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

Nice bit of blue today ahead of drilling.

Status

Apirl 28, 2008
On the 24 April, the company received final approval of the enviroimental impact assessment for the proposed well location for the San Alberto 2 well. Work will begin on the drilling platform within the next few weeks, and all the equipment and materials for the well have been procured. A suitable drilling slot is being targetted for late May, early June.

news just out on gold oil

News as predicted it appears on the Web Site then a couple of days after they release it you could benefit from this if you were that astute.

driver,

Can you say that again please. My brain can't parse it today. Must be all the excitiement of having 3 blues in my portfolio which I haven't had for a while.

News as predicted it appears on the Web Site then a couple of days after they release it, you could benefit from this if you were that astute.

Driver Thanks.

It does look good

It's strange that the SP isn't hitting the 14.5p which it was in January. Maybe we need to wait a few more days for that. :-)

ShareCruiser
A lot of punters are focused on IVE at the moment including me, we will just have to wait our turn when it comes.

driver,

What is IVE?

at last they have a permit for XXI and will start drilling in may/june.
also drills/ re/entries on the Azar interest, Burdine and Rosa Blanca licenses (May onwards).

hope to see seismic surveys on Z34 underway soon (jv partner Cairn Energy to fund 1st phase).
busy months ahead for Gold Oil.

tempted to have a dabble on these

ShareCruiser

IRVINE ENERGY (IVE) keep up.

driver,

Thanks. I'll try.

according to Gran Tierra (Gold Oil jv partner) Azar license Colombia. the Palmero-1 well is underway.

lizard
Cheers

From Gran Tierra Energy First Quarter Results 12/05/08

A workover rig is being mobilized to re-enter and test Palmera-1 in the Azar Block, also in the Putumayo Basin. Palmera-1 was an exploration well drilled in 1996 that had potential oil pay indicated on logs but was never tested. Testing operations are expected to be completed in June. Gran Tierra Energy is operator of the Azar Block and has a 40% working interest.

This hasnt moved much in the last month with record oil prices hitting $130 it will only need a bit of small positive news for it to head north.

anyone got the news just out?.

lizard
No what news.

http://www.smallcapnews.co.uk/article/Moores_gold_Gold_oil_plc/5082.aspx

blody hell lizard good find. will read it through.
has it been rns'd?.

Got to admit that is pretty interesting.
One point that confuses me a bit is his statement that one in five wells is successfull. Does he mean the GOO strike rate is 1/5 or Colombia strike rate is 1/5? My understanding of the global strike rate is that one in ten is a realistic figure, which puts his figures on the optimistic side (which is understandable if he is trying to sell an idea).
Nice find though, lizard. Good research.