Business
Updates on Peru and Colombia
Updates on Peru and Colombia.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n Gold Oil PLC\n03 November 2006\n\n\nFOR IMMEDIATE RELEASE 3rd November 2006\n\n\n\n GOLD OIL EXTENDS ITS MOU WITH MAN FERROSTAAL AND COMMITS TO PHASE TWO OF THE\n NANCY, BURDINE AND MAXINE FIELDS IN COLOMBIA\n\nGOLD OIL EXTENDS ITS MOU WITH MAN FERROSTAAL\n\n\nGold Oil has signed a second extension of one year to its existing MOU with MAN\nFerrostaal of Essen, Germany to evaluate the feasibility of developing a\npetrochemical plant in Northern Peru. Under the terms of the MOU, MAN Ferrostaal\nis responsible for evaluating the petrochemical plant and Gold Oil is\nresponsible for evaluating the gas supplies and pipeline transportation options.\n\nThe MOU envisages several phases of development with Gold Oil having an option\nto participate in the petrochemical plant and MAN Ferrostaal an option to\nparticipate in the upstream gas supply.\n\n\nCOLOMBIA\n\nThe Company has, together with its partners in the Nancy, Burdine and Maxine\nLicence, advised Ecopetrol, the state oil company in Colombia that they intend\nto proceed with the second phase of the licence. A development work programme\nand budget is being prepared now for the re-entry of the Burdine 1, 4 and 5\nwells.\n\nThe first phase was the re-entry of the Nancy 1 well which is now producing at\nbetween 245 and 835 bopd of oil. The average production over the first month to\ndate that included many shutdowns to tie in gas handling equipment was 485.6\nbopd. With increased confidence in the Nancy well, much of the onsite rented\nequipment (such as pumps and tanks) is now being replaced with purchased\nequipment. The Company's working interest is 40%.\n\nNote:\n\nMike Burchell, B.Sc., 66, has over 40 years experience in the oil and gas\nbusiness. He has read and approved the technical disclosure in this regulatory\nannouncement.\n\nENQUIRIES:\n\n\nGary Moore Managing Director; Tel: 01737833597\n\nEmail: [email protected]\n\nMike Burchell Chairman; Tel: 01372361772\n\nEmail: [email protected]\n\nRoland Cornish Beaumont Cornish Limited; Tel: 020 7628 3396\n\n\n\nNOTE TO EDITORS\n\n\nThe NBM area lies in the South West of Colombia in forested jungle some 100 km\nfrom the Ecuador and Peruvian borders. The area is surrounded by many producing\noil fields and some access roads needed to be repaired before the rig could\nreach the Nancy area. The target reservoirs are at...