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

Mmmmm maybe, however you look at GOO, its a small producer with alot of potential. Many holes will be drilled before this one runs out of money and in the mean time its production rate has every opertunity of growing. I agree with lizard thats this one will come good and carries less risk than comparitive other shares.

tempted to add at these levels. will see how it plays out this pm.

a dangerous idea imo ..... as far as i can see, GOO has about as much credibility as CHP - i.e. bugger all!

lizard just out of iterest did you top up today? I must admit I did feel uneasy about goo this morning when they dropped to 5.75 pence. Has anyone been in touch with the main man lately. The other thing that bothered me about goo this week was when man. financial reduced their shareholding this week. British bull comments do not sound too positive either. Having said all that, I am still holding my shares. Let me know what you think and any one else in the room who would like to comment especially cynic. take care all and keep breathing.

janet .... i have no more to add .... i still have my modest holding - becoming increasingly worth less to make a nice oxymoron

just out of interest richard what does the word oxymoron mean.

an oxymoron is an apparent but intentional contradiction as in "increasingly worth less"

janetbennison- yes.

lets hope we get some good news soon on this one. we all need it.

Q1 Q2 was always going to be a slow period looking for more activity in Q3 Q4.

Cynic, that example brought about a deafening silence!

worth less or put the two words together and we have the aword worthless - cynic. goo really does need some very good news to recover from the recent drop.

janetbennison
There is no need to panic here, this is the waiting time also time to pick up some stock on the cheap GOO has got lots to do and plenty of news to come.

09 May 2007
The San Alberto-1X wild cat,
With eight of the nine criteria required for producing hydrocarbons being
present, the only one missing was getting hydrocarbons to the surface, the
Company is very excited about the Block.

After considerable thought the Company has decided that the best approach would be to attempt to define the largest subsurface accumulation of hydrocarbons in and around the structural high close by the San Alberto 1 well at the lowest cost possible. Seismic is very expensive and has a long lead time so the current plan is to run a 245 Km grid of an electromagnetic surface survey over the target area.

Following the survey, which should be completed and evaluated with 3 months, the
plan is to drill at least one well and possibly two or more in the block.

With such a long lead time to any results, the sp is very likely to drift further imo.
3 months from the start of may brings us to the end of july for the survey results. Then they have to source a rig & start drilling. Assuming they don't hit any problems, the drilling results will not be available until october at the earliest.
I am happy to sit & wait as I already hold this stock, but realistically I expect the sp to drop further over the summer before we get any upward movement.
Very happy to be proved wrong if anyone thinks differently!

harrycat if you think that the sp will drift lower before the summer, then why hang onto the shares, would it not pay to sell them now and then buy them back nearer the time. I would not like to see them drop to the price of black rock oil. we are all brave to be hanging on at the moment. what do you reckon

If I sell now I would be taking a loss, but of course the arguement is that I could then buy more at a cheaper price. Swings & roundabouts. I normally prefer to hold as I am not always right & the sp doesn't drop as far as I thought it would.
The sp hasn't dropped below 5p over the last 52 weeks, so that would be the resistance level imo.
No reason to panic, but news is a way off yet. Of course, the news needs to be good when it does come, otherwise.......................

I am on a heavy loss on this company. I do not thin it would be good idea to sell. Take a look at the spread between buying selling. It is approx. 9.5% that is a big spread. Lets just hope for a miracle. Do you know if the gambling chappie is still in big time.

must be as there has been no rns re change of holding.
however, nursing a big loss just because it is emotionally tough to bite the bullet is wrong logic .... in fact no logic at all

True cynic, but neither is selling out out just because the share price has fallen -I would not know for certain whether the next move is up or down. I always ask myself whether I would buy in to this share at the current price, and is the risk acceptable. I would never have more than a minor flutter on this type of share. A plus versus some of the other exploration companies is that it is generating some cash from producing assets,and with a market Cap of 29M, some good news would send them up rapidly again. I have traded these over the last year and my current holding is at an average of 4p. If they get to 12p+ again, I will almost certainly sell sufficient to reduce the risk. Until then I will continue to hold ,as I still believe this company is making progress, but will never risk more than 1% of my investments on such a risk, and less than 10% in total (currently 7%) would be risked on similar high risk exploration companies with little or no revenue(SER,PELE,XTR, BLR, GKP,PET,PCI,GED,AFR, RIFT etc).

your logic is fine and correct, but many (inc myself sometimes) get emotionally attached to a share and/or will not grasp the nettle of crystalising the loss, Micawberishly deceiving themselves that salvation is just round the corner