Business
Exploration Contract approval
Exploration Contract approval.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n Gold Oil PLC\n15 February 2007\n\n\n\n\n\n PRESS RELEASE\n\n For immediate release: 15 February 2007\n\n\n Gold Oil plc ('Gold', or 'The Company')\n\n\n Gold and Plectrum receive approval from the Ministry of Energy and Mines for\n exploration contract offshore Peru\n\n\nGold is delighted to announce that it has received approval from the Peruvian\nMinistry of Energy and Mines for an Exploration and Exploitation Contract\ncovering Block Z-34, Offshore Peru, in conjunction with its Aim-listed joint\nventure partner Plectrum Petroleum Plc.\n\n\nGold obtained a Promotional Licence from Perupetro for Block Z34 in February\n2005 and after some G&G work decided to apply for an Exploration and\nExploitation Licence with an industry partner. Under the terms of the agreement\nwith Plectrum Petroleum Plc, Gold is the Operator with a 50% interest and is\ncarried through the first phase of the work programme worth an estimated $1-1.5\nMillion to Gold.\n\nPerupetro approved the 30 year contract on 6 December 2006 and now the supreme\ndecree from Peru's Minister of Energy and Mines has been gazetted on February 14\n2007. The supreme decree means that the licence is now approved by the Peru\nGovernment and it only remains for Gold and Plectrum to sign the licence which\nwill be in a few weeks time.\n\n\nThe technical information contained in this announcement has been reviewed and\napproved by the Chairman of the board, Michael Burchell, B.Sc., 66, member of\nthe SPE and with over 44 years experience in the oil and gas business.\n\n\nGary Moore, Gold's Managing Director, said:\n\n'We are delighted to have secured this block at this time, particularly when so\nmany other companies have shown an interest in it and when the majority of other\ninteresting blocks in Peru have been put out to bid by Perupetro.'\n\n\nFor further information, please contact:\n\nEnquiries:\n\nGary Moore Managing Director Tel: +44 (0)1737833597\nEmail: [email protected]\n\n\nMike Burchell Chairman Tel. +44 (0) 1372361772\nEmail: [email protected]\n\n\nRoland Cornish Beaumont Cornish Limited Tel: 020 7628 3396.\n\n\nNotes to editors:\n\n\nBlock Z-34 sits in the prolific Talara Basin which has produced to date in\nexcess of 1.7 billion barrels of oil and 340 billion cubic feet of gas. The\n3,713 km(2) block (equivalent to 14 North Sea Blocks) sits adjace...