Business
Update, Directors' Dealings
Update, Directors' Dealings.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n Gold Oil PLC\n05 October 2006\n\n\nFor Immediate Release 5th October 2006\n\n\n Gold Oil plc ('Gold or the Company') announces an update of their Peruvian and\n Colombian Operations and Director's dealings\n\n\nPERUVIAN OPERATIONS\n\n\nThe Company is pleased to announce that it has signed a contract with a local\nDrilling Contractor (Petex) for the testing of the San Alberto 1X exploration\nwell on Block XXI, onshore Sechura Basin in North West Peru. Depending upon the\ntime it takes to complete its current assignment in the Peruvian jungle, the rig\nshould be rigged up and ready for operations by late October or early November.\n\n\nAll documentation necessary for the Company and Plectrum Plc (our partner) in\nZ34 that are necessary to get board approval from Perupetro is now in place. It\nis most likely that approval should be obtained before the end of October. The\nnext step in the process is the approval of the Ministry of Energy and Mines\nwhich can take anything up to four months. We have expressed our concerns with\nthe authorities that any slippage with the approvals would have an adverse\nimpact on the plans to bring in a seismic vessel into Peruvian waters jointly\nwith other offshore operators in 2007.\n\n\nCOLOMBIAN OPERATIONS\n\n\nThe Nancy well has now stabilized further at a flow rate of 714 bbls per day\nwith a 4% BS&W (685 bopd). The BS&W is well completion fluid and should all be\nremoved by the weekend and an encouraging stable flow rate of 550 bopd is\nexpected once all the gas handling equipment has been completed and is\noperational.\n\nAlthough the operator has suffered many difficulties in completing the Nancy 1\nworkover in a difficult part of the country, the consortium is sufficiently\nconfident to commence a multi-well work over on the Bourdine 1, 4 and 5 wells.\nAt present the plan is to only perforate the previously perforated and produced\nhydrocarbon zones (same as Nancy 1) before attempting to perforate virgin\nhydrocarbon zones.\n\nThe technical information contained in this announcement has been reviewed and\napproved by Mike Burchell, B.Sc., 66, member of the SPE and with over 44 years\nexperience in the oil and gas business.\n\n\nDIRECTOR'S DEALINGS\n\n\nThe Board announces that Michael Norman Burchell, Director, today exercised\n575,000 directors' warrants to subscribe for 575,00...