Business
Acquisition of Interest
Acquisition of Interest.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n Gold Oil PLC\n09 March 2006\n\n\nFOR IMMEDIATE RELEASE 8th March 2006\n\n\n\n GOLD OIL ACQUIRES A 40% WORKING INTEREST IN THE NANCY-BOURDINE-MAXINE OIL AND\n GAS FIELDS IN COLOMBIA\n\nGold Oil Plc ('Gold') is pleased to announce that it has acquired a significant\ninterest in the Nancy-Bourdine-Maxine (NBM) Oil Fields in the South West of\nColombia. The fields were discovered by Texaco and put on production at 1,400\nbopd in 1975 to 1995 when they were abandoned for economic reasons. At the time\nof abandonment the Nancy 1 well was producing at 200 bopd with no water. The\nLicence is held by Union Temporal that is made up of a group of small sized\nlocal oil and service companies and individuals led by ex-oil personnel from\ncompanies such as BP, Oxy and Schlumberger, all of whom have extensive\nexperience in Colombia and the NBM Oil Fields. The transaction, which is subject\nto the approval of Ecopetrol, will make Gold the largest partner with a 40%\ninterest.\n\nThe current plan is to re-enter the Nancy 1 well and recommence production by\nuse of a jet pump from the existing zones and also to perforate zones previously\nignored. The workover rig is currently being contracted to commence operations\nin the next few months.\n\nThe consideration is $330,000 with an increased share of production for Gold\nuntil payback when a contribution to back costs is made. Gold has to pay its\nshare of the re-entry costs estimated at $220,000.\n\nGary Moore, Managing Director of Gold, said 'We have been looking at Colombia\nfor some time and we like the many oil and gas opportunities there. We decided\nthat NBM was an ideal low cost entry into a new country with an experienced and\nvery low cost operator where we have every possibility for early cash flow and\nexploration upside'.\n\n\nEnquiries\n\n Gary Moore Managing Director; Tel: 01737833597\n Email: [email protected]\n Mike Burchell Chairman; Tel: 01372361772\n Email: [email protected]\n Roland Cornish Beaumont Cornish Limited; Tel: 020 7628 3396\n\n\n\nNOTE TO EDITORS\n\nThe Colombian Acreage\n\nThe NBM area lies in the South West of Colombia in forested jungle some 100 km\nfrom the Ecuador and Peruvian borders. The area is surrounded by many producing\noil fields and some access roads need to be repaired before the rig can locate\nto the site. The target reservoirs are at...