has been gazetted on February 14
2007. The supreme decree means that the licence is now approved by the Peru
Government and it only remains for Gold and Plectrum to sign the licence which
will be in a few weeks time.

good good.

Website updated.

much evolving at gold oil hq.

lizard
Cheers

driver cheers- have i done something?.

Looking good now and I can see us knoking at the door of 10p once again....

Do I take this mornings fall to mean that the rumours are untrue.

are you surprised? ..... keep on warning (a) against sp rises on pure hype and (b) that you ain't got nowt until you (they) find commercial reservoirs ..... that is why so few E&P companies ever succeed.

Not really, my last post on this one suggested that I felt the mm's were trying entrappment tactics and I avoided, luckily it seems, may be wrong yet.

if you have (not too many I hope) , then cherish and hold ...... only divorce in desperation!

10p next week or 12p,