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

janet should buy more????
are you totally bonkers????????

and yes, we all know the higher on rumour bit .... as well as the subsequent crap when all comes to naught or is shown to be mere over-hype

cynic
I didn't say buy now but on the extreme dips that are for no reason like I did yesterday on URA you can get your average very low so when it peaks you are in profit sooner than you would have been.

fine getting your average lower IF the price then goes back up AND you then take some profits ..... the technique is also well-named as "catching the falling knife"

No point in throwing good after bad I agree, I would rather buy on a rising sp after good news then on the lows. Been in now for ages and see little point putting any further funds on my portfolio to sleep, that is of course whilst no news. I think lizard has hit the nail on the head, plenty of news to come but maybe not till after 2008. This would suggest recent rises in the sp are predictions on release of hot air. With the bears moving back into play for the winter this share as with many otters has some down time coming anyway.

Going well today.

Having had some moderate success with GOO previously have decided to chuck them once and for all, this time at just above b/e; stuck the dosh in PANR, at least they are producing (gas play mostly) with additional prospects being drilled.

pth

agm next week.

I have just sold 100,000 goo at .085p I now have 350,000 shares left. The most I could have got last week when they went up was .086p but miss that one. I will on the rest of them as I have paid a lot more money for them. Good luck to all holding.

to hold shares just because you are running a loss lacks sense

Richard, good afternoon old bean :)

and a jolly friday to you old chap

Sold out at 8.5p- moderate loss of 250 or so. Didn't have enough patience to make no money for another year waiting for this one. Good luck to those who have better staying power.

I have held my shares for a year. It around this time last year when they were .175p can anyone remember why they went up to that price.

You will probably find that now I have sold and the clancamell have sold they will now start to go shoot up in price. This is the way it goes.

they were drilling SA-1X, XXI exploration well.
finding 565ft gross of hydrocarbon sands in two reservoirs (Verdun and Palaeozoic) they drilled too deep under Perupetro obligations and broke water
channel which they couldnt cut off to test flows correctly.

9.1p traded at close.

janet ..... i got suckered in too ..... price rose on unwarranted promises of great things in the offing .... they may be, but perhaps not in my lifetime and maybe not even yours

janetbennison
If you want out why did you buy in the first place GOO are now in a much better position you have to be patience, if they find oil you could be looking at a spike of 50p-100p next year.

and if they do not find oil in commercial quantities, then it will be worth even less than now ...... speaking for myself, i was gullible enough to believe there was oil just round the corner a year ago, or whenever ..... indeed there was, but in cans from Exxon

they have now well over 8m+ cash. thats a lot of wells. combined with some interesting acreage soon to be expanded imo by way of farmins.

free 1st drill on Rosa Blanca and testing. possibly farmout of XXI to reduce risk perhaps two/three free wells for a share of the license.

NBM should provide low risk increased cash flow also.

all I have done is reduce my holding. I am not thinking of selling the rest of my shares. I must say that waiting for something to happen for a year and nothing does happen, can get a little boring.