Gold Oil PLC
30 January 2006
FOR IMMEDIATE RELEASE 30 January 2006
GOLD OIL PLC ('Gold Oil' or the 'Company')
Update on NPEL
Gold Oil announces the completion of its purchase of Northern Petroleum
Exploration Limited ('NPEL'), from Northern Petroleum Plc and sale of 50% of the
same company to a subsidiary of Ascent Resources Plc ('Ascent'). NEPL is the
Operator and 22.5% equity interest holder in the La Lora concession in Northern
Spain. The La Lora concession contains the Ayoluengo field that has
been producing at a rate of approximately 120 bopd over the last year. It is the
intention of the Ayoluengo partners to rework existing wells to increase
production in the field at the earliest opportunity.
Contact:
Gary Moore, Managing Director on 01737 833597
Michael Burchell, Chairman on 01372 361772
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396.
This information is provided by RNS
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