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

Gold Oil Looks To Have Struck It Big In Peru At Block Z34

Colombia and Peru focused Gold Oil has enjoyed a strong start to the year on the back of some good figures in the Competent Persons Report (CPR) on Block Z34, offshore Peru. The company’s share price has been a major benefactor of this news, almost trebling from its 2.5p level at the turn of the year, before falling back to its current level above 5p. Elsewhere in the portfolio, consistent production continues in Colombia, and with drilling of a new well nearby soon to commence, Gold Oil will hope to add to this output shortly.

As was flagged in our last Gold Oil article in February with regards to Block Z34, the shooting of 3D seismic and subsequent CPR thereon would prompt the tendering for farm-in partners to assist with the natural successor to this work – drilling. This tender process formally started in early February with the opening of a data room, and given the substantial amount of interest received, the bid deadline was extended to early May. An announcement on May 8 confirmed that the company had received a number of expressions of interest on the potential farm in to Block Z34, and discussions will now be sought with the interested parties to flesh out any firm proposals before deciding on the next steps. Given the financial and operational requirements of the licence, interest has favoured ‘significant’ oil and gas companies. The strong technical element to expected operations has also favoured these particular suitors, but will also extend the requisite due diligence, and thus the time period to finalise a partner/partners for a 50-70 per cent stake.

Such interest is the culmination of 10 months worth of work which commenced in July and August last year with the acquisition of 808 square kilometres of 3D seismic in two areas of Block Z34. CGGVeritas completed processing of the data before year end and its interpretation and independent assessment was handled by DeGolyer and MacNaughton (D&M) who, after identifying twelve key prospects, produced the CPR. The CPR was limited to these twelve key prospects, but even so, estimated a combined mean prospective resource of 2.02 billion barrels of oil with a mean potential net present value (NPV) of US$2.6 billion. These figures were surrounded by low, best and high resource estimates of 1.3 billion barrels (US$1.8 billion NPV), 1.9 billion barrels (US$2.5 billion NPV) and 2.8 billion barrels (US$3.5 billion NPV) respectively, in addition to a risked mean prospective resource of 414 million barrels of oil (no NPV calculated). Each of the twelve key prospects was allocated a geological chance of success by D&M which ranged in value from 16.2 per cent to 32.4 per cent.

As if the figures mentioned in D&M’s CPR weren’t enough, there is further potential within Block Z34 with those prospects identified by the recent 3D data, but not included as one of the ‘key twelve’ and thus excluded from the CPR, providing future investigative value. In addition, numerous other leads identified by Gold Oil from earlier 2D seismic data exist but now find themselves in the unfortunate position of descending the priority list.

While the company’s Peruvian licences were acquired for their high impact exploration value, the objective of the Colombian licences was always to provide a stable production and development platform for the AIM junior. This strategy still holds as Gold Oil enjoys production from the Villetta formation on its 58.05 per cent held Nancy Burdine field. Gross production fluctuates between 550 and 600 bopd, which after royalties and taxes sees the company’s net take home production reduced to about 27 per cent, or c.150 bopd; while receiving a price based on the more favourable Brent.

Targeting the same Villetta formation, as well as the deeper Caballos, is the La Vega Este-1 well which spudded on May 14 on the company’s 20 per cent owned Azar Block. Azar is located in the same Putumayo Basin as Nancy, and operator Gran Tierra Energy believes the well will take 35 days to drill to a measured depth of 11,485 feet, plus extra for testing and completion. Gran Tierra has estimated that there is a 34 per cent chance of finding oil capable of initially producing 1,500 – 2,000 bopd (300-400 bopd net to Gold Oil before royalties), and if successful, will be completed and tested using a cheaper work over rig.

With so much other activity, Block XXI onshore Peru, has been relegated to a footnote. However, with the Brazilian mining giant Vale on board as a 70 per cent earn in partner, Gold Oil already has the ‘significant’ partner as required elsewhere in Peru, and this all before the shooting of seismic. Some licences have all the luck!

no wonder all you pure collectors have been keeping quiet ..... have just read that fascinating article in yesterday's telegraph about the singularly savoury MrP and other internal shenanigans

the rocket and stick allusion has been most apposite

Gold Oil has confirmed that drilling operations on the Azar block in Colombia's Putumayo Basin are likely to continue for another 2-3 weeks following delays.

