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

hope you are right ..... i only have a relatively small holding at 8/8.25, but if it comes good, then i dare say a tidy profit is possible

i have now got 950000. and still buying when i can money in the bank.

workover unit and test is being prepared by contractor in their yard in talara to meet GOO's specifications. ...... it will be moved from talara to the SAN ALBERT-1
location, east of PIURA. This is expected to be on saturday/sunday.
www.goldoilplc.com/peru2.html dated 17/08/06

george .... to a techno-dope, please explain what is a "workover unit and test"?

for better explanation, please email GOO. THEY WILL be happy to explain. this is the continuation of the drilling up to the estimation of the quantity of oil per day. workover leads to improvement of works already done then it is the testing. i mean the final touch before they come to the market with the flow of oil
best luck cynic

Cynic, I believe the workover is the transition phase from exploratory drilling (to establish the presence of hydrocarbons) to testing for commercial flows.

If my guess is right, the workover rig drills a wider wellbore that allows oil to flow in quantity.

I would query whether it is the "final touch" as this makes it sound like there's very little to it. As we all know,there's many a slip twixt the cup and the lip and if, for example, fracture stimulation or steaming were to be required it is at this stage that they might establish this and consider trialling those options too.

George, there might be a lot more work necessary before they can "come to the market with a flow of oil". Does GOO have a pipeline in place? Do they have processing and storage facilities on site? Do they need to build permanent accommodation for workers and plant before they can proceed? I don't know GOO's sites well enough to say, but in many cases it can be a couple of years after a successful flow test before the co can actually sell the oil.

thanks for the cool water Soul* ...... sounds like no need to take out another mortgage to buy more shares, but more than happy to stay put with what i have

tanker you are saying they have found plenty of oil. how do you know this and we do not please explain yourself.

Cynic, if you joined the band of those bordering on homelessness due to having remortgaged their home I think I'd stop posting on this board altogether - I'm already fearful enough of making any positive comments in case somebody else squanders the kids' milk money on blue-sky stocks that then come back to earth with a bump.

BTW - I am still needing to "DYOR" on GOO - my points above were just rhetorical questions to which people thinking of investing ought to know the answers, but I know you're up on this one already. Apologies, but I've somehow got sucked in to this thread since it seems to be where much of the debate is at the mo (apart from u-no-wot but I'm treading carefully there!).

And when I do finally get some DYOR sorted out I'll post my very best opinions so everyone can have a read. And book themselves into the Salvation Army Night Shelter :o)

Tanker, you seem to know that both CHP and GOO have found oil and there will be RNS's next week!! Are in the know or taking the proverbial.

Yes Tanker, you been posting on both boards recently, is one of the posts a mistake, or do you mean CHP & GOO have found oil

soul traders it is not cynic who has had to remortgage his house, it is actually me. I did this to pay off credit bill with the stockbrokers. I feel into a trap. but fortunaly I have got out. feeling happier now. If tanker is correct with his information about finding oil, then we all will be better off. keeping my fingers crossed.

Candolim, I am well aware that it is you who had to remortgage. Glad to hear you are now feeling less of a pinch, but all the same I would not be pleased if a load of others follow suit.

I think Cynic knows I'm pulling his leg. (I have to have a dig back at him after his comments on the BLR thread yesterday :oP tee-hee!!)

Can't comment on whether Tanker really knows what he claims to know, but big talk is cheap and there has been a lot of it on various threads recently.

soultraders thanks for better reply to cynic but i do not rule out the email to GOO.
MAY ONE CAN CHECH FIRST AFRICA OIL TO UNDERSTAND THIS.
KEEP POSTING AND BEST LUCK TO ALL AND TO MYSELF

goo are becoming more than the results of this block. but this would be a good start if they could something decent from it. many more s american countries in which i think goo will be active in a few years.

Can I take the place of cynic here please.
TANKER has no profile & unless someone knows him personally, I suggest extreme caution.
I can find nothing to support his claim so far.
Research continuing.

TANKER tends to post simple posts, few words, but his comments on AFD eariler this year were actually correct and sp doubled soon after.

surprised nothing has come in regard to Z34 this week but saying that the Perupetro website hasnt been updated for a while must be vacation period?

http://mirror.perupetro.com.pe/negociaciones02-e.asp

I will be ready with apology if TANKER turns up trumps.

does tanker write for the d mail?.