Business
Peru Farm-Out Block Z-34
Peru Farm-Out Block Z-34.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5315D Gold Oil PLC 30 April 2013 \n \n\n30 April 2013 \nGOLD OIL plc\n(\"Gold Oil\" or \"the Company\")\nPeru Farm-Out Block Z-34\n \nGold Oil, the AIM-listed oil and gas exploration and production company, is pleased to announce that it has farmed out 80% of its interest in the block Z-34, offshore Peru, to Union Oil & Gas Group Corp (\"Union Oil & Gas\"). Gold Oil will be carried in the 3 remaining Exploration phases and keep a 20% interest.\nGold Oil will receive a total of $6 million for the Farm-out of which it will receive $4 million by selling Plectrum Petroleum Limited. Plectrum is 100% owned by Gold Oil and has a 50% participation in Block Z-34. Gold Oil will receive the remaining $2 million when Union Oil & Gas has been qualified by Perupetro for the additional 30% participation interest in Z-34.\nUnion Oil & Gas invests in oil & gas exploration and production in Latin America, with a focus on Colombia, Paraguay, Peru and Uruguay. It is a portfolio company of Union Group, a privately owned firm which holds significant strategic interests in businesses spanning the agriculture, energy, forestry, infrastructure, minerals, oil & gas and real estate sectors in Latin America.\nSince inception in 2007, Union Group has focused on high growth Latin American economies characterised by under-developed natural resources and infrastructure sectors, a stable political environment and robust economic regulation.\nLed by its founder and president, Juan Sartori, companies under Union Group's umbrella have an estimated combined value of approximately $1 billion. In 2013, leading Canadian investment house, Dundee Corporation, acquired a minority stake in The Group.\nCommenting on the update, Chief Executive Officer Rudolph Berends said, \"I am pleased to be able to announce this agreement with Union Oil & Gas concerning our Block Z34 offshore northwest Peru\".\n \nAn independent Competent Person's Report (\"CPR\") from DeGolyer and MacNaughton ('D&M\"), prepared in March 2012, provides new volume and valuation estimates for twelve prospects identified by Gold Oil on the block. The mean prospective resources certified by D&M total a combined 2.02 billion barrels of oil with a mean potential net present value of US$ 2.6 billion, as detailed in the...