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

Or the 4001st

4002nd

OK...well those little nudges didn't help. Has anyone got an inkling of when the next pieces of news might be? I was expecting something by now but I guess I am just being optimistic.

SC
News could come at any time on this one we will just have to wait.

would agree, at a guess NBM or Azar.

There is a lot of activity today. Over 1,000,000 shares traded by 13:30 BST.

at last looks like XXI will be drilled in July.
they have also purchased a higher net % of the NBM oil fields.

A good Operational Update from GOO today with the drilling of Block XXI starting this month plenty of news to come this year.

drilling starts next week by the looks of it.
rig was due on site XXI by Friday 11th July.

Minmet investors set to roast top brass at EGM
The exploration company has seen a share price collapse that would make even an Irish bank cringe, writes Nick Webb


Sunday July 13 2008

FROM the moment it was set up by Charlie Haughey's son Conor and late Aer Lingus chairman Bernie Cahill, Irish mining and exploration firm Minmet has never been a stranger to controversy.

Backers of the company, which has existed in various guises over the years, have included billionaire Dermot Desmond, who exited over a decade ago, and former chairman Mike Neville, who fronted an abortive takeover of Aston Villa by Irish builders in 2005. Minmet, formerly known as Feltrim Mining, has also been central to a lengthy insider dealing probe by the British Financial Services Authority. The investigation into a broker's dealing ended without any charges. The Dublin-headquartered company now has to deal with a shareholder revolt and revelations of payments to a serial fraudster.

In the wake of a share price collapse that would make an Irish bank cringe, representatives of the 6,000 Irish and British shareholders in Minmet will descend on the Burlington Hotel in Dublin for an EGM on Friday to seek answers to the highly complex events of recent months -- deals with mysterious offshore companies, loans that can't be paid back and a number of convoluted transactions involving Minmet's own chairman, British businessman Peter Maddocks.

There must also be concern that Minmet has been involved in doing business with controversial South African businessman Leslie Greyling and his son Clinton. Leslie Greyling pleaded guilty to a stock fraud in the US in the early 1990s. He was "enjoined" or banned from certain financial activities by the Securities & Exchange Commission, which alleged he had been involved in an illegal "pump and dump" scheme.

In 1996, Greyling pleaded guilty to visa violations in a Florida court. The following year he was deported to the UK after he pleaded guilty to securities fraud following the collapse of Florida business Member Services Corp. He is banned from entering the United States. Since then, Greyling's name has been linked with a number of deals -- he was said to be involved in a 4m rescue attempt for ailing car firm Jensen and an AIDS drug manufacturer, Vector Medical Technologies.

His son Clinton was also a "principal" in an Internet business called E-Pawn. The company was involved in a 300m takeover deal with former Taoiseach Albert Reynolds and Fianna Fail donor David McKenna's Marlborough Resources. That deal collapsed suddenly when the FBI raided the company as part of an investigation into Mafia-linked stock manipulation schemes. Clinton Greyling resigned soon after these revelations. Reynolds and McKenna knew nothing of the darker side of E-Pawn when entering these takeover negotiations and clearly had no involvement with the investigation.

US filings indicate that Leslie Greyling and his family owned a big chunk of shares in E-Pawn, which subsequently went into meltdown. When quizzed about Greyling's involvements, sources close to Minmet said: "People have done deals with each other that are more complicated than they would be in an ideal world."

Aside from doing business with someone as shady as Leslie Greyling, the principal question for Minmet's new board will be to explain what they have done with the company's $30m of cash.

Over the years, Minmet had acquired stakes in a number of other mining and exploration companies as well as a lucrative gold mine in northern Sweden. In the last year it has sold out of the gold mine and cashed in its shares in a number of the listed exploration companies. Minmet's accounts suggest that it netted $20m plus (13m) from these deals. It now has around $500,000 (318,000) in cash. A massive lump of this cash has been used to provide "loans" and "returnable deposits" for a number of other exploration projects from Alaska to New Mexico and Guinea which are associated or partially owned by its new chairman, Mr Maddocks.

Minmet's main asset is shares in a slice of a New Mexico natural gas project that are of uncertain value.

