For Immediate Release
18th August 2008
GOLD OIL plc
("Gold" or "the Company")
Acquisition Update
Gold Oil plc (the "Company") announces that it called the Option
Agreement, announced on 8 July 2008 and extended on 3 August 2008,
for the purchase of Inversiones Petroleras de Colombia S.A.
('Invepetrol') for a total consideration of $4 million. Accordingly,
the Company has entered into a Share Purchase Agreement with an
initial payment of $1 million, with the balance payable at a later
date.
Invepetrol owns an 18.05% participating interest in the Union
Temporal II & B that is the Operator and Licence holder of the Nancy,
Burdine and Maxine oil fields in the Putumayo Basin in Southern
Colombia. The Company already owns a 40% interest in Union Temporal
and this will take the Company's total interest to 58.05% (27.29% of
net production.).
At an Operating Committe meeting by the members of the Union Temporal
in Bogota on the 14 August 2008, it was agreed that the existing
Project Manger for the Union Temporal would retire and be replaced by
Invepetrol. A hand over period of operations will take place when
practicable and agreed between the outgoing Project Manager and the
incoming Project Manager.
Operational Update
San Alberto XXI-2, onshore Peru at 14.30 hrs on 17 August reached
planned Total Depth (TD) feet of 5,200 feet without any incidents or
difficulties to date and is now preparing to log the open-hole
section of the well. After logging, the open-hole section of the hole
will be isolated with a temporary packer. The upper Verdun sands,
that were logged previously, will be perforated and tested.
Depending on the results of the logs that were run when at TD, 7 inch
casing will be run and cemented at TD to allow testing of the
Palaeozoic section of the well.
The technical information contained in this announcement has been
reviewed and approved by Mike Burchell, B.Sc., member of the SPE and
with over 45 years experience in the oil and gas industry.
For further information, please contact:
Michael Burchell, Chairman 01372 361 772
Roland Cornish, Beaumont Cornish Limited 020 7628 3396
Jerry Keen, Blue Oar Securities 020 7448 4492
Jonathan Charles, Conduit PR 020 7429 6611
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