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

cynic
Not saying it's significant just answering your point that "it hasn't got any oil"

no prob .... i'll just keep watching with interest but no interest!

LOL.

I think I'm in profit 15% up

think i might just about have been in profit had i hung on to the rubbish ..... but have prob done far better elsewhere by ditching and buying quality

does anyone know why they are shooting up in price this is the highest they have been for a year

Strange rises in sps today what with Mnt up 12% and now GOO.

SP is holding up despite a few sells.

Going well considering the ftse

indeed it has! .... but what a very strange and difficult day on the markets ..... FTSE is finishing 60/70 points down, while Dow has just about struggled back to 13300 after being briefly 100 points lower

goo is holding up extremely well, considering the market is well down today.A good day for the shorters. I feel there must be some good news coming soon due to the increase in the value of our goo shares. since coming off the suspension the share has gained four pence. good luck to all holders.

http://www.goldoilplc.com/docum/gecr_09Nov07_GoldOil_full.pdf

well perhaps it is getting to fair value then?.

still dont know the potential of XXI, Z34, RB possibly Cuba and other farmins?.
NBM looks promising for short term production increases.

lizard,a most interesting read,thankyou for posting that,i am HOLDING on to mine!.

I have read it, but I still don't understand what has changed. There is nothing in the article which we & the rest of the market didn't already know. Surely every exploration stock has potential, but you can't value a company on what might happen. I have a stake in GOO, so I am not complaining, but I think the risk element has been understated.

lizard
It's in the header and on the research page, has been for a while.

Typical. I hold for a year, then sell finally, making a slight loss in the process, then the price goes up by 20% a week later. Not sure I can really understand a proper reason for the rise. Anyone take a wager that the price will be back around 8p by the end of Jan?

If theres no proper reason for the rise,then the same applies for a fall?,its typical ,you sell price goes up,you hold and the sp falls.I have held onto mine but face the same with other shares that i hold .

tcc- why sell out now?- they have 8 wells to be drilled in the near term thats worthy reason to hold imo. additionally they may only be paying for one of them (derisked) .

of course they may all fail or may not but thats the risk you take (at the least expect Burdine to produce), its not like they are desperate for cash have already 7m sterling (thats a lot of wells) another 23m shares at hand goes to the company if required, and warrants if exercised proceeds go to the company.

farmins in application also. may find out soon also if Cairn are taking the jv with Gold Oil on Z34. Cuba still ongoing etc etc.

a fair bit going on.

never any harm in banking profits, whether by selling part or all

I wonder how much are mr P has made from the recent 9 million he purchased.