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

Thoma Tidow Operations Director is presenting at a conference in Houston next week with Shell Oil plc and Gran Tierra. The subject 'The next big find'.

Results out next week and hopefully Z34 results will be included, last rns mentioned major upgrades for this block so await news.

Good solid buying towards the end , especially that 1.3 million purchase ! Bolds well hopefully !

Business Financial Newswire
"Central and South America-focused oil and natural gas explorer Gold Oil posts a full year operating loss of 3.17m compared with a profit of 1.59m last time.

Revenues for the year to the end of April increased to 1m - up from 0.399m in 2008 - and the firm had cash at the end of the year of 2.2m.

Chairman Mark Pritchard said: "The past year has been one of significant challenge for the company.

"In difficult circumstances, we have been very active in advancing our portfolio of assets and I am encouraged with the progress we have made.

"We are now actively seeking partners in our major prospects to enable us to exploit more rapidly our exploration resources in both Peru and Colombia".

A flurry of buying at the moment !

Subject Author VotesAll-20-10-5-4-3-2-11+2+3+4+5+10+20+
19:08 Gold Oil Seeks Partners For Peru Oil Dev... lazyseaside 1





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Gold Oil Seeks Partners For Peru Oil Development - FT

DOW JONES NEWSWIRES

Gold Oil PLC (GOO.LN) is seeking partners to help fund the development of what could be a large oil discovery off the coast of Peru, The Financial Times reported Wednesday. The company has started discussions with sovereign wealth funds based in the Middle East about taking an interest in Block Z34, which lies west of four of the largest developed oil fields in northern Peru. Gold Oil Chairman Mark Pritchard said while he was excited by the initial data, he stressed further testing was needed. "We believe theres the potential for a significant oil find in Z34," he said.

Full story at http://www.ft.com/cms/s/0/e00660ec-c963-11de-a071-00144feabdc0.html

-Dow Jones Newswires; 212-416-2900

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=Qbya3brx0WJJJn5dIJcL1g%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

November 04, 2009 13:53 ET (18:53 GMT)

so hold your breath for spring next year.....

why bother?

http://www.ft.com/cms/s/0/e00660ec-c963-11de-a071-00144feabdc0,s01=1.html?nclick_check=1

Further info in the above link. As they say, high risk & not for the faint hearted!

nor, i would hazard, for those with more than a few brain cells

4.5 mil buys in a morning.....collective brain cells......presume not all sheep.....

I thought you had some of these tucked into your bottom drawer, Cynic, from way back?

glad to say i binned them a good while back along with the holey (or even holy!) underpants and socks!

Hopfully we will see some movement with GOO in the new Year.

Any thoughts?

I hope you all have a happy and prosporous New Year.

Simon Griffin of Shares Mag expects oil to fall to $65 pb & then possibly as low as $55 pb in the short term, though he is still bullish on the med term oil price. If that is the case it will impact on GOO even further & affect their 2010 profitability.
On top of that GOO were talking to sovereign wealth funds in the Mid East with a view to developing their Peruvian assets. I suspect that has hit a dead end.
In summary, I am not hopeful of seeing double figures sp in 2010. (all imo).

I am glad to say that the Saudis clearly do not agree with SG (or FT), for otherwise they would not now be gearing up for what looks like some pretty aggressive well-development during 2010.

that said, this stock gives dogs a bad name

HARRYCAT
Oil $82 for Goo's current production which is much better.
Update soon on Peru perhaps?.

news needs to be good......and oil price is being banded round to rise to $100 p.b this year....so see where we are then......been collecting at this low price.....should pay off at some point

The company mention 1,500bpd at Burdine alone. So with oil on the up this is good news for revenue.

also due some seismic results

Hi Lizard,

You mentioned
"The company mention 1,500bpd at Burdine alone.". Is that an actual/estimate? When might it happen?