Business
Joint Venture Agreement
Joint Venture Agreement.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n Gold Oil PLC\n08 May 2006\n\n\n\n\n\n\nFOR IMMEDIATE RELEASE 8 May 2006\n\n\n\n GOLD OIL PLC\n\n ('Gold', or 'the Company')\n\n\n Gold signs Joint Venture Agreement with Plectrum Petroleum Plc for Block Z34\n Offshore Peru\n\n\nGold is pleased to announce that it has agreed to form a joint venture with AIM\nlisted Plectrum Petroleum Plc in Block Z34, offshore Peru. The two companies\nhave jointly given notice to the authorities to convert Gold's existing\nPromotion Agreement into a 30 year Exploration & Exploitation Contract. Under\nthe terms of the joint venture Gold will have a 50% carried interest through the\ninitial seismic phase of the work programme.\n\n\nBlock Z34 sits in the prolific Talara Basin which has produced to date in excess\nof 1.7 billion barrels of oil and 340 billion cubic feet of gas(1). The 3713 km\n(2) block (equivalent to 14 North Sea Blocks) sits adjacent to existing\nproducing concessions in water depths of 100-3000m, yet has a sparse existing\ndata set of just 500km 2D seismic and no wells. The initial work programme will\nbe to acquire a conventional modern seismic grid and enhance these data with MMT\nand Electro Magnetic studies.\n\n\nFinal completion of the transaction is subject to the qualification of both\ncompanies as approved contractors and the negotiation with and approval of the\nExploration Contract terms by the Peruvian authorities.\n\n\nGary Moore, Gold's Chief Executive, commented: 'We have been looking for a\npartner who could bring some state of the art expertise to the table and we\nbelieve Plectrum fits the bill perfectly and look forward to working with them.\nFor a small company such as Gold we can either buy in the expertise in a very\nsparse market or bring in a partner who already processes such skills and can\nshare the workload. We chose the latter. '\n\n\n\nFor further information, please contact:\n\n\n\nGary Moore Managing Director; Tel: 01737833597\n Email: [email protected]\nMike Burchell Chairman; Tel: 01372361772\n Email: [email protected]\nRoland Cornish Beaumont Cornish Limited; Tel: 020 7628 3396\n\n\n\nNote 1: Higley D (2004), The Talara Basin Province of Northwestern Peru:\nCretaceous-TertiaryTotal Petroleum System: U.S. Dept. of the Interior, U.S.\nGeological Survey Bulletin 2206-A\n\n\n\n This information is provided by RNS\n The company news s...