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

Minmet PLC (Gold Oil has a 24.67% stake in Minmet)

PRELIMINARY RESULTS

CHAIRMAN'S REVIEW

In reporting to shareholders this year I am mindful of the fact that, after a
number of years in which we have encountered difficulties, Minmet is now
presented in a financially strong position. This strong financial position, as a
foundation, gives the Company the ability to move forward carefully and
methodically in managing our core portfolio of projects and investments and also
to pursue a number of new resource opportunities that the Board and management
team are developing. Acquiring and developing these new opportunities into
projects of merit will rely heavily on the negotiation skills of Minmet's
representatives and the careful application of Minmet's now considerable cash
resources.

The last few years has been punctuated by some well documented disappointments
at the Björkdal mine in Northern Sweden. However, on the positive side, the
structuring and sale of a large proportion of the Minmet exploration portfolio,
which have been reinvested into listed and tradable equity investments ('Listed
Equity Portfolio') has enabled value to be extracted from some long terms
projects.

Strategy and Investment and Operational Review

In February 2007 we announced a strategic investment with Gold Oil plc ('GOLD
OIL') which saw Minmet acquire a number of developing oil and gas opportunities
from GOLD OIL in the Latin American region together with the completion of a
mutual share for share exchange.

The strategic purpose of this transaction was to use the perceived political
advantage of Minmet's Irish status as an investment focus aimed at oil and gas
projects in a number of countries, principally in Central and South America. In
addition, through this arrangement, Minmet acquired the oil and gas expertise of
GOLD OIL directors, Gary Moore and Mike Burchell.

Since concluding the arrangements with GOLD OIL we have been diligently pursuing
a specific opportunity in Cuba, and we have conducted a visit to and opened
negotiations on projects in Venezuela. We have also researched and opened
discussions in other Latin American countries.

We have evaluated that production sharing agreement terms and exploration costs
in these targeted countries are attractive and in addition, through the skill
base in the Minmet Board and working with our consultants and partners, it is
our aim to negotiate, structure and deliver innovative opportunities in these
markets through our awareness of market needs and our ability to bring diverse
parties together. It is the Board's view that this strategy will allow us to
take significant stakes in the identified opportunities and to use our financial
resources carefully to retain these significant stakes through the exploration
phase. Our ability to negotiate attractive deals is strengthened as a result of
our financial strength and in due course farm-out deals and joint ventures will
also be considered.

Cheers driver,i was tempted to top up at under 6p this am but heeded Cynics past statements not to catch a falling knife.

interesting - deals on the cards?.

cape
I think his caught many of them in his time (in the back) lol.

Driver his comments have served me well.

I don't think the following news is going to set the world alight, but all good news helps:

Minmet strategic partner opens PSC negotiations in Cuba

"The board of directors of Minmet plc ('Minmet'), the AIM and IEX traded natural
resource investment company is pleased to report progress towards the securing
of Production Sharing Contracts ('PSC') over oil and gas properties in the
Republic of Cuba.

Minmet's strategic partner, Gold Oil plc ('Gold'), today announced that it has
secured qualification from Oficina Nacional de Recursos Minerales de Republica
de Cuba ('ONRM'), the Cuban National Office of Mineral Resources, to act as
operator for oil and gas exploration both onshore and in the territorial waters
offshore Cuba up to a water depth of 100 metres. This qualification represents
the successful completion of phase 1 of the strategy, developed in conjunction
with Gold, targeting oil and gas opportunities in a number of Central and South
American countries (the 'Territories')."

It is good to get any positive news on goo. news yesterday and today. This company needs news out on a more regualar basis. I have tucked the shares away for the future. I am still holding shares back from now 2006 when they peaked to their highest level around .18p. good luck all.

for all the wrong reasons i continue to hold shares in this garbage company ...... until it actually finds something worthwhile (licences are worth little more than diddly-squat) sp will continue to dither around zero

cynic- fair enough.

but its interesting though.

