Business
Acquisition and Operational Updates
Acquisition and Operational Updates.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \n\n\n\nFor Immediate Release\n 18th August 2008\n GOLD OIL plc\n (\"Gold\" or \"the Company\")\n Acquisition Update\nGold Oil plc (the \"Company\") announces that it called the Option\nAgreement, announced on 8 July 2008 and extended on 3 August 2008,\nfor the purchase of Inversiones Petroleras de Colombia S.A.\n('Invepetrol') for a total consideration of $4 million. Accordingly,\nthe Company has entered into a Share Purchase Agreement with an\ninitial payment of $1 million, with the balance payable at a later\ndate.\nInvepetrol owns an 18.05% participating interest in the Union\nTemporal II & B that is the Operator and Licence holder of the Nancy,\nBurdine and Maxine oil fields in the Putumayo Basin in Southern\nColombia. The Company already owns a 40% interest in Union Temporal\nand this will take the Company's total interest to 58.05% (27.29% of\nnet production.).\nAt an Operating Committe meeting by the members of the Union Temporal\nin Bogota on the 14 August 2008, it was agreed that the existing\nProject Manger for the Union Temporal would retire and be replaced by\nInvepetrol. A hand over period of operations will take place when\npracticable and agreed between the outgoing Project Manager and the\nincoming Project Manager.\n Operational Update\nSan Alberto XXI-2, onshore Peru at 14.30 hrs on 17 August reached\nplanned Total Depth (TD) feet of 5,200 feet without any incidents or\ndifficulties to date and is now preparing to log the open-hole\nsection of the well. After logging, the open-hole section of the hole\nwill be isolated with a temporary packer. The upper Verdun sands,\nthat were logged previously, will be perforated and tested.\nDepending on the results of the logs that were run when at TD, 7 inch\ncasing will be run and cemented at TD to allow testing of the\nPalaeozoic section of the well.\n\nThe technical information contained in this announcement has been\nreviewed and approved by Mike Burchell, B.Sc., member of the SPE and\nwith over 45 years experience in the oil and gas industry.\n\nFor further information, please contact:\nMichael Burchell, Chairman 01372 361 772\nRoland Cornish, Beaumont Cornish Limited 020 7628 3396\nJerry Keen, Blue Oar Securities 020 7448 4492\nJonathan Charles, Conduit PR 020 7429 6611\n\n---END OF MESSAGE---\n\n\n\n\n\n\n\n\n \n ","length":2523,"tagName":"div"}]