Gold Oil has just been floated on Aim and is involved in the exploration for oil in the Americas. The company has just signed an agreement with PetroPeru for exploration in the north of the country and also they have signed a memorandum of understanding with MAN Ferrostaal of Essen, Germany for the evaluation and feasibility study for a more than 200 mln stg petrochemical plant to be constructed in northern Peru.

Following the release of this news AFX commented that brokers believe this could potentially be huge for Gold Oil.

Taken from ADVFN

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Good Evening,

I made a call to the company today to ascertain what the implication of the recent announcement meant to them. What transpires was very interesting. It seems that the border region with Ecuador has been known to have vast amounts of oil deposits. Mining in Northern Peru had never commenced due to local problems with indigenous Indians which had prevented previous exploration. This has now been rectified with approval by the local Amazonian Indian Tribes.

The Gentleman which I spoke to also mentioned that there is another contract in the offing in Suriname which potentially could be major for the company.

I asked about the refinery project and the comment was that they were presently in the process of a feasibility study. If this looked good then there was ample capacity in Norther Peru to feed this project with the additional possibility of piping oil from Ecuador to the new plant for processing.

All in all this looks like a very interesting company with contacts in the right places. If any one of these projects actually comes to fruition then the current share price will look pitifull in terms of what it will be in the future. You can fully understand why the news item reproduced above mentioned the word HUGE.

Fully agree, been watching these for a bit and I can see a lot of mileage in this company. Just waiting for a bit of capital then I will be in, keeping a close eye on proceedings!

Bought in today, intending to hold long term. Lots of possible upside, without the risks of PET, (ie, getting killed!). Will be interesting to see how it all pans out, although expecting to see a very volatile SP in the short term until progress is made.

Good luck!

Regards

PTH

I understand that most of the equity in GOO is very tightly held, only 40mill available in general circulation. Looking at the buy to sell ratio today, (and I know this cannot be relied upon totally), there would seem to be no reason for a drop in the SP today. Always easy to believe that the MMs are short of stock, but on this occasion I really think they are. Treeshakers!!

PTH

I can understand why they would want to get their hands on as many of these as possible in the near future. A volatile SP in the sjort term is good for me as I cannot afford to get in right now, so up and down is good for me! Medium to long term potentially very valuable shares.

Looks like another new high for oil tomorrow and add to that that the inventory figures will be comming out it looks like it could be an interesting day ahead for us.

This sector is certainly very much the I want sector at present.

http://uk.biz.yahoo.com/041019/237/f4tw8.html

Taking a second look: the potential of Peru's oil and gas reserves
Off the west coast of Peru, about 1500: Spanish conquistadors sight oil slicks on the water. They're not quite sure what to do with them, eventually using them to season the wood on their ships. Fast forward to the 20th Century: satellite images confirm the presence of the oil seeps. Oil companies send drilling ships to probe the ocean bed under very deep water to locate the source. They spend millions, collect mountains of data about the geology underlying the ocean floor, but fail to find an economically viable basin to exploit.

With exploratory drilling costs running at about $25 million per hole in the ocean, and $10 million per hole in the jungle, oil companies need to find significant reserves to justify the expense. They've run up against a brick wall: all throughout the 1990s, companies used the same data and ended up drilling dry wells. No one disputes the fact that there's oil -- under the Pacific, up north and in the jungles of Peru. What's at issue is exactly where it is, how much there is of it, and how easy it is to extract, refine and transport.

Creating the incentive

In a poor country like Peru, where one in five people cannot even meet their basic survival needs, petrodollars could mean a huge shot in the arm. The Government of Peru is playing a major role in promoting these potential oilfields, and CIDA, through the Canadian Petroleum Institute, is helping create the incentive for the private sector to take the risks.

The Energy Regulatory Assistance Project's aim is to help the Government of Peru to regulate and monitor activities in its oil and gas sector. Training is being provided in regulatory issues, management practices, environmental standards and guidelines and natural gas technology as well. To get the ball rolling on the exploration side, Canadian computers, equipment and technical assistants - geologists, economists and petroleum engineers - are shedding new light on the geological information that once showed so much promise. They're also sharing the latest in Canadian exploration techniques to sweeten the incentive.

"What we're doing is re-packaging the data to attract new investments," says Calgary-based Gary Wine, Leader of the Basin Evaluation Component of the project. Gary's group is taking existing seismic and well data, loading it into sophisticated computers and using high-end software to find new patterns or new geological "stories" that will help attract exploration companies.

Getting the message out

It's a mammoth project. Sorting through the seemingly endless data on sandstone, rock, shale and other materials is a specialty. So is presenting it in a way meaningful to potential investors. "I've been in the industry for 25 years," says Mr. Wine. "I have a pretty good idea of what the oil companies are looking for."

The UNIX computer is helping sort through the maze of information. The mountains of data, some on tape, and some even in hard copy, is not only being manipulated to show new relationships; it's also being presented in new and more attractive ways. Software, including a specially designed program to generate highly sophisticated maps, is creating a variety of formats: reports, presentations, prospectuses and other publications. Mr. Wine and other experts use the material at meetings, conferences and promotional events.

Strictly speaking, the information belongs to the Government of Peru; but it is provided, often free of charge, to interested petroleum companies. That includes Canadian companies, some of whom are already participating in the project and gaining a competitive edge in the process.

It's a long walk from persistent oil seeps in the ocean to a producing and thriving oilfield. But CIDA is helping Peru prepare for just that eventuality - strengthening the technical and managerial expertise within government and industry, creating a supportive and healthy legislative environment and building a promising economic climate. The rest is up to the private sector.

"No, there's no guarantees," says Mr. Wine. "But everything in my experience tells me that there's enough oil there to take a second look."

tell me 107606, what price do you think iwill be possible to buy at?I am not sure from what i have read that there will be a lot of downward movement?If so what do you think you could buy at or is it just wishful thinking on your behalf? Am thinking of buying and now is looking the time! Would be interested in views

Bought in at 7.20p

john 50 well that makes me feel better I have done the same. thanks for comment

Hi Chaps

I should have waited, bought in a few days ago at 8.0p. Long term hold though. Willfagg, you following me about? LOL

PTH

well as long as its awinning streak, then im right behind you.lets hope its good luck....just bought CYC if you want to follow me

Sorry Willfagg, I can't get excited by CYC. I'll wait until they have more clients. I know it may be too late by then, but I prefer CFP.

Regards

PTH

Sorry willfagg away today. But today was the day, there will be a lot of toing and froing, but you'll be in profit soon. Might a be a good in and out share if you have any free deals!?

Dear pth I continue to follow , am also in CFP. may the force be with you.

pth/107606. Gents have to say CYC has performed the better of the two since buying in. Is this just a lull before the storm on GOO? Whats the next news we can expect?

I am sure that some point GOO will have its day, but there is no definte point for info as far as I know. They are doing what they need to do. As I have always said there will be a lot of movement on this one, just look at PET. And as far as waiting for news goes, look at PCI. They have been floating around 16p to 17p for ages waiting for something. I'm still waiting also for PET to do its thing, then I can put my fingers in some other pies (ASC, GOO, SPS). Did you see AEN this week? Nice rise, got out too early due to cashflow probs. Goddamn it.

gone quiet anyone heard anything.Quietness on small shares usually equals drifting....downwards. IMO

Anyone know why its drifting further down?

further downwards drift and they seem friendless. Anyone have any idea why?