Gold Oil PLC
07 February 2006
FOR IMMEDIATE RELEASE 7 February 2006
Gold Oil Plc
Award of Engineering Contract and Issue of warrants to Contractors
Gold Oil plc ('The Company') announces the award of an engineering contract to
Conex S.A.C. for the drilling of an exploration well in Block XXI onshore the
Sechura Basin in Northern Peru.
The Company anticipates commencing drilling the first well on Block XXI in April
/May, once Ministry approval of the licence is received. The cost of drilling
this well will be met from the Company's existing cash resources.
Conex S.A.C. is a local Peruvian company whose staff has been involved in
exploration in the Talara and Sechura Basins for over 35 years. The scope of the
contract is to manage the well from prognosis to completion under supervision of
the Company. As part of the Board's policy of providing performance based
incentives Conex has been issued with 2,000,000 warrants to purchase Ordinary
Shares of 0.025p each in the Company. The warrants are open to exercise on or
before 30 January 2009 at a subscription price of 6p per share.
ENQUIRIES:
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