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
Yes even better, should now see this creep back up to 10p+ before the drilling.

has the drilling not already started?

yes they are now at over 3000ft i believe.
driver it was trading 11p before the good news on NBM, Azar and XXI spud.

trading lower, thats Aim for you.

poes
Ok drilling results

lizard
3000ft ???

drill depth of well SA-2X.
not far off total 5000ft.

plenty going on for 9p not just XXI.
going to increase next week.

Lizard , lets hope they get it right this time! They need to or that share price will reverse from 9 - 6 again with the obvious disappointment!

need some luck ,perhaps the recent oil and gas discoveries in the immediate area will give them more of an idea on drill strategy with the surveys Goo done also.

9p looks interesting with other plans for 2008, whether SA2 delivers or not.
i like COlombia assets.

getting interesting.
update would be welcome from Goo.

sold out last year looking to get back in.

q- are they still doing the 10wells planned in 2008?. tia.

majordeal.
yes believe so.

http://www.goldoilplc.com/reports.html



sorry majordeal 9 or 10.

Update.

For immediate release
7 August 2008

GOLD OIL plc
("Gold" or "the Company")
Acquisition Update
Gold Oil plc (the "Company") announces the extension of the Option
Period under the Option Agreement announced on 8 July 2008, for the
purchase of Inversiones Petroleras de Colombia S.A. ('Invepetrol').
The Option Period has been extended at the request of the seller
until August 15, 2008 to allow them additional time to gather the due
diligence paperwork. The Company continues to have the right, when
calling the Option, to receive the production revenue from the date
of the Option Agreement, and anticipates making an initial payment
of $1 million within five days of calling the Option and the balance
at a later date.

Invepetrol owns an 18.05% participating interest in the Union
Temporal II & B that is the Operator and Licence holder of the Nancy,
Burdine and Maxine oil fields in the Putumayo Basin in Southern
Colombia. The Company already owns a 40% interest in Union Temporal
and the acquisition will take the Company's total interest to 58.05%
(27.29% of net production.).

Operational Update
Further to the update on 8 July 2008, the Company announces that the
drilling at the San Alberto XXI-2, onshore Peru is now beyond 3600
feet and drilling ahead without any incidents or difficulties to
date

drilling nr complete then.

Yes should get some news before the end of this month Good news I hope.

looks like we are the only ones in Gold Oil driver.

Nope, still hanging in there. Cashed in 50% of my holding on the last upward spurt, but still looking forward to gushers aplenty in South America.
Lots of companies drilling there, so they must be reasonably confident of a profitable strike rate.
Not that I wish anyone any ills, but if F.C. popped his clogs soon then Cuba would be high on the exploration agenda for GOO. Just no consideration some of these people for my financial welfare! :o)

still on the agenda imo HARRYCAT.

Tempting to nudge things along a bit. Might take my next holiday in that area. It's been tried by others, I know, but some mushy peas from Norwich market should do the trick!
Or I might ask Cynic to go. He's still holding GOO I believe as well & not impressed by the slow pace!

if we can go on the timescales already drill will be completed next week.

http://www.goldoilplc.com/psanwxxi-2x_1.html