Gold Oil said it had been informed by the operator, Gran Tierra Energy, that delays had been incurred during the he drilling of the La Vega Este -1 well on the block.

Gold Oil said the the farm-out process of the Z34 block in Peru is continuing with a number of international operators.

Gold Oil says it hopes to be in a position to provide a more detailed update during the next two months.

Shares drop but do recover a little.

Cynic

Please share those savoury snippets.

i don't keep newspapers for much more than a day - surprise surprise

Has anyone got any idea why the SP has crashed?

because MrP etc smell like week-old fish ..... try reading the papers occasionally

That’s not a crash that’s a correction the crash may be yet to come.

Here is an interesting article.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7511905/Aria-Capitals-Iraj-Parvizi-implicated-in-FSA-insider-dealing-investigation.html

Result of AGM and Suspension of Trading

http://www.moneyam.com/action/news/showArticle?id=4398963

how long will the suspention last? will they ever be tradable again? is this another failed share? any info folks?

PF, these were suspended before a few years back , i believe for two weeks or so! Seem's to me a power struggle is going on behind the scenes, probably will come back, and be judged as always by the Markets reaction to the RNS that follows! IMHO

The shares have only been suspended so that the shennanigans in the board room can be sorted out, how long the suspension last, couple of days, a week, a month??..

I would think at least a month. If you cannot pay for them you are stuffed. I can, and I am very happy with the situation. Several matters regarding Colombia and Peru can be settled and sorted prior to return and that will significantly affect the sp.
Meanwhile they will appoint serious oil-people who know the lay of the land and a Chairman who has the respect of the City.
At the same time the suspension prevents the scurrilous crew getting their greasy greedy paws on it, those who were trying to appropriate our company for a pittance, and keeps them at bay.
I most sincerely hope Parvizi and pals have the money in their voluminous trousers to ante-up for their recent acquisitons. Most sincerely folks!

Uponthelowdown

Thanks for that excellent post. It's got me thinking about what your mean by "At the same time the suspension prevents the scurrilous crew getting their greasy greedy paws on it, those who were trying to appropriate our company for a pittance, and keeps them at bay.".

Can you elaborate without opening yourself up to libel?

I met JG and I like..I saw, and heard, the other lot and didn't.

The board, ex-board, were generally nice people but if we bring the right 'new blood' we will be in good, better, hands. that is all. I have no knowledge as to who will be appointed.
I sense there maybe a South American or two, at least someone with in-depth knowledge of SA and Colombia! probably a UK Chairman with gravitas and respect in The City! A Canadian oil person would help with Cuba.
Meanwhile the business of Azar Z34 etc continues.

Who knows? I await the EGM and the re-launch of a clean new company with great prospects. Hopefully in three weeks now, if they keep to schedule.

Uponthelowdown

Thanks for that. So my take is we are not in a bad position and we are looking to find a better bunch of guys to run the show.

As you say "Hopefully in three weeks..."

MrP will be after his own interests and no one else's

IP's track record is pretty poor as far as company involvement is concerned.
http://company-director-check.co.uk/director/904068893
His main interests seem to be gambling & horse racing. If you are basing your investment decisions on IP's involvement and management skills, I would advise extreme caution. In my opinion GOO is not high on his agenda for maximum returns.

The announcement released today (24 October 2012) at 7am (RNS Number : 3706P) was released without the date of General Meeting being stated. The Company confirms that the date of the General Meeting is 12 November 2012. All other information within the announcement remains unchanged. The full corrected text appears below.

Gold Oil, the AIM-listed oil and gas exploration and production company primarily focused on opportunities in Latin America announces that today it has issued a circular to shareholders convening a General Meeting of the Company to be held at 3.00 p.m on 12 November 2012 at the offices of Seymour Pierce Limited, 20 Old Bailey, London EC4M 7EN.

The resolutions seek shareholder approval for the authority to allot new shares, to dis-apply preemption rights and to change the name of the Company.

Subject to the approval by shareholders of the change of name, the Company's shares will trade on AIM under the new name of Blitzen Energy Plc with effect from 8.00 a.m on 14 November 2012 and the Company's TIDM will change from "GOO" to "BLTZ". In order to reflect the change to the new name, the Company intends to change its website address to www.blitzenergy.com.