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

janet ..... i got suckered in too ..... price rose on unwarranted promises of great things in the offing .... they may be, but perhaps not in my lifetime and maybe not even yours

janetbennison
If you want out why did you buy in the first place GOO are now in a much better position you have to be patience, if they find oil you could be looking at a spike of 50p-100p next year.

and if they do not find oil in commercial quantities, then it will be worth even less than now ...... speaking for myself, i was gullible enough to believe there was oil just round the corner a year ago, or whenever ..... indeed there was, but in cans from Exxon

they have now well over 8m+ cash. thats a lot of wells. combined with some interesting acreage soon to be expanded imo by way of farmins.

free 1st drill on Rosa Blanca and testing. possibly farmout of XXI to reduce risk perhaps two/three free wells for a share of the license.

NBM should provide low risk increased cash flow also.

all I have done is reduce my holding. I am not thinking of selling the rest of my shares. I must say that waiting for something to happen for a year and nothing does happen, can get a little boring.

how does that compare with EME?
partly a serious question and partly a reminder that EME find it difficult to differentiate between glory and gory

janetbennison
Nothing wrong in reducing your holding if you are to over exposed, take a look at SER if you want to reinvest it could multi bag over the next couple of months.

I will have a look at ser. THankyou driver. Cynic I sold my eme a few months ago at .65p could have got .75p the day before selling. I sold 20,000 of them at a loss. They are looking very cheap now.

EME may be cheap like the rusty car analogy i mentioned, but that does mean the share is good value .... and again, if you overweight in GOO and can reduce your holding further, albeit at a very minor profit, then strongly suggest you do so.

janetbennison
The info for SER is on Driver's Tips (last post)

http://www.moneyam.com/InvestorsRoom/posts.php?tid=9585#lastread

i actually agree about SER and have posted as much .... provided you don't mind the risk of mini-minnows, then SER is better than most

These shares aren't bad value. I sold out at 8.5p, but only on the basis of no short-term likelihood of profit. Would consider buying back in at around 6.5p and will remain watchful of this share. I think there is half a chance that you holders will all be smiling smugly one day in the next couple of years...

how can you say the shares "aren't bad value" at 8/8.5 yet you would clearly not be surprised to be able to buy them at around 6.5, ands will then still only "consider buying back in"!

arent we lucky!

With the AGM today we should get a report from someone?

From the other side courtesy of Stuart


Just back from the AGM,
So to recap:

Resolutions passed, boring stuff out of the way.

The Gary gave a presentation that detailed all of Gold Oils projects. I think all the long termers on here know everything that was said, so i won't write it all again.

Basically we have 8 wells ready to drill. All waiting for environmental impact assesments to be granted. Once they are in we are rocking.

THe plan is to farm out the southern half of XXI to another firm, which is ready to drill for 50%. We'll keep the North half and have wells ready to drill once the DMNE survey is in, which is apparently very good so far.

Onto Colombia, Nancy is doing well, and with a new pump which is on order and due in 4-5 months should produce 850-1000bopd.

Burdine and Maxine have had seismic done which has been very positive and increases the in place oil from 2-3 times for Burdine and 4-5 times for Maxine. Wells are ready to drill there when the EIA's are in.

Cuba. Gary is going there next week, we'll see from there

Cuba. Well. Gary is meeting them on ther 6th. I don't think anyone should get ahead of themselves with Cuba. Gary has some interesting projects, but he needs to win them first. If he does, GOO will be a billion dollar Co, if not, we'll we still have Colombia, XXI and Z34!!!!! It is truely new ground in Cuba, nobody has been there before, so don't expect immediate results.

strange that goo have not issued the minutes of their annual general meeting.

Also strange movement in the share price today. From trades shown a decrease would have seemed more likely.....I'm not complaining though

didnt last year jb -cant see the point. waste of a few hundred quid. thats nearly one months rent for the Peru office.

that is one way of looking at it. They must work on the cheap in peru.