Gold Oil PLC
20 October 2005
FOR IMMEDIATE RELEASE 20th October 2005
GOLD SELLS 50% INTEREST IN NORTHERN PETROLEUM EXPLORATION
Gold Oil Plc ('Gold' or 'the Company') is pleased to announce that it has sold a
50% interest in Northern Petroleum Exploration Limited ('NPEL'), for a
consideration of £150,000 paid in cash and shares from Ascent resources Plc.
NPEL holds a 22.5% interest in the La Lora concession that contains the
producing Ayoluengo oil field in the Sedano Basin in Northern Spain. The Company
recently purchased 100% of the shares in NPEL from Northern Petroleum plc.
Gary Moore, Managing Director of Gold Oil Plc, said 'We bought NPEL for a
specific purpose and have now taken the opportunity to reduce our exposure in a
country that is not core to the Company's strategy. We are very pleased to be
working with Ascent Resources Plc who is more focused in Europe than we are and
this transaction allows both companies to reduce overheads'.
Note:
Mike Burchell, B.Sc., 65, has over 40 years experience in the oil and gas
business. He has read and approved the technical disclosure in this regulatory
announcement.
ENQUIRIES:
Gary Moore Managing Director; Tel: 01737833597
Email: jgmooreassoc@btinternet.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