The company's directors think that it is a hugely valuable asset. "It is not exploration. It is not prospective. This is a gas development," according to one source. Minmet needs to raise cash to drill two more wells to firm up the potential of the gas field, according to sources.

Auditors Deloitte & Touche are less certain, pointing to a number of "uncertainties" relating to its book value of $21.3m (13.6m). A report by top resource advisory firm Gaffney, Cline and Associates is somewhat inconclusive. It didn't ascribe a value to the gas prospect and suggested that it might cost more than $100m (64m) to develop. There were also questions over the title of the land. Despite this, Minmet management view the report's findings as positive.

Despite the risks over this Tucumcari asset, Minmet has given its owners $9m in a "returnable deposit" and in working capital.

Almost a year ago, there was a bloodless coup in the boardroom of Minmet. Mr Maddocks bought a 7.5 per cent stake in Minmet in early August. He joined the board. Within three weeks he had become chairman of the company. Minmet's chief executive Michael Nolan and his chairman Mike Neville -- who had tried to buy Aston Villa -- departed the scheme. They received almost $1m in "termination payments".

The day after Maddocks became chairman, Minmet inked a deal with Carbon Energy Investments to buy certain rights over a gas prospect in Alaska. Minmet paid $4.35m for this option. The money was paid as a "refundable deposit".

Maddocks is now one of the owners of Carbon, with a 5 per cent stake, which he acquired from an associate after the Alaska deal.

Earlier this year, he told shareholders that he was not involved with Carbon at the time of the transaction. As security for its "refundable deposit", Minmet was given shares in the Tucumcari gas prospect in New Mexico. It soon became clear that the $4.35m paid to Carbon was a "potentially doubtful receivable". In other words, they were having trouble getting it back. Minmet agreed to take a 25 per cent stake in the New Mexico Tucumcari prospect instead, plus the promise of some cash.

The New Mexico prospect was controlled by a company fronted by its own chairman, Peter Maddocks, who was the registered sole director and owner of 2 per cent. The rest of the shares are held in trust for other unknown parties. In a complex arrangement, Minmet was also now dealing with Greyling's offshore company Charms Investment for this new deal. Minmet knew the Caribbean-registered Charms well. It had sold it an option of the Barnett Shales gas prospect in Texas in 2005. That investment was a turkey and was subsequently written off.

Almost at the same time, a company called Gold Oil, which owned 25 per cent in Minmet, agreed to sell its shares to a mystery offshore company called Westcoast. It appears as if the Greylings have a 25 per cent stake in Westcoast. There is also "a degree of commonality of shareholders between Westcoast and Carbon and Tucumcari Investments, Minmet has said. Essentially, Westcoast and its partners took control of Minmet following this deal.

Investors have asked Minmet's management to clarify whether Westcoast's purchase of the Gold Oil stake -- which gave them control of the company -- was actually funded by Minmet. The investors wanted to know if Minmet's own cash was used to take control of the company. Minmet has strongly denied this suggestion from shareholders.

"The money paid by Westcoast to acquire shares in Minmet from Gold Oil plc did not come from Minmet," according to a company statement.

As the new shareholders were taking control of Minmet and splashing out deposits on Alaskan oil prospects, its nominated advisor Davy Stockbrokers suddenly resigned. The resignation of a nominated advisor is an extraordinarily rare event.

Minmet subsequently cancelled its quote on the Irish stock market, retaining its AIM listing in London, with new British advisors. It retains an Irish headquarters in a Georgian building on Dublin's Fitzwilliam Place. Anglo Irish Bank remains the company's bankers, with Deloitte & Touche Minmet's auditors.

Minmet's chairman Peter Maddocks and new management team proposed that the company buy out the remaining 75 per cent of the New Mexico Tucumcari prospect. It would be a reverse takeover.

Minmet paid Tucumcari's owners $6m as a "returnable deposit" plus another $3m in working capital for the project. A total of $9m was handed over to Tucumcari's owners to start the reverse takeover. Shareholders and the stock market were informed of these deals in January.

