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

I thought the name change had been canceled?

Ah, so that must be the 3rd proposal at the AGM, which was not passed (1 & 2 were approved). I have not been able to find a transcript of the meeting, so wasn't aware of the order of voting.
According to the LSE website, trading in GOO is currently suspended, so I assume that the admin side of reinstating a company epic (ticker) takes a while. The company (Gold Oil Plc) is still listed as trading.

StockMarketWire.com
Gold Oil has increased its interest in the Nancy Burdine field to 100%.

Gold Oil will now focus on optimising production from the field, establishing proper accounting procedures and on the extension of the field.

Up 16%. Why?

RB's FSA 6-week rule is nearly up. He bought 2m @ 1.85p on 6th Feb. Closed period ends approx 20th March, next Weds. If it is good for RB @ 1.85p then good for the rest. People have been buying from sub- 1.40p. Good luck to them.
Does he have a deal in the bag?

Uponthelowdown- There was some speculation in one of the tabloids today about a deal for Z-34. I hope that is true!!!!

There are a lot of whispers going around! It has not been confirmed that it is Z-34, but some people are very excited. RB just says 'be patient for a little while longer' while the legal boys do their job, allegedly!.

If they get a deal I'll be buying, only been waiting for nearly a year!

Get a few in anticipation. Remember RB bought 2m @ 1.8p two months ago! He is out of the closed period now.

Probably will Monday, been thinking about where to put some cash for last few weeks. Would love to see a deal on Z-34!, also like the fact Gold Oil now have 100% of NBM oil production.

(RB bought 2m at 1.85p)

RNS

Gold Oil have a deal on Z-34!. Carried for drilling, each well costs about $70m. P50 figures are 2bn barrels across 11 drill ready targets.

Posted by guardian on a competitors bb, a full explanation of the Z34 deal RNS yesterday.....

Further to my earlier post, I have approached Rudolph with my full interpretation of the deal which he says is completely correct and which he is happy for me to publish. This is a very clever deal by anyone's standards.

The deal is risk based and we retain the $6m cash no matter what.

The first two of three phases mentioned in the RNS are flexible. The contract with the Peruvian Government requires us to carry out a drill in each phase or to carry out a certain amount of seismic testing. The third phase requires the drillng of a well.

Under the deal, Union Oil and Gas are free to do what they want in terms of seismic and drilling in the first two phases but if at any point they decide to discontinue exploration, then the full 100% ownership of Z34 reverts to Gold Oil with no come back.

However, if the first phase of drilling or seismic is successful and they carry on to do more seismic or more drilling, then we get a free carry on all of the work upto and including the third phase.

That means that if they decide to carry out seismic in phase 1 and it doesn't show up any drill targets, they can either continue with a second phase of seismic or abandon exploration and return 100% ownership to GOO without any costs to ourselves and we would still retain the $6m.

If they continued and carried out a drill in each of phases 2 & 3, then we would still get a free carry on the work. Again, if they drilled a dry well, they could choose to abandon exploration, returning 100% ownership to GOO or carry on to the next stage.

The extreme scenario would be where they decided to drill a well in each of the three phases in which case that would also be a free carry to Gold Oil.

It is one stonker of a deal and very favourable to both parties. There are also benefits in having Union O&G involved because as a company who have not had their reputation damaged as we have done, they could also farmout part of their share to a major if they so wished, which would obviously benefit all three parties.

This is my interpretaion of the deal and has been verified as being correct by our CEO. Never the less, I take no responsibility for actions taken to buy or sell shares based on what I have written here. Equally well, I have done my best to provide scenarios to help explain the deal. I believe these to be correct but deny any legal challenge to their validity.

I am extremely pleased with the flexibility of the agreed terms of the deal and have every confidence that Rudolph wil take this company forward to greater success.

E&OE

This deal is worth min $100m to potentially over $200m in carry and the mkt cap is gbp22m
?

What does a free carry mean?

The farminee company Union Oil & Gas pay all costs for drilling and seismic for the next five years. Basically they carry Gold Oil through full development offshore Z34. P50 3D seismic results confirmed in CPR 2bn barrels.

Gold Oil also have a seismic and drill carry onshore Peru through mining giant Vale again they will pay all costs.

Thanks Lizard. I've a better understanding now.

yep good to see someone else will now paying for the development offshore inc drilling. The area is the size of 17 North Sea Blocks-- so massive.

Why the big sell off?

Why the big buys?

better to ask, why such a shit stock?
that's easy - it's a shit company