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 and Harrycat,

What resources do you feel they are talking about?

resources to dig them out of a hole aka insolvency

SC- A funding partner imo by way of farmout of XXI and Z34 (currently hold 100% of both blocks).
They have said they have a number of options being assessed and hope to announce a deal in the near term.

MP has done a steadying job of reversing a 3m loss into small profit.
Production increases expected at Burdine in first half 2010 (talk of 1,500bopd) which as they say will 'significantly increase cash flow'.

i dont know much about fundamentals, but it would seem a 62,000 profit for the year compared to the previous years loss of 1.4 million is a pretty impressive turnaround and deserves to be included in the Highlights. i do notice however that the cash burn for the year was 2.8 million. to produce a profit of 62,000? with 1.8 million cash left that seems to be less than one years cash needs and the profit seems much too small to be able to meet that need.
rights issue and subsequent mega investor dilution seems the only alternative answer to cynics above suggestion. it seems to be a fire sale. but then i dont know what forward financing arrangements they already have in place to tide them over until all the potential becomes reality, if it ever does. thats because i havent done my homework.
perhaps those that have can explain what i have missed.
thanks and
regards
jkd
edit dont know where that came from i'm sure but "homework" was intended to read "own research" guess i'm still a schoolboy at heart LoL

jkd- They have two blocks to farmout in Peru (100% currently of both). ie the farmout will reduce the risk and the company would be carried through operational activity and next stage obligations DYOR on Z34 potential. They have told us they are in talks and have a 'number of options' available to them regarding funding.

The cash flow is limited at the moment as they only have one well producing at about 250bopd. But they have three wells at Burdine to workover with a target of 1,500bopd, so revenue is expected to 'significantly' (company wording) increase in the near term. Burdine wells have successfully completed long term testing and they now plan to do the workovers and perforate new zones before production can start.

They also have two wells on the Azar concession to drill, this is lower risk than Peru and seismics look very good DYOR Gran Tierra (operator) and what they are doing in the area.

jkd- To get an idea of the Azar potential it is worth reading up on Gran Tierra's success in the area and they are also operator of the Azar concession
(which has shown very encouraging seismic results).

l
thanks for additional info. be careful. revenue and profit are not the same. not by a long way.hope your gamble proves right.
good luck and regards
jkd

Thanks for the overview. So my take is that Burdine is the focus for us in the near term. Any thoughts as to how long that will take to get some results? Are looking at 3 months, 6 months... a year?

SC- They have just completed a successful long term test on three Burdine wells (1,4 and 5).
The workovers are quick and relatively cheap so should not be long before put on long term production.
They have a target of 1,500bpd for these wells and plan another well on Nancy.

Lizard

That sounds like good news. So my take is that we should have some info regarding those targets over the next 3 months.

Excellent.

"The Company (GOLD OIL) announces that it has granted a three year option to Mr Thomas
Tidow, a director of the Company to subscribe for 4 miliion new shares in the
Company at a price of 4 pence per shares and a three year option to Mr Carlos
Gaviria, country manager in Colombia, to subscribe for 3 million new shares in
the Company also at a price of 4 pence per share.
In addition 328,850 new shares in the Company are to be issued to Mr Alberto
Arispe for the provision of his services as geologist to the Company.
Application has been made for these shares to be admitted to trading on AIM and
admission is expected to occur on 23 February 2010.
Following this issue of shares, Gold Oil has 501,086,609 ordinary shares in
issue with an equivalent number of voting rights.
The above voting figure may be used by shareholders as the denominator for the
calculations by which they will determine whether they are required to notify
their interests in, or change to their interest in, the Company under the FSA's
Disclosure and Transparency Rules."

4p. currently worth nothing

does that indicate.....they might be worth something.......sometime......

They seem to be watering down water.

does anyone know why gold oil has just shot up 21 percent please?

gold oil now up 25 percent . Does anyone know why?

Hello Janet. Good to see you are still about, though GOO not one of our better purchases.
No idea for the rise, though many oil stocks seem to be fluctuating wildly, for no apparent reason.

only 10p to go and we are back where goo needs to be......patients might be rewarded

Any chance of a takeover?

w
i take it that wasnt a spelling mistake. LoL
regards
jkd