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

solid. NBM looks good for progress and the MOU signals confident of gas.

lq- the MOU with MAN Ferrostaal is for block XXI .Peru.

Sounds positive and they are buying their own equipment and creating a platform, so they must know something is good and worth doing!

Laurie,
dont know copied/paste as was published, believe there is a v. small ref to peru in the first paragraph.
market seems to like the news, WDIK
Alex

can you not read?.

robertalexander
I agree it looks like it's in the first paragraph so we are still waiting for more news on Peru. Colombia is looking very positive with the re-entry of the Burdine 1, 4 and 5 wells. It only gets better.

lizard
Behave

sorry. i believe the MOU is to build a 200m gas plant.

If I only knew what the sp would be in 1 years time ? any ideas ?

Research Page updated (in the header)

GOLD OIL EXTENDS ITS MOU WITH MAN FERROSTAAL AND COMMITS TO PHASE TWO OF THE
NANCY, BURDINE AND MAXINE FIELDS IN COLOMBIA

http://www.moneyam.com/InvestorsRoom/posts.php?tid=10572#lastread

to my mind, the info re Peru does not carry much excitement ...... however, buying expensive kit for Colombia certainly shows both commitment and considerable expectations ..... quite what level it is now reasonable to expect for sp is too difficult for me to estimate ..... for sure, if the lemmings get hold of this, then it will rocket way beyond sense

I think this news is disappointing, but that only goes to prove that my expectations were too high. I can see this slowly dropping until the next rns.

Then you wont have long to wait Harry, maybe this afternoon if youre lucky ;-)

We may see 17p later today .

I Agree every little tree shake so far today has bounce back & a bit.

The AFX reads well so will stir up more interest IMO.

Harry ..... why do you think the news is diasppointing? .... what were you hoping for? ..... as it happens, market does not seem to agree with you

They are "evaluating a feasability study" in Peru, not actually doing the study itself.
The quantity of oil in Colombia is so small that they are trucking it 13kms through bandit country.......
I was hoping for a more direct report. But, as said before, I have been known to be wrong, as shown by the 15.75/16.25 sp!

Apologies for earlier typo.

Columbia is in Canada!

They are considering sharing the cost of a 200 million site, even to consider it says something about the potential.

MM up to their tricks again!

Another tree shake no worries.