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

any of you guys hold stocks in a SIPP. thinking about it.

Yes, lizard. What do you want to know ?

alf-would i need to sell stock i hold then buy back into sipp or can i transfer?.
admin costs.

do you hold any stocks outside of a sipp?. i have held some aim stocks for over 2yrs so cgt 10% if in profit.

what would you say positive/negative about your sipp. easy to trade/ tax etc. admin work etc.

noticed there is a fair bit of paper work.

cheers
lizard

HARRYCAT
You seem to have it the wrong way round there is no rumour punters are buying on news from Friday through to yesterday now there is a bit of profit taking, with all the news coming from GOO the potential is huge and the sp will multi bag when they find the black stuff.

Gold Oil buys 24.67% stake in Minmet

05 June 2007 Gold Oil plc Award of Rosa Blanca licence block onshore Colombia

22 June 2007 Gold Oil secures Operator Status in the Republic of Cuba

From FT

Gold Oil jumped 30 per cent to 9.2p on further consideration of Friday's news that it had won the rights to oil and gas exploration off the coast of Cuba. Traders reckon there could be good news in the pipeline from the company's San Alberto-1X wild cat well in Peru.

lizard - I can only speak from my experience with the SIPP from Hargreaves Lansdown (HL) but here goes.

If you already hold individual equity shares, you can execute a "Bed and SIPP".

For this, you will need to supply a share certificate for each holding and HL will sell them on your behalf (for no charge to you) and use the proceeds to buy them back within the SIPP. Your dealing charges are then 1% of the purchase cost (capped at 50.00GBP).

You will also have to pay Stamp Duty on the purchase at 0.5%.

But, assuming you are a British resident and otherwise eligible, HL will reclaim from the HMRC an additional 22% of cash to add to the SIPP with which you are free to choose how it should be invested. If you are a higher rate taxpayer, you can claim an additional 18% of those share purchase costs via your tax return.

If you don't have a share certificate, then you would have to sell the shares and transfer the cash proceeds into the SIPP prior to re-purchase.

It's slightly different with transfer of Unit Trusts, OEICs, etc. These are known as in specie transfers and HMRC is currently altering the rules for these. There are no dealing costs associated with such transfers but you will need to pay 0.5% for that blessed Stamp Duty.

Things I like are: The SIPP is very easy to set up - a couple of forms should do it. You don't need to transfer an existing pension fund in order to set it up - although I've actually transferred 4 separate pension pots into it. Cash, cheque or "Bed and SIPP" are equally acceptable.

You're in control - you've also only got yourself to blame if things go wrong !

The SIPP is very easy to trade (online or telephone). Although dealing costs for individual stocks are typically 1%, I would try and haggle at the outset for a fixed dealing charge.

Tax is straightforward - All contributions are tax-free and attract basic-rate tax relief (currently 22% but 20% from next April - thank you Mr Brown). You only need to make notes of your contributions either to reclaim the additional 18% as a higher-rate tax payer or to fill in the Tax Credit awards form - if you have one. Remember that you only pay tax when you convert the pension fund into an annuity (your pension).

Admin costs are terrific - If you only hold individual stocks in your SIPP, you are charged 0.125% of the fund value per quarter - and this is capped at a maximum of 50GBP, i.e. 200GBP per year max. If you hold unit trusts/OEICs etc in the SIPP, these have their own clearly-defined annual charges.

You are not tied to regular payments - indeed, you don't have to pay in at all - except to satisfy the quarterly management charges.

The downside, if there is one, is that once you have sent your cash/cheque into the SIPP, it's stuck there and you can only get it back - at least under present rules - by converting it into an annuity. Even if you transfer your pot to another pension provider, it must remain within the pension wrapper.

This is quite different to holding shares in a non-pension method, in which you can get at the stock's cash value at any time - subject to liquidity.

I hold various stocks, many on AIM, some in PEPs and ISAs (within which most AIM stocks are not allowed to be held), and as you say, if you hold qualifying AIM stocks for 24 months, then any CGT payable is reduced to 10% of the gain.

Hope this helps - and apologies for taking up space.

Alfa.

Ah, thanks driver.
Dare I ask, when is Peru news expected?

alfa- very much appreciate your overview. i hold mainly in nominee so getting this into a sipp portfolio will be a bit of a drama. i am possibly going to set up a cash account then buy stocks from scratch.

lizard - Your SIPP is a self-invested personal pension. It is an investment vehicle for you to generate a fund that can only be used to provide a regular income (a pension) at a relevant time.

As I mentioned as the possible downside, the full value of a SIPP fund cannot ever be returned to you as cash - unless the rules change.

Currently, you are allowed to take up to 25% of the fund value as a tax-free lump sum.

If you put 10,000 GBP into a SIPP, the government would give you an additional 2,820.51 GBP by way of tax relief (initial amount times 100/78).

Put another way, to get 10,000 GBP into your SIPP, you need only supply 7,800 GBP.

That's why you could never be allowed to take the full fund as cash !

Alfa.

alfa- thanks its clear now.
can you decide the age at which you claim or draw these funds on a monthly basis or?.

lizard - You can't do anything about conversion of the fund until you're 50.

Between 50 and 75 (55 and 75 from 6th April 2010), you have a few choices.

1. Take up to 25% of the fund's value as a tax-free lump sum. The rest will be converted into an annuity (regular taxable income - your "pension").

Once chosen, the level of annuity payable to you cannot be reduced (although it can be set up to be enhanced to keep pace with inflation).


With conversion to an annuity, I use the 20-to-1 rule of thumb such that for every 1,000 GBP you require as your annual pension, reckon on needing a pension fund of 20,000 GBP to provide that level of conversion. Shocking isn't it !

The older you are, the more you get for your pension pot - because you're not expected to live as long !

2. Income drawdown. Your fund remains invested within the SIPP (even as cash) but you can choose to take part of the fund as taxable income within limits set by the government.


After 75, there are different options.

Obviously, always take authorised advice when discussing/selecting annuity options. Big decisions !

Alfa.

HC
GOO has its fingers in so many pies news could come at any time.

Driver i blame you for the fall in sp.guess castro not happy with the pic u posted.

capetown
LOL

Well at least he is smiling,looks like hes in profit.UNLIKE ME!!

Cape
Early days these will be 100p+ one day sorry was that a ramp.

Driver,and so will a packet of crisps!!!!.

No that was not a ramp driver as long as you don't add tomorrow, next week, next month....

Bluelady
I added today does that count.

Driver, don't ask the obvious. Of course adding today would be a ramp, lol.

Driver good to see some recovery ,dont you think its strange how the sp fluctuates as it does?