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 like it -showing ambition here moving into new areas. peru is massive in regard to acreage but still seeking further acquisitions!- very promising!. peru approval next please.

The income from Columbia would probably be enough to fund their ongoing drilling programme in Peru for years to come. Also means they will be Producing Oil in South America, not just northern Spain.

Thats the beauty with this one. Money in the bank to acquire assets and to carry out plenty of drilling.

S. America : Low drilling costs + High oil prices = Great Value!!!!

compared with others in sector that aren't yet producing this is lagging big time. i think the approval is needed for it to break double digits!.

Nancy nice name for it looks like a good acquisition, early cash flow and exploration upside sounds good to me. I have put the link in the header under Latest News.

Nice 400k protected buy just went through.

good start looking for a move into the blue soon!.

Purchases at the moment 1.108 million v 187k sales,
so why has the price dropped?

next few months could get interesting- good to see them acquire asset in colombia, also a country with vast potential.

for those new to goo and want to know more this is an article from sunday times a few weeks back- offers a fair summary.

http://www.timesonline.co.uk/article/0,,2097-2024826_2,00.html

lizard
That article is already in the header cheers any way.

this from another board-

from gary moore md- approval is expected before elections, but even if not we are not too bothered as the same administration team are in power until July.

Have any of you looked at GOO (6p, cap 20 million)?

GOO has a first rate management, full of oilers rather than cricket players

It has 3 million cash, enough to sink 6 wells in low cost Peru

It has signed a contract for a rig to begin drilling in highly prospective target in Peru.

The drilling is due to start in under six weeks time

At the moment GOO is waiting for a permit to start drilling.

This permit should be signed in the next 2 weeks

On this rns GOO should hit 10p

We then have the RNS newsflow that will kick in as drilling commences.

I can't stress how likely the target is to provide an exciting newsflow.

I intend to top slice at 30p

In addition last week GOO announced expansion into Colombia with further news expected shortly.

The price has been held down as a former exec has off-loaded shares but this overhang is almost cleared.

Get in at the first floor!

thought it might have went to to 8p again then back to 3p but not even the tvc could get it there this time goo is like tvc an empty barrel

Well said john. They used to say at school that empty vessels make the most sounds!

hope to get a nice lift once approval confirmed expected now BEFORE elections 9th april!.

tvc15
You can put your ramp on Drivers tips I won't mind.

http://www.moneyam.com/InvestorsRoom/posts.php?tid=9585#lastread

some news would be nice- the last did f all for the sp!.

This quiet period does allow us to top up though. Lets hope news will be released soon.

i read something on another thread the other day that approval is expected before peru elections 7-9th april. now whether its true or not?- but i would think this would send positive vibes in the mkt.