For Immediate
Release
5 September 2008
GOLD OIL plc
("Gold" or "the Company")
Operational Update: Colombia and Peru
Gold Oil plc ("Gold" or the "Company"), the Aim-traded (Ticker: GOO)
oil and gas explorer and producer, is pleased to announce that it has
received: an Environmental Permit for its Rosa Blanca Concession,
onshore Colombia; an Environmental Permit for its Z34 Concession,
offshore Peru; and an update on it San Alberto 2 well, onshore Peru.
In the Rosa Blanca Concession, onshore Colombia, the Company has a
40% participation interest and is Operator of the group. The other
partners consist of Osage Exploration and Development Inc. of the USA
with 50% and Empessa Petrolera De Servicios Y Asesorias S.A. of
Colombia with a 10% interest. Work on construction of the drilling
platform for the first exploration well has commenced. The first
phase work programme under the licence with the ANH is for a single
vertical exploration well to be drilled before December 25, 2008.
In the Z34 concession, offshore Peru, the Company has a 50%
participation and is Operator, with Plectrum Petroleum Plc (now
Capricorn) holding the other 50%. Under the licence with Perupetro, a
minimum of 2,000 km of 2D seismic must be shot and processed before
February 2009. The Company expects to have completed seismic
acquisition before the end of the year.
On San Alberto 2, onhore Peru, the Company has released the Petrex
drilling rig and test rig was mobilized earlier this week..Testing
has commenced, with a time scale of between 10 and 120 days depending
on the success of the testing.
The technical information contained in this announcement has been
reviewed and approved by Mike Burchell, B.Sc., member of the SPE and
with over 45 years experience in the oil and gas industry.
For further information, please contact:
Michael Burchell, Chairman 01372 361 772
Roland Cornish, Beaumont Cornish Limited 020 7628 3396
John Wilkes, Blue Oar Securities 020 7448 4417
Jonathan Charles, Conduit PR 020 7429 6611
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