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

strange day.

Must agree with you Lizard , especially with quite a few sells! Maybe just maybe the Market is picking up some future good news and doing some tree shaking over the last week or so.

Can we start now GOO up 54.7% at 11p!

Unfortunately the market hasn't opened yet.

i have a feeling we'll get some good news here today all in my humble opinion of course

laurie, It does that every day, mainly because all the traders books arn't open until the proper start of the trading day. It will return to normality when we have the whole picture in place.

There you go laurie its just been corrected. -0.08p.

Some small buying going on.
2517

m1958- interesting and strange trading day again friday?.

Yeah, a kind of strange pattern lately , nice to see some decent buying though on most days recently! Buys to the good by 900K on Friday , then another day down by a Million. SP slowly heading North again , the Market may be getting an inkling of good news forthcoming! Believe this will be quite higher in 6 months time. Quite convinced that Gary Moore is no fool and will deliver the goods in2008.

you had better hope that his alter ego is not Gary Moore the heavy metal guitarist! .... on a more serious note, oil exploration is not like retailing or manufacturing ... that is to say, it is almost entirely down to good luck, especially for the mini-minnows .... whereas the substantial likes of say Premier = PMO (qv) are little affected by dusters, even if 2 or 3 in succession, for a mini-minnow it spells death and destruction at least as far as the sp is concerned.

while luck plays a big part it requires more than just that imo.

getting the licenses in the right areas is the tricky part. think GM has the potential to do so.

By the time we get to 2008 the Minmet 12 months is already almost up so I expect something far sooner.
Politics aside we can't change administration delays, but we have a wide range of possible good news to filter through.

A piece in todays Indy about Gold Oil asking to come out of SETS trading as Daily Volume is down approx 1/3 on before! No date on changeover , a lot of small companies are expected to ask to change back!

As stated on an earlier post volatility on SETS has increased markedly and Gold Oil are not happy with this , could explain these strange trading days recently!

goodbye SETS what a waste of time. stick to blue chips please.

theory was that it would actually increase liquidity where as it has decreased it.

Lizard you are right there about a waste of time! I must make a correction Trading Volumes are actually down by 2/3rds not 1/3 , sorry!

encouraging update on XXI.
'the company is very excited about the block'.

AFXU
LONDON (Thomson Financial) - "Gold Oil PLC said it expects to drill at least one well and possibly two or more in the San Alberto-1X wild cat well, its onshore block in North West Peru after conducting for the first time an electromagnetic surface survey over target area.

The company said the new survey costs one-sixth of the seismic survey and identifies hydrocarbon accumulations rather than structural boundaries.

Gary Moore, managing director of the company said: 'With all time high manpower and equipment costs in the industry, never mind availability, we need to acquire as much useful information as possible at as low a cost as possible. We could drill a lot of wells for the current cost of a modest 2D seismic survey.'

Gold Oil added that it will be the first time such technology will be used in Latin America and anticipates the survey will be completed and evaluated within 3 months. "

15p in August then !

company is just saying it's cheaper to drill dud wells with this new technology!

I understand their logic by trying new technloogy rather than burning up there cash pile! Although obviously still risky but less than previously all IMO.