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

RNS Number : 8220C
Gold Oil PLC
08 May 2012



For Immediate Release
8 May 2012


GOLD OIL PLC



("Gold Oil" or the "Company")



Peru Block Z34 - Farm Out Update





Gold Oil, the AIM-listed oil and gas exploration and production company, (AIM: GOO), with a primary focus on opportunities in Latin America, is pleased to provide the following update to its plans to seek a farm out partner(s), for its interest in Block Z34, offshore Peru.

Gold Oil has received expressions of interest from a number of potential farminees following the planned date for receiving bids for acquiring equity in the block. The Company will now progress discussions with interested parties with a view to firming up proposals and deciding on the next steps

For further information on the Company, visit www.goldoilplc.com or contact:

Gold Oil Plc:



Richard Mew - CEO
Tel: +44 (0) 203 427 5089






Seymour Pierce Ltd (Nomad and Joint Broker):



Jonathan Wright / Stewart Dickson (Corporate Finance)
Tel: +44 (0) 20 7107 8000

Richard Redmayne / David Banks (Corporate Broking)








FirstEnergy Capital LLP (Joint Broker):



Hugh Sanderson / Travis Inlow
Tel: + 44 (0) 20 7448 0200






Buchanan (Financial PR)



Tim Thompson/Ben Romney/Helen Chan
Tel: +44 (0) 20 7466 5000









This information is provided by RNS
The company news service from the London Stock Exchange

the lemmings now all abandon ship .... clearly many misread farm-out as buyout .... the rocket and stick syndrome prevalent with this stock strikes yet again

AGREE!!!!! I thought a FarmOut was a neutral position. Why the selling, it seems rather overdone. Maybe a buying oportunity.

why a buying opportunity? ..... misguided lemmings clearly fooled themselves into thinking a t/o was imminent .... this is and always has been rubbish company so no reason to buy especially in the current market climate

Cynic

I take your point but I am confused. If what you say is true why has Iraj Parvizi continued increasing his shareholding. Also why has he sold out and now Mrs Parvizi holds the shares.

i have no idea, but i do know he is a very wealthy professional poker player and held these shares for a number of years ..... i dare say switching the shares to his wife's name is a tax move of some kind

For Immediate Release
16 May 2012






GOLD OIL PLC



("Gold Oil" or the "Company")



Colombia: Spud of La Vega Este -1 well in the Azar Block





Gold Oil, the AIM-listed oil and gas exploration and production company, (AIM: GOO), with a primary focus on opportunities in Latin America, is pleased to announce the following update regarding its operations in Colombia.

Gran Tierra Energy, the operator of the Azar Block located in the Putumayo Basin, Colombia has informed Gold Oil that the drilling of the La Vega Este -1 well on the block has commenced with the well spudded on 14th May. The La Vega Este -1 well will be drilled to a depth of 11,485 feet (Measured Depth) and will target primarily the Villeta formation with the Caballos as a secondary objective. Gold Oil is currently producing from the Villeta formation in its Nancy Burdine fields. The operator believes the well has a 34% chance of finding oil and could flow at initial rates of between 1,500 and 2,000 bopd if all objectives are oil bearing (300 to 400 bopd net to Gold Oil before royalty payments).

The well is expected to take 35 days to drill. If during drilling the well indicates oil potential it is intended that the well will be completed and tested using a less expensive work over rig.

Gold Oil has a 20% interest in the block (subject to ANH approval) and under a prior commercial agreement will only contribute 10% to the costs of the well.



For further information on the Company, visit www.goldoilplc.com or contact:

Gold Oil Plc:

Richard Mew - CEO Tel: +44 (0) 20 3427 5089



Seymour Pierce Ltd (Nomad and Joint Broker):

Jonathan Wright / Stewart Dickson (Corporate Finance) Tel: +44 (0) 20 7107 8000

Richard Redmayne / David Banks (Corporate Broking)



FirstEnergy Capital LLP (Joint Broker):

Hugh Sanderson / Travis Inlow Tel: + 44 (0) 20 7448 0200



Buchanan (Financial PR):

Tim Thompson/Ben Romney/Helen Chan Tel: + 44 (0) 20 7466 5000

Broker Note taken form another site.

Gold Oil 3,5 (BUY) - Spud of La Vega Este -1 well
GOO.L (5p, Target price 8p), Market cap £45m

Gold Oil has announced that its partner Gran Tierra Energy has spudded the La Vega Este -1 well on the Azar Block in Colombia. The well will be drilled to a depth of 11,485ft and will target primarily the Villeta formation with the Caballos as a secondary objective.
Gold has a 20% interest in the Block with Gran Tierra estimating a 34% CoS of finding oil, which they believe could flow at initial rates of between 1,500 and 2,000bopd if all objectives are oil bearing (300 - 400bopd net to Gold before royalty payments). This is further supported by the fact that Gold is currently producing from the Villeta formation at its NBM field.
This is encouraging news for Gold as they look to build further production from their Colombian acreage. The company’s share price has drifted somewhat from the highs of last week as negotiations continue on the potential farm down of Block Z34 in Peru. We feel a resolution to this issue will be the key share price driver in the near term. We reiterate our BUY and 8p target price.

