Gold Oil PLC
08 May 2006
FOR IMMEDIATE RELEASE 8 May 2006
GOLD OIL PLC
('Gold', or 'the Company')
Gold signs Joint Venture Agreement with Plectrum Petroleum Plc for Block Z34
Offshore Peru
Gold is pleased to announce that it has agreed to form a joint venture with AIM
listed Plectrum Petroleum Plc in Block Z34, offshore Peru. The two companies
have jointly given notice to the authorities to convert Gold's existing
Promotion Agreement into a 30 year Exploration & Exploitation Contract. Under
the terms of the joint venture Gold will have a 50% carried interest through the
initial seismic phase of the work programme.
Block Z34 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(1). The 3713 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 500km 2D seismic and no wells. The initial work programme will
be to acquire a conventional modern seismic grid and enhance these data with MMT
and Electro Magnetic studies.
Final completion of the transaction is subject to the qualification of both
companies as approved contractors and the negotiation with and approval of the
Exploration Contract terms by the Peruvian authorities.
Gary Moore, Gold's Chief Executive, commented: 'We have been looking for a
partner who could bring some state of the art expertise to the table and we
believe Plectrum fits the bill perfectly and look forward to working with them.
For a small company such as Gold we can either buy in the expertise in a very
sparse market or bring in a partner who already processes such skills and can
share the workload. We chose the latter. '
For further information, please contact:
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
Note 1: Higley D (2004), The Talara Basin Province of Northwestern Peru:
Cretaceous-TertiaryTotal Petroleum System: U.S. Dept. of the Interior, U.S.
Geological Survey Bulletin 2206-A
This information is provided by RNS
The company news service from the London Stock Exchange