Business
Operations in Northern Peru
Operations in Northern Peru.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n Gold Oil PLC\n13 January 2006\n\n\nFOR IMMEDIATE RELEASE January 13, 2006\n\n\n GOLD OIL PLC ('GOLD OIL' OR 'THE COMPANY')\n\n GOLD OIL QUALIFIES AS OPERATOR AND SIGNS AN EXPLORATION AND PRODUCTION LICENCE\n FOR BLOCK XXI, NORTHWESTERN PERU\n\n\nOPERATIONS IN NORTHERN PERU\n\nGold Oil, the London-based oil exploration company focused on the South American\nand Caribbean region, announces that in late December 2005, the Company received\nan Operator Certificate from PeruPetro that allows the Company to carry out\nseismic, drilling and development operations in Northwest Peru.\n\nThe Promotion Licence signed with PeruPetro on October 15, 2004 with PeruPetro\nfor Block XI (now renamed Block XXI) onshore Sechura Basin has been converted to\nan Exploration and Production Licence. The Licence now goes to the Ministry of\nEnergy and Mines for approval which could be forthcoming anytime between\nFebruary and May of this year.\n\nThe terms of the E&P Licence commit the Company to either shoot 120 km of 2D\nseismic or drill a well in the first period of five over a seven year term. The\nremaining four periods require the Company to either drill a well or drop the\nacreage. The Licence is for a term of 30 years for oil and 40 years for gas,\nwith a minimum royalty of 5% on wellhead production for the first 5000bopd (30\nMMscfd for gas) rising to 20% if and when production reaches 100,000 bopd (600\nMMscfd for gas).\n\nCommenting on today's announcement, Gary Moore, Managing Director of Gold Oil,\nstated: 'The qualification as operator and signing of the E&P Licence are major\nsteps forward for the Company. We are now actively sourcing equipment to be\nready to drill up the Block as soon as the approval by the Ministry of Energy\nand Mines is obtained. We already have the well locations identified and the\nenvironmental Impact Assessment completed and expect to sign the drilling\nmanagement contract shortly with a local Peruvian contractor'.\n\nENQUIRIES:\n\nGary Moore Managing Director\n Tel: +44 (0)1737 833597\n Email: [email protected]\n\nMike Burchell Chairman\n Tel: +44 (0)1372 361772\n Email: [email protected]\n\nRoland Cornish Beaumont Cornish Limited\n Tel: +44 (0)20 7628 3396.\n\nNOTE TO EDITORS\n\nThe Acreage\n\nThe area of Block XXI is equivalent to just less than 14 UK North Sea blocks.\nThe target reservoi...