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, exploration companies are a too risky investment unless you can afford to lose all your original investment imo, although they offer huge upside if they can pull it off. Still a long way to go though to get the revenues that will underpin the share price, fund exploration and bring on line any discoveries. Until then shareholders are wide open to further fund raising at discounts to the share price.
I have pulled out my original investment and will let the rest run pending further news.
My policy is to spread my bets and look for companies that have revenues or are about to generate or grow revenues such as Sterling, Gulfsands, Europa and perhaps Black rock. I hold all of these as well as the mid caps such as Burren, Dana, Soco and Premier oil. There have to be some winners here, as long as the oil price holds, and I shouldn't lose my shirt.
I tend to buy on the dips, and not afraid to sell some if the share price rises quickly.
I'm also increasing exposure to the oil service companies as a less risky way to ride the exploration boom, which will continue for some time imo. DYOR

jb- try reading the link to s times today.

thankyou to canary and lizards for your recent posts to me, I have taken note of canaries comments, and I have had a read of the artice in the sunday times which I found very interesting. lets see what today brings. and hope the oil budges lizard.

urgent news just come out

oops

Slight hitch by the looks of it.

what a drop today
i am very happy sold my 20000shares at 13
it allways pays taking profit at parabolic moves before the crowd

no oil company has a smooth run look at bp recently. keep the faith. could yet be a decent outcome on XXI. NBM Z34 Brazil etc im holding on.

I have just sold all mine at .8 and a half pence taken a massive loss again just panicked they dropped 5.5p in seconds. I nearly sold this morning at .145p what a mistake.

I don't have the technical knowledge to decipher the RNS but it appears that there is oil down there and as Driver states, a small hitch, I think. Would welcome any views from the more technically minded. Fortunately I was sat in front of the screen when the RNS came out so have sold the remainder of my holding prior to the sell off, although not quite quick enough.

If my interpretation is correct, there will be a bounce soon enough, once all the herd have done their thing and someone has had time to work out what is going on, assuming there is oil.

pth

pth

Bounce, some buying already ! seems to have settled down abit now ! but know what you meen about the RNS ?????????

possibly gas?.

Sorry to hear about your loss Janet.

To rub salt in your wounds the price seems to be on the bounce. I nearly panicked on my small holding. Might buy more to lower my average sp.
Still a good investment IMO

I dont see anything mentioned not finding oil!!! what over reaction man!!
pain in de a***

Anyone got a link to the RNS please?

Sold some then bought back in I now have more shares, it looks like a small delay they also have other fish to report on all will be coming up over the months ahead.

HARRYCAT

http://moneyam.uk-wire.com/cgi-bin/articles/200609041039314201I.html

Thanks driver.

On the news page Harry.

Same as you Driver, got more shares than I started with, a bit annoyed I missed the top when the RNS came out and didnt pick today's low (thus far) either.

GOO are not a one trick pony and are still a good punt whatever the outcome of this water business. Amazing to watch the herd scrambling though, both up and down.

pth

a double bottom test at 8.5p is needed
buy signal short term