Gold Oil PLC
07 August 2006
For Immediate Release 7th August 2006
Gold Oil Announces that their Peruvian exploration well
San Alberto-1X is preparing to test after logging at total depth.
Gold Oil Plc ('Gold Oil'), the London-based oil and gas exploration company,
announces that on 7th August 2006 it is preparing to production test its first
exploration well, SA-1X, in Peru drilled on the San Alberto prospect in Block
XXI. SA-1X spudded on 11th July 2006 and reached total depth of 5,113 feet on
3rd August 2006.
The objectives of the well were the Tertiary Verdun sands that produce gas in
Olympic's Las Casita gas field 20 kms to the west of SA-1X and the deeper
fractured Palaeozoic quartzites that produce oil in PetroTech's offshore San
Pedro field 50 