Cynic...I hold shares in GOO too....I sold half though at 3 times my money at 17p and hold the rest still in profit just in case they make it after all..you never know.
Di

Excellent news today from GOO thank you cynic as you say we need to find more of the black stuff but with more fingers in the pie sooner or later this is going to happen and GOO will multi bag that day is getting ever nearer.

could be a very very long time before they find anything at all, by which time, the company could easily have died!

cynic
You will still be here when they make a find Cuba is swimming in the stuff.

Might help you chaps.

Minmet plc

('Minmet', or the 'Company')

Minmet strategic partner opens PSC negotiations in Cuba

The board of directors of Minmet plc ('Minmet'), the AIM and IEX traded natural
resource investment company is pleased to report progress towards the securing
of Production Sharing Contracts ('PSC') over oil and gas properties in the
Republic of Cuba.

Minmet's strategic partner, Gold Oil plc ('Gold'), today announced that it has
secured qualification from Oficina Nacional de Recursos Minerales de Republica
de Cuba ('ONRM'), the Cuban National Office of Mineral Resources, to act as
operator for oil and gas exploration both onshore and in the territorial waters
offshore Cuba up to a water depth of 100 metres. This qualification represents
the successful completion of phase 1 of the strategy, developed in conjunction
with Gold, targeting oil and gas opportunities in a number of Central and South
American countries (the 'Territories').

Following its qualification by ONRM, Gold has commenced negotiations with
Cubapetroleo (Cupet), the state oil company of Cuba, for a PSC over a number of
targeted blocks which have been identified by Minmet and Gold.

Under the terms of agreements finalised between Minmet and Gold in February
2007, Gold is contracted to act as technical operator on behalf of Minmet, as
the investor, in potential oil and gas properties in the Territories.

Minmet holds a 4.67% interest in Gold and Gold holds a 24.67% interest in Minmet
following a mutual share placing and a share exchange.

Minmet is well financed and debt free following a rationalisation and
monetisation of its minerals portfolio over the past 18 months and has
significant working capital available for investment in the Territories,
dependant upon securing prospective acreage and favourable PSC terms.

Michael Nolan, Minmet's Chief Executive, commented: 'We have targeted a number
of oil and gas properties in Cuba since early 2007, however the securing of
operator status for our partner Gold Oil has been a prerequisite to commencing
PSC negotiations with Cupet. With this qualification achieved we can now
commence negotiations to achieve a PSC over the targeted acreage. Gold are to be
congratulated on qualifying as operators for oil and gas exploration and
development projects in Cuba '.

The technical information contained in this announcement has been reviewed and
approved by Michael Burchell, BSc, 66, member of the SPE and with over 44 years
experience in the oil and gas business.

For further information, please contact:

-0-
*T
Michael Nolan, CEO Minmet plc Tel - + 353 1 661 3309
E-mail - michael.nolan@minmet.ie

Rod Venables, HB Corporate Tel - 020 7510 8600
Cecil Jordaan, HB Corporate tel - 020 7510 8600

UK smallcap opening - Gold Oil gains on Cuban exploration approval
LONDON (Thomson Financial) - Early gains were recorded in Gold Oil, up 0.77 to 7.20, after it said it has secured approval from the Cuban National Office of Mineral Resources to explore for oil and gas both onshore and in the territorial waters offshore Cuba.

The company added that it has started negotiations with Cubapetroleo, the state oil company of Cuba, for a production sharing contract over a number of targeted blocks identified by it and its partner Minmet PLC.

driver .... perhaps or even probably should i live so long

WHY is the S.P. all over the place.

Looks like a classic breakout of downward trend has been broken, with good volume to back up.

Cos it's a SetsMM stock; it's being driven by orders on the book, as they get filled, pulled or new orders are placed, the bid / offer moves to the next order or reflects the latest 'new' order.

PT,thanks ,does not to much to instill confidence.