Business
Half-yearly report
Half-yearly report.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \n\n\n\n\n31 January 2011\n\nGOLD OIL plc\n(\"Gold Oil\", \"Gold\" or \"the Company\")\n\nUnaudited Interim Financial Information\nfor the period 1 May 2010 to 31 October 2010\n\nGold Oil the AIM-listed oil and gas exploration and production company primarily\nfocused on opportunities in Latin America announces its unaudited interim\nfinancial information results for the six months ended 31 October 2010.\n\nHighlights\n\n * Secured additional funding through the injection of £1.1 million by Sheer\n Energy Pty Ltd with a further funding of £1.0 million provided on 30\n November 2010. Total funding provided by Sheer to date is £4.07m.\n * Appointed a new management team and Board, and agreed service agreements\n with Australian Drilling Associates and Sheer Energy to provide technical\n resources;\n * The successful farm out of Block XXI in Peru and the Rosa Blanca Block in\n Colombia;\n * Commenced workover operations on three Burdine wells;\n * Continued discussions with third parties regarding the farmout of Block Z34\n in Peru.\n * Loss on Ordinary Activities After Tax £806k (2009 Profit : £62k)\n * Loss Per Share 0.14p (2009 profit 0.01p)\n\nChairman's Comments\n\nDuring the period under review the Company underwent significant change;\nadditional investment funds were secured through Sheer Energy, a new management\nteam was engaged and the Board was significantly enhanced. I believe that this\nhas provided a sound basis for moving the Company forward and to expand its\ncurrent operations.\n\nThe Company's strategy is focused in the short term on getting the current asset\nbase in good order and then utilising the knowledge and experience the company\nnow has to build a profitable oil and gas business. The Company intends to\nfocus initially on Peru and Colombia and build its presence in those areas, but\ndoes not exclude expanding into new areas (such as the Caribbean) as\nopportunities present themselves.\n\nAs part of this strategy the Company will seek new partners for its exploration\nassets and look to expand its exposure to development opportunities and\nproducing assets through acquisition and licence award.\n\nChief Executive's Statement\n\nIntroduction:\n\nThe Company has made considerable progress over the last six months across all\nits assets in both Colombia and ...