Gold Oil PLC
15 February 2007
PRESS RELEASE
For immediate release: 15 February 2007
Gold Oil plc ('Gold', or 'The Company')
Gold and Plectrum receive approval from the Ministry of Energy and Mines for
exploration contract offshore Peru
Gold is delighted to announce that it has received approval from the Peruvian
Ministry of Energy and Mines for an Exploration and Exploitation Contract
covering Block Z-34, Offshore Peru, in conjunction with its Aim-listed joint
venture partner Plectrum Petroleum Plc.
Gold obtained a Promotional Licence from Perupetro for Block Z34 in February
2005 and after some G&G work decided to apply for an Exploration and
Exploitation Licence with an industry partner. Under the terms of the agreement
with Plectrum Petroleum Plc, Gold is the Operator with a 50% interest and is
carried through the first phase of the work programme worth an estimated $1-1.5
Million to Gold.
Perupetro approved the 30 year contract on 6 December 2006 and now the supreme
decree from Peru's Minister of Energy and Mines has been gazetted on February 14
2007. The supreme decree means that the licence is now approved by the Peru
Government and it only remains for Gold and Plectrum to sign the licence which
will be in a few weeks time.
The technical information contained in this announcement has been reviewed and
approved by the Chairman of the board, Michael Burchell, B.Sc., 66, member of
the SPE and with over 44 years experience in the oil and gas business.
Gary Moore, Gold's Managing Director, said:
'We are delighted to have secured this block at this time, particularly when so
many other companies have shown an interest in it and when the majority of other
interesting blocks in Peru have been put out to bid by Perupetro.'
For further information, please contact:
Enquiries:
Gary Moore Managing Director Tel: +44 (0)1737833597
Email: gmoore@goldoilplc.com
Mike Burchell Chairman Tel. +44 (0) 1372361772
Email: mikeburchell@hotmail.com
Roland Cornish Beaumont Cornish Limited Tel: 020 7628 3396.
Notes to editors:
Block Z-34 sits in the prolific Talara Basin which has produced to date in
excess of 1.7 billion barrels of oil and 340 billion cubic feet of gas. The
3,713 km(2) block (equivalent to 14 North Sea Blocks) sits adjacent to existing
producing concessions in water depths of 100-3000m, yet has a sparse existing
data set of just 500 km 2D seismic. The initial work programme will be to
acquire a conventional modern 2D seismic grid and enhance these data with
Electro-Magnetic (EM) studies.
Plectrum Petroleum Plc is an AIM-listed exploration and production company,
based in Aberdeen, Scotland. Plectrum's strategy is seek out offshore
exploration activities around the globe that can be significantly de-risked
before drilling by the application of innovative technologies such as electro-
magnetic imaging.
This information is provided by RNS
The company news service from the London Stock Exchange