Business
Update on Blocks
Update on Blocks.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n Gold Oil PLC\n12 July 2006\n\n\nFOR IMMEDIATE RELEASE 12 July 2006\n\n\n\n\n\n GOLD OIL PLC\n\n ('Gold' or the 'Company ')\n\n\n Gold invited to enter final negotiations for an Exploration & Exploitation\n Contract covering Block Z-34, Offshore Peru\n\n and\n\n Gold has spudded its Block XXI San Alberto 1 exploration well\n\n\nBlock Z34\n\n\nGold is pleased to announce that the Company has been qualified by Perupetro as\nan Offshore Operator and Contractor. With its AIM listed joint venture partner,\nPlectrum Plc ('Plectrum'), we have been invited by Perupetro to start exclusive\nnegotiations with them to finalise the details of an Exploration Licence\ncovering Block Z-34, offshore Peru. It is expected that the contract will be\nsigned and approved by Perupetro within weeks, with formal approval by the\nMinister of Energy and Mines sometime later.\n\n\nOn 8 May 2006 Plectrum announced that it had agreed to form a joint venture with\nGold in respect of Block Z-34, jointly giving notice to convert Gold's existing\nPromotion Agreement into a 30 year Exploration & Exploitation Licence. Final\ncompletion of the transaction was subject to the qualification of both companies\nas approved contractors and the negotiation and approval of the Exploration\nLicence terms by the Peruvian authorities.\n\n\nBlock XXI\n\n\nGold is pleased to announce that on the 10 July 2006 it spudded the San\nAlberto-1X exploration well on Block XXI, onshore Sechura Basin in North West\nPeru. The well is the first on the Block and is targeting both gas at less than\n3,500 feet in the Verdun reservoir, producing gas in the nearby La Casita field,\nand oil in the deeper Palaeozoic that is producing oil in the San Pedro oil\nfield. Total depth pf 6,500 feet is expected to be reached in some three weeks.\n\n\nGary Moore, Gold's Managing Director, commented:\n\n\n'This is excellent news for Gold in our new joint venture with Plectrum. I look\nforward to speedy negotiation of the contract terms so that we can become\noperationally active as soon as possible and commence exploration activity on\nBlock Z34. It is also very important to Gold that exploration drilling has\nstarted in such a short time since the Licence was ratified on the 4 of April\n2006.'\n\n\nFor further information, please contact:\n\nGary Moore\nManaging Director Tel: +44 (0)1737833597\n...