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

Ooouwch!

were you back in then?

bailed out at 7.5 as can see no recovery in the immediate future ...... it will be interesting to see what yesterday's huge sales reveal as to change in holdings ...... heaven forefend that i should guess at whom that might be ..... whoever it turns out to be, it certainly casts a shadow over the bona fides of the management, for though it may not be legally provable, it is surely a racing certainty that there was a (deliberate) leak to a favoured party or two ...... Only good part is that the big seller will have done his bollocks big time, even if he got 10/11p rather than 7/8

The whole eposide in past two days has been absolutely ridiculous. IMHO the pi will be thinking this company has a bad reputation from now on which is going to be even to harder to regain credibilty certainly after non productive well.
Do one think that if GOO had used more cash on this project for the testing they could have used better equipment, my motto is 'you get what you pay for ' they may have got the black stuff coming out.
Thankfully I came out at 15p and shall probably not look into GOO for a long while now. Good luck to all holders.

personally, i don't think it would have made any difference at all even if they had state of the art equipment ....... dry (or very wet in this instance!) holes are inevitable in the oil biz, with prob only about 25% being remotely successful ......

my major complaint is the seeming duplicity of the management

I was a little confused by the completion choice of the slotted liner. Wireline logs should have indicated the oil/water contact and if it was observed then why run it.

There's been a cockup somewhere, probably the wireline interpretation.

Strange

AL .... what is "strange" is the seemingly knowledgeable sale of 20m+ yesterday

with ALL oil companies you get the good and bad news. still holding/added today and bullish.

as i said, it's not the bad news to which i object, for i accept that is an inescapable part of the oil exploration biz

call me a fool if you like but I have added on the drop. I think there is good news coming soon-they have only encountered problems not abandoned the prospect. 2007 will hopefully see them bounce back!

Today's (and yesterday's) events are appalling. Everyone accepts there's going to be bad news from time to time - and most of us grin and bear it. But to release good news first thing in the morning, and follow it up with disasterous news just a couple hours later is shocking. To make matters worse, we can now see that some large players were party to the bad news yesterday. Gold Oil may well bounce back nicely today. It may come good in the next few months. But could you trust these guys again? I won't put my money anywhere near 'em again.

Don't you think that maybe the other jv. involved wanted it released early and that arrangements were made before the bad news surfaced. I can't imagine goo management would choose to do it that way round- better the bad news and the good a couple of days later when the disappointment dies down. I agree about the share movements but again employees would know these results and pass it on. I'm only guessing on all this but I also wonder why they are keeping very quiet about the amounts of oil and gas they think are under the water they can't get rid of !! worth watching this-I'm holding on.

mplus- you may also call me one then! - thats the way it goes good and bad always expected. very pleased Z34 converted into 30yr license.

imo the warrants were dumped by the contractor knowing the situation. if iwere moore i would not be so forthcoming with such incentives. just pay them and thats it. could they have any blame for drilling too deep?.

Steveo, Lizard and Others,

Yes, just for once, my over-sleep this morning turned out to be very timely: probably the best investment decision I've made < 18 months! Having been stung by GOO not so long ago, I am now back in and already sitting on a clear paper profit as I write! Please note: I sincerely feel for all you who may have been hurt today (I genuinely know what it's like, believe me!) so not gloating. Just think the writing has been on the wall in the few days and something just didn't feel quite right. Anyway medium to long term hold for me henceforth.

im not hurting disappointed yes but still positive on Gold Oil .put my money where my mouth is on drop.

long term hold many ups and downs on the way as normal.

though i got singed, i am old enough to know one takes the rough with the smooth, and overall, the week has been very profitable ..... however, in the case of GOO i am now regarding the management in the same sort of light as Mr Timmis

Forgive my ignorance, but who exactly is Mr. Timmis?

Fliper, are you still in this one? The phrase: "Goouwch!" springs to mind here?

Mr Timmis is the "colourful" character who heads up Regal Petroleum ...... His parents had a sense of humour and christened him Frank

Very good, Cynic.