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

when did you hear this news lizard? If you are correct then this is excellent news.

look at ppe rns- cairn have bought them.
(a poster on rival thread was saying about approaches for gold oil at 15p a week later its partner gets bought out!?).

Janet, news links:

http://moneyam.uk-wire.com/cgi-bin/articles/200709070701384683D.html

thankyou very much for posting this link.

For those that don't know the history:
PERU

BLOCK Z-34

"Plectrum has formed a joint venture with Gold Oil Plc in Block Z-34, offshore Peru. The two companies have jointly given notice to the authorities to convert Golds existing Promotion Agreement into a 30 year Exploration & Exploitation Contract. Under the terms of the joint venture Plectrum will acquire a 50% working interest.

Gold and Plectrum received Perupetro board approval for the Exploration and Exploitation contract in December 2006."

now gold have a major partner for Z34 good show.

"A major find would make better reading," he said in his customary grumpy tone

Research Page updated

7/09/2007 Cairn buys out Plectrum

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

well done driver- good info page.

website updated. v.positive.

http://www.goldoilplc.com

under 'target areas of interest'


(a lot in media today- ft mentions gold and traders wanting Cairn as new partner for Z34).

what do you think the chances are of cairn becoming a new partner with goo for the z34 project?

who cares? ....... the only thing of relevance is can GOO find any commercial quanity of oil .... who they do it with is purely incidental

Z34 needed a major in and now they have one.

i'll be buying again at this rate!

annual report due- up dates on all and an idea on NBM potential would be good after pressure test reserves studies.

time to look at gold oil especially at 7-8p. busy period and news flow ahead!.

get in imo!.

http://business.scotsman.com/utilities.cfm?id=1213112007

Old artice (aug) Carins Jane Brown (FD) talking to the Scotsman, best bit below...

"Although it has not been finalised by the board, the plan could be that once we get enough bulk into Capricorn and have turned that $300m into some nice exploration acreage in the company, it would be demerged out to the shareholders as well."

Besides participating in licensing rounds, which involve in-depth technical work and, therefore, long lead-in times to production, Cairn could go for an acquisition to take it into new territories.

"There have been a huge number of companies come on to AIM in the last few years," Brown noted.

"A lot of them raised money on the back of pure exploration prospects and they are now struggling to go forward, particularly against a higher cost base in the industry."

Good start to the day,activity seems to be increasing .

does anyone know when the next news is due? It was around this time last year when news started to come out and they jumped from .5 and a half pence up to .17 and a half pence in a short time on news. This is what we need. Lizard you have gone quiet on this one just lately. What are your views

janet,hope you kept your B.A.Y shares.