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

Rother
All still waiting yes it could be a multi bag if we hit the black stuff big time.

Driver , yeah lets hope we do hit it big this time , hopefully news next week!

cheers guys, some buying this am.
hopefully testing will be positive.


more drills soon also by the looks but all eyes on XXI at mo.

Another tic up , go on GOO!

Perhaps that was rother getting stuck in? Already in profit then! :o)

Looking like a good finish before the weekend.

HarryC
They havent really done anything yet, seem to have got themselves into a decent position though.

some interesting projects.

SP not exactly flying, not a short term view for me.

Rising nicely this morning , hope GOOd news coming out later?

1958
Yes it looks like rother didn't do enough research and jumped on board to join us you cant please them all.

Driver , your spot on , just have to hang in their with GOO!

I have been in this one for 2 years now and let hope that we get some positive results now otherwise sp will back down again. Does anyone know when the next news is due?

janetbennison
Janet
Pleased to see you are still with us news could come at any time now its just a waiting game.

Still a bit of buying pressure left after yesterdays rise.

Stirring in to life , could be news coming?

just turning over in its sleep!

Good one Cynic!

"Gold Oil plc ("Gold" or the "Company"), is pleased to announce that it has
received: an Environmental Permit for its Rosa Blanca Concession,
onshore Colombia; an Environmental Permit for its Z34 Concession,
offshore Peru; and an update on it San Alberto 2 well, onshore Peru.

In the Rosa Blanca Concession, onshore Colombia, the Company has a
40% participation interest and is Operator of the group. The other
partners consist of Osage Exploration and Development Inc. of the USA
with 50% and Empessa Petrolera De Servicios Y Asesorias S.A. of
Colombia with a 10% interest. Work on construction of the drilling
platform for the first exploration well has commenced. The first
phase work programme under the licence with the ANH is for a single
vertical exploration well to be drilled before December 25, 2008.

In the Z34 concession, offshore Peru, the Company has a 50%
participation and is Operator, with Plectrum Petroleum Plc (now
Capricorn) holding the other 50%. Under the licence with Perupetro, a
minimum of 2,000 km of 2D seismic must be shot and processed before
February 2009. The Company expects to have completed seismic
acquisition before the end of the year.

On San Alberto 2, onshore Peru, the Company has released the Petrex
drilling rig and test rig was mobilized earlier this week..Testing
has commenced, with a time scale of between 10 and 120 days depending
on the success of the testing."

zzzzzzzzzzzzzzzzz!

What does this mean?

"Under the licence with Perupetro, a minimum of 2,000 km of 2D seismic must be shot and processed before February 2009."

is Patience an Olympic sport yet?. Holders of Gold Oil would clean up on the medal table.