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

lizard - Your SIPP is a self-invested personal pension. It is an investment vehicle for you to generate a fund that can only be used to provide a regular income (a pension) at a relevant time.

As I mentioned as the possible downside, the full value of a SIPP fund cannot ever be returned to you as cash - unless the rules change.

Currently, you are allowed to take up to 25% of the fund value as a tax-free lump sum.

If you put 10,000 GBP into a SIPP, the government would give you an additional 2,820.51 GBP by way of tax relief (initial amount times 100/78).

Put another way, to get 10,000 GBP into your SIPP, you need only supply 7,800 GBP.

That's why you could never be allowed to take the full fund as cash !

Alfa.

alfa- thanks its clear now.
can you decide the age at which you claim or draw these funds on a monthly basis or?.

lizard - You can't do anything about conversion of the fund until you're 50.

Between 50 and 75 (55 and 75 from 6th April 2010), you have a few choices.

1. Take up to 25% of the fund's value as a tax-free lump sum. The rest will be converted into an annuity (regular taxable income - your "pension").

Once chosen, the level of annuity payable to you cannot be reduced (although it can be set up to be enhanced to keep pace with inflation).


With conversion to an annuity, I use the 20-to-1 rule of thumb such that for every 1,000 GBP you require as your annual pension, reckon on needing a pension fund of 20,000 GBP to provide that level of conversion. Shocking isn't it !

The older you are, the more you get for your pension pot - because you're not expected to live as long !

2. Income drawdown. Your fund remains invested within the SIPP (even as cash) but you can choose to take part of the fund as taxable income within limits set by the government.


After 75, there are different options.

Obviously, always take authorised advice when discussing/selecting annuity options. Big decisions !

Alfa.

HC
GOO has its fingers in so many pies news could come at any time.

Driver i blame you for the fall in sp.guess castro not happy with the pic u posted.

capetown
LOL

Well at least he is smiling,looks like hes in profit.UNLIKE ME!!

Cape
Early days these will be 100p+ one day sorry was that a ramp.

Driver,and so will a packet of crisps!!!!.

No that was not a ramp driver as long as you don't add tomorrow, next week, next month....

Bluelady
I added today does that count.

Driver, don't ask the obvious. Of course adding today would be a ramp, lol.

Driver good to see some recovery ,dont you think its strange how the sp fluctuates as it does?

Cape
Sets, Up tomorrow.

alfa- thanks again.

tried to get advice from TDW and to be honest they did not have a clue. every question i asked they had to look up. they then refered me to capita and capita returned me to TDW.

i hope you are around in future to ask questions if possible?.

if you need info on goo just ask- i may know. but im sure you are clued up.

No problem, lizard.

I can't promise to be around all the time - in fact, just been clearing up after the floods of yesterday. Is it climate change or just Wimbledon fortnight ?

I've been wondering about adding GOO to the SIPP but I'm also interested in Plectrum (PPE), given the tie-up.

I've no idea about anticipated timescales. With AIM stocks, I find that it usually takes at least 3 times as long as the consensus time estimate - that's if the company ever makes it !

Cheers.

Alfa.

it is slow but they have some interesting acreage. hope to see things pick up this half 07.

In Italy, having received final authorisations from governmental agencies, the rig is now on route back to the Anagni location in the Frosinone exploration permit. The Anagni-1 well was temporarily completed to allow time for the procurement of specialist equipment both to enable the well to be deepened, to investigate more of the carbonate sequence, and to install the pump necessary for the testing operations to evaluate the oil reservoir. Ascent Resources plc Wednesday, June 13, 2007

Next stop for the rig is Spain and the Ayoluengo oilfield where an additional 4 wells are to be drilled. Anyone know if there is a cost to Gold for this work?

not a lot with there share. would think current production would pay for the works.

From the other side......Hi all just seen a update on Gold Oil website

Status
June 29, 2007

Colombia

During the month of May the well was closed in for 12 days for a downhole pressure survey that extended into early June. The average production for May was 273.4 bopd.
The results of the pressure survey indicate that larger pumps (downhole and on surface) may enable production to increase above current rates and a study is presently underway with the pump manufacturer to optimise capcity.