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

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.

lizard

Yes good find it's unusual to here from the horses mouth excellent.

I will put it on the Research Page.


Of those nine wells, Moore is confident of a result. I guarantee that at least two will be successful on the basis that we have two that are leaking oil, he says. Of the others, Im pretty sure that at least two or three of them will come in as well.

Research Page updated 22/04/2008

http://www.moneyam.com/InvestorsRoom/posts.php?tid=10572#lastread

Lizard , well done for digging up that news from Mr Moore to share with us all! This year could hopefully be the making of this company!

no reaction surprising.
thought that was pretty bullish comments from GM.

would think rns not far off.

Lizard , i think your post has just made a tick up, (joking), but your right, leaks like these normally mean a RNS is not to far behind!

must admit im tempted to add here. seems to be a lot going on in last half of 08.

Nice update with plenty of news to come.





FOR IMMEDIATE
RELEASE
7am 30th May 2008
GOLD OIL plc ("Gold" or "the Company")

TRADING UPDATE

Azar, Onshore Colombia

The workover was planned to start in early April, but due to some
serious flooding in the area the rig could not get access to the
site. The flooding has now subsided and the rig entered the site on
the weekend of the 25th May with the well opened on the 26th May. The
delay will not cost the Company anything as its costs are carried by
the other partners and the Company looks forward to updating
shareholders shortly.

Nancy, Burdine and Maxine Oil Fields, Onshore Colombia

The geological report prepared for the field was very encouraging and
the Company has now commissioned an Independent Petroleum Engineers
report on the fields to be prepared by a Houston based company. The
report should be ready by July in time for the annual report. report
with a view to establishing increased reserves.

The Nancy 1 well continues to perform well with production averaging
432 bopd for the month of April (some 46 bopd higher than the last
month). A wireline intervention is expected soon to run a pressure
survey.

We are awaiting the environmental permit for the 5 Burdine workover
wells and are taking steps to accelerate the approval process.

Rosa Blanca, Onshore Colombia

The land has been purchased, access rights agreed, the well design
completed, equipment ordered and the contract for a drilling rig
placed. We await the environmental permit to proceed with the
project. Gold Oil is fully carried by a partner for the initial well.


Block XXI, Onshore Peru

All the approvals necessary to spud this exploration well have been
obtained. The land purchase was signed on the 27th May. The rig
contract was signed on the same day with Petrex S.A. (a subsidiary of
ENI) and the well is expected to spud sometime between the 25th June
and mid August. The rig is currently being used by a company close by
for a two well programme. If their programme is successful then the
rig will be delayed for their second well, but if unsuccessful the
rig will be available after their first well.

Z34, Offshore Peru

The Environmental Permit is still in the Ministry of Energy and
Mines. The first round of questions on the application have been
received and the Company has responded. We are now awaiting the
second (and final) set of questions on the application.

The tender for the seismic survey (jointly with Vamex who have a
block to the north) is ready to go out, but is being held back until
a clearer view on the timing of the environmental approval is more
certain.

ENDS

things progressing driver.

nice positive news......hope it supports the companies view that the share could reach 95p by the end of this year......or am i being naughty

watcher

That price would make for a great xmas ! If the oil flowas it could happen , let's hope so. Surprised that there's no real heavy buying today as yet!

watcher

Lets get the stuff out of the ground first, it was a good update with plenty of news to come over the coming year thats what keeps the sp steady and in an upward trend I have a few Oil stocks its not unusual for the delay of a rig they are in great demand with the oil price so high GOO is a good accumulation stock so keep accumulating while things are quite when they find the black stuff you will not be able to buy these.

thanks driver.......glad i have got some and agree the price is going to climb....lets hope it makes it to 95p for end of year....steady and up is nice place to be

watcher

Good positive news coming out if not slowly, the US report crude inventories on Thursday so could well see another spike in the sp if levels are unexpectedly low as they were last month.

Research Page Updated

PDF Files 1/06/2008

Maybe Gold Oil just needed someone to make the 4000th post and everything will start happening nice and positively. So here it is.

Now come on!!!

Or the 4001st

4002nd