Business
Annual report & accounts
Annual report & accounts.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \n\n\n\nFOR IMMEDIATE RELEASE\n 31 October 2008\n\n GOLD OIL (\"Gold Oil\" or the \"Company\")\n REPORT AND ACCOUNTS\n FINAL RESULTS FOR THE YEAR ENDED 30 APRIL 2008\n\nThe Company is pleased to announce the publication of its Annual\nReport for the year ended 30 April 2008. The full report will be\nposted on the Company's website (www.goldoilplc.com) later today and\nthe printed report will be mailed to shareholders today.\n\nIn addition the Company has posted the Notice of Annual General\nMeeting to be held at Finsgate, 5-7 Cranwood Street, London EC1V 9EE\non 26 November 2008 at 11.00 a.m.\n\nExtracts of the Annual Report are set out below along with the Notice\nof AGM:\n\n1. HIGHLIGHTS\n\n2007 and 2008 have been a period of frustration on the physical\noperations side of the business but with very good results on the\ndeal side of the business. The increase in activity brought about by\nhigher oil prices in Perú and Colombia without a concomitant increase\nof staff in the states' environmental departments has led to\nextensive delays in the Company's activities in both countries\n* DNME and Gravimetric surveys were acquired on Block XXI to\n define the follow up well, SA-2X. The well reached its planned\n total depth of 5,200 feet on 18 August 2008. The Verdun and\n Palaeozoic were perforated and tested but there were no producible\n hydrocarbons from either\n* On 9 October 2008 the company acquired the whole of Plectrum\n Petroleum Limited from Cairn Energy plc. Cairn paid the Company\n $1.5 million with the Company now owning 100% of Z34. The\n Environmental Approval for Z34 was obtained in August 2008 and\n 2,000 kms of 2D seismic will be acquired before the deadline of May\n 2009. Interest in the area has increased with PetroTech announcing\n a gas discovery immediately to the south of Z34 and Shell farming\n into BPZ's block to the north of Z34\n* On 15 August 2008. The Company acquired the 18.05% working\n interest of Inversiones Petroleras in the Nancy-Burdine-Maxine\n fields to give a total interest to the Company of 58.5% for a total\n consideration of $4 million. Inversiones Petroleras was appointed\n Operator of the Group: now Gold\n* On 11 April 2008. The Company disposed of its remaining\n 11.25% interest in the onshore Ayoluengo oil field in Northern\n Spain to LeniGas & Oil plc for ¤315,211\n* The Compa...