Gold Oil PLC
22 June 2007
FOR IMMEDIATE RELEASE 22 JUNE 2007
GOLD OIL PLC
('Gold', or 'the Company')
Gold Oil secures Operator Status in the Republic of Cuba
The board of directors of Gold Oil Plc ('Gold'), the AIM listed oil and gas
exploration and development company is pleased to announce that the Company has
secured qualification from Oficina Nacional de Recursos Minerales de Republica
de Cuba ('ONRM'), the Cuban National Office of Mineral Resources, to act as
operator for oil and gas exploration both onshore and in the territorial waters
offshore Cuba up to a water depth of 100 metres. This qualification represents
the successful completion of phase 1 of the Company's strategy, being developed
in conjunction with Gold's strategic partner, Minmet plc ('Minmet') for a number
of Central and South American countries (the 'Territories'). Minmet is an Irish
registered natural resource company whose shares are traded on AIM and on
Dublin's IEX.
Following the securing of the required qualification from ONRM, Gold has
commenced negotiations with Cubapetroleo (Cupet), the state oil company of Cuba,
for a Production Sharing Contract ('PSC') over a number of targeted blocks which
have been identified by Gold and Minmet.
Under the terms of agreements finalized between Gold and Minmet in February
2007, Gold is contracted to act as technical operator on behalf of Minmet, as
the investor, in potential oil and gas properties in the Territories.
Gold holds a 24.67 percent interest in Minmet through a share placing and a
share exchange. Minmet is well financed and debt free following a
rationalization and monetization of its mineral portfolio over the past 18
months and has earmarked significant working capital for investment in the
Territories dependant upon securing prospective acreage and favourable PSC
terms.
Gary Moore, Gold's Chief Executive, commented: 'This is a very important step
for the Gold/Minmet strategic partnership as securing qualification as an
operator is a significant milestone towards achieving a PSC in the highly
prospective Cuban oil and gas fields. It is getting increasingly difficult for
smaller sized oil and gas players to qualify for operatorship for any oil and
gas exploration and development projects and this achievement gives both Gold
and Minmet a considerable advantage in securing identified highly prospective
acreage'.
The technical information contained in this announcement has been reviewed and
approved by Michael Burchell, BSc, 66, member of the SPE and with over 44 years
experience in the oil and gas business.
For further information, please contact:
Gary Moore Managing Director; Tel: 01737833597
Email: gmoore@goldoilplc.com
Mike Burchell Chairman; Tel: 01372361772
Email: mikeburchell@hotmail.com
Roland Cornish Beaumont Cornish Limited; Tel: 020 7628 3396
This information is provided by RNS
The company news service from the London Stock Exchange
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