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

Cynic, are you in GOO?

just back in very gently .... paid too much ... lol!

Thanks - will give it a more serious examination based on the Mail's report.

What exactly would you expect $1bn of oil to do to the SP? What about a tenth of that?

Obviously it would go up, but by what magnitude?

;

Errm, Lizard, I'm not sure I can agree your calculations here. You seem not to have taken account of currency conversion US$ to Sterling.

taken as sterling apologise dont know where the 1bn came from. lets just say more than 7p.

cant be bothered to make predictions time will tell.

LIZARD

NO NEED TO APOLOGISE. THIS IS ONLY THE BEGINNING OF THE GREAT THINGS TO COME. NEVER UNDERESTIMATE WHAT GOO CAN DO.
TODAY, I WAS EXPECTING THE SP TO DROP A BIT BUT IT STANDS FIRM.
SIGN OF A SOLID BASE FOR NEW TREND. WELL, JUST ADD MORE.

the federal reserve on tuesday left a key interest rate unchanged, marking at least
a temporary pause in what had been the longest unbroken stretch of FED rate increases in recent history. the FED's rate-setting committee voted 9 to 1 to leave
the federal rate ...... at 5.25 percent.
source: AFX NEWS
everything whether good or bad will come to an end so will be the increase of the interest rate. for sure in medium term there will be a new trend of rate cut because high interest rate depresses economic growth. however excellent investor with eagle eyes will always select companies with a strong balance sheet, with excellent management on top of excellent product. however buying at discount below the nav will be top banana. I will be buying more GOO in case some panic and leave the boat early, giving us the chance to buy cheap for future big reward. i think if sp drops because of fear only, smart investor should be aggressive and buy with joy.

i bought goo on a long term basis min 5yrs from 04.

.

oil and loads of it buy,

hope so tanker. i wonder if the times guy who put goo in his portfolio will update on sunday?.

posted at top of page!.

Spread online is 7.25p / 7.45p.

UPDATE FROM WEBSITE/PERU-The drilling rig and equipment are now moving off. And the work over hoist is expected on location on wednesday 16th and commence operations friday 18th august

cheers dt014- did you notice the offer after close up to 8.25p again.

Soultrader, back in goo! I hope it is worthwhile. Bought in at these high's today..... worst case scenario is if the sp dirfts until results of drilling.

Can anyone help me here? An RNS to say that the drill prospect looks promising does that mean oil find is almost certain with only speculation on the extent of discovery???

would not say almost certain. but would say early signs encouraging. as to extent if they have something daily mail are speculating huge numbers, but where they got that from ?.

i would not want to be out of these. Z34 looks very interesting hopefully approval this week.

thnks lizard

lizard

in most cases, very often the press officer of the company, may be contacted by the press for
details relating to a hot asset like this one. i bet the daily mail got those numbers from a reliable source. don't think, they would just invent them for fun.