At this stage, shareholders in Minmet had become decidedly uneasy at the way the company was paying out most of its cash mountain for such a high-risk oil and gas prospect. A group of larger shareholders, including mining veteran Tom O'Gorman, Gerald Walsh, Ashdale Investment Trust and Davycrest nominees called for an EGM. Shares in Minmet were suspended. Trading was recommenced several weeks later.

"The way the company's affairs have been managed in the past leaves something to be desired. We are working with directors to ensure they understand their responsibilities under the Aim code," according to Robert Lo of corporate finance firm Nabarro Wells, which became Minmet's adviser after these deals. He was speaking in January.

A list of 34 questions was presented to the board as part of the EGM in April. Peter Maddocks and his board were asked detailed questions about the related transactions, ownership of different entities and the cash position of the company. Minmet responded in detail. Despite these explanations, the investors sought another EGM and proposed the removal of the entire board and its replacement with a number of key shareholders. This meeting is to be held on Friday in the Burlington.

It is understood that there are ongoing discussions between Minmet and some of its key shareholders. This may lead to one party buying out another. "There are four or five different scenarios," according to one market source.

While the shareholders' revolt was causing Minmet's Tucumcari deal to stall, Peter Maddocks and his board have been busy. They have been selling off Minmet's stakes in a number of listed mining and resources companies, making a $12m profit. Some of this cash was used to finance and enter lending agreements with other companies that had links to Minmet's previous enterprises. The series of convoluted deals ranged from a gold prospect in Guinea in west Africa to an option to buy into joint ventures in Borneo and the Philippines.

Minmet has paid out close to 260,000 (327,000) in a "returnable deposit" and working capital for an option to take control of a company called West African Gold. Last month the deal was cancelled. In return for the money it had already stumped up, Minmet agreed to accept 10 per cent of West African Gold plus an extra 5 per cent of a certain New Mexico gas field . . . Tucumcari.

Minmet also agreed to hand over part of its stake in a Brazilian gas project.

Another complex deal saw Minmet invest 100,000 to buy shares in an AIM-listed property firm, Crucial Plan plc. It was to be used as a listed shell company to spin off future investments. Minmet's chairman Peter Maddocks owned nearly 24 per cent of Crucial Plan, according to Minmet documents. His stake was reduced following the transaction.

An even more convoluted deal, signed last December, saw Minmet pay 100,000 (126,000) to Leslie Greyling via a Caribbean company called Blackhawk Investments for the option to buy stakes in a joint venture with the Sultan of Bulangan of Borneo and part of a Philippine-listed company called Abacus Consolidated Resources. According to its website, Abacus is involved in property development schemes in Batangas city and coal. Exercising this option would cost around 3m (3.8m). Crucially, this is payable in Minmet shares, which would give Blackhawk an important stake in Minmet and a key role in future decisions and votes. Company Registration Office records show that Minmet chairman Peter Maddocks is a director of Blackhawk.

Sources have pointed out that Minmet's nominated adviser Nabarro Wells and its auditor Deloitte & Touche have both signed off on these deals. "There is nothing illegal happening and nothing that is wrong with corporate governance. The advisors couldn't afford to sign off on it if there was," according to a source.

Minmet will come out with guns blazing, though. "It's a good asset. It's just been damaged by all the corporate shit flying around," according to a source. Minmet has complained to the financial Services Authority in the UK about negative Internet bulletin board comments.

"Some of the transactions are complicated, that's the nature of the asset. There's nothing wrong with the transactions. It's just complicated," the source added. Minmet will surely need to explain itself better. Fast.

- Nick Webb

tvc15- ?.
Gold have ended relations with Mnt, receiving $5.2m cash from the deal and operator status qualification in Cuba- although nothing seems to have come of it yet.



this is of no interest to Gold Oil shareholders now.

Moving on Up!What's coming?

58
Yes nice to see a bit of blue gaining strength before the drilling.

Driver, Hopefully it's a success this time around!

A sleeping giant if they get it right this time.

Looks like GOO's coming out of sleep mode now!

Very interesting!

cape
Yes interesting, GOO up RIFT down.

Not suprised rift down driver,it has gone up 3fold and more untill the days pullback,

But goo,whilst we have all been waiting for news the rise on such small volume from 8.75,RNS to say rig arrived?

cape
14% on rig arrival what will the sp do if we find the black stuff