Gold Oil (LON:GOO) surged 42% to 5.82p during afternoon trading on huge volume as the market looks to be positioning itself prior to the farm out update on the Z34 block in Peru. It would appear the market is expecting an update imminently by the way they chased this one higher today

perhaps consider seriously selling on or before the news

Gold Oil Looks To Have Struck It Big In Peru At Block Z34

Colombia and Peru focused Gold Oil has enjoyed a strong start to the year on the back of some good figures in the Competent Persons Report (CPR) on Block Z34, offshore Peru. The company’s share price has been a major benefactor of this news, almost trebling from its 2.5p level at the turn of the year, before falling back to its current level above 5p. Elsewhere in the portfolio, consistent production continues in Colombia, and with drilling of a new well nearby soon to commence, Gold Oil will hope to add to this output shortly.

As was flagged in our last Gold Oil article in February with regards to Block Z34, the shooting of 3D seismic and subsequent CPR thereon would prompt the tendering for farm-in partners to assist with the natural successor to this work – drilling. This tender process formally started in early February with the opening of a data room, and given the substantial amount of interest received, the bid deadline was extended to early May. An announcement on May 8 confirmed that the company had received a number of expressions of interest on the potential farm in to Block Z34, and discussions will now be sought with the interested parties to flesh out any firm proposals before deciding on the next steps. Given the financial and operational requirements of the licence, interest has favoured ‘significant’ oil and gas companies. The strong technical element to expected operations has also favoured these particular suitors, but will also extend the requisite due diligence, and thus the time period to finalise a partner/partners for a 50-70 per cent stake.

Such interest is the culmination of 10 months worth of work which commenced in July and August last year with the acquisition of 808 square kilometres of 3D seismic in two areas of Block Z34. CGGVeritas completed processing of the data before year end and its interpretation and independent assessment was handled by DeGolyer and MacNaughton (D&M) who, after identifying twelve key prospects, produced the CPR. The CPR was limited to these twelve key prospects, but even so, estimated a combined mean prospective resource of 2.02 billion barrels of oil with a mean potential net present value (NPV) of US$2.6 billion. These figures were surrounded by low, best and high resource estimates of 1.3 billion barrels (US$1.8 billion NPV), 1.9 billion barrels (US$2.5 billion NPV) and 2.8 billion barrels (US$3.5 billion NPV) respectively, in addition to a risked mean prospective resource of 414 million barrels of oil (no NPV calculated). Each of the twelve key prospects was allocated a geological chance of success by D&M which ranged in value from 16.2 per cent to 32.4 per cent.

As if the figures mentioned in D&M’s CPR weren’t enough, there is further potential within Block Z34 with those prospects identified by the recent 3D data, but not included as one of the ‘key twelve’ and thus excluded from the CPR, providing future investigative value. In addition, numerous other leads identified by Gold Oil from earlier 2D seismic data exist but now find themselves in the unfortunate position of descending the priority list.

While the company’s Peruvian licences were acquired for their high impact exploration value, the objective of the Colombian licences was always to provide a stable production and development platform for the AIM junior. This strategy still holds as Gold Oil enjoys production from the Villetta formation on its 58.05 per cent held Nancy Burdine field. Gross production fluctuates between 550 and 600 bopd, which after royalties and taxes sees the company’s net take home production reduced to about 27 per cent, or c.150 bopd; while receiving a price based on the more favourable Brent.

Targeting the same Villetta formation, as well as the deeper Caballos, is the La Vega Este-1 well which spudded on May 14 on the company’s 20 per cent owned Azar Block. Azar is located in the same Putumayo Basin as Nancy, and operator Gran Tierra Energy believes the well will take 35 days to drill to a measured depth of 11,485 feet, plus extra for testing and completion. Gran Tierra has estimated that there is a 34 per cent chance of finding oil capable of initially producing 1,500 – 2,000 bopd (300-400 bopd net to Gold Oil before royalties), and if successful, will be completed and tested using a cheaper work over rig.

With so much other activity, Block XXI onshore Peru, has been relegated to a footnote. However, with the Brazilian mining giant Vale on board as a 70 per cent earn in partner, Gold Oil already has the ‘significant’ partner as required elsewhere in Peru, and this all before the shooting of seismic. Some licences have all the luck!

no wonder all you pure collectors have been keeping quiet ..... have just read that fascinating article in yesterday's telegraph about the singularly savoury MrP and other internal shenanigans

the rocket and stick allusion has been most apposite

Gold Oil has confirmed that drilling operations on the Azar block in Colombia's Putumayo Basin are likely to continue for another 2-3 weeks following delays.

Gold Oil said it had been informed by the operator, Gran Tierra Energy, that delays had been incurred during the he drilling of the La Vega Este -1 well on the block.

Gold Oil said the the farm-out process of the Z34 block in Peru is continuing with a number of international operators.

Gold Oil says it hopes to be in a position to provide a more detailed update during the next two months.

Shares drop but do recover a little.

Cynic

Please share those savoury snippets.

i don't keep newspapers for much more than a day - surprise surprise

Has anyone got any idea why the SP has crashed?

because MrP etc smell like week-old fish ..... try reading the papers occasionally

That’s not a crash that’s a correction the crash may be yet to come.

Here is an interesting article.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7511905/Aria-Capitals-Iraj-Parvizi-implicated-in-FSA-insider-dealing-investigation.html

Result of AGM and Suspension of Trading

http://www.moneyam.com/action/news/showArticle?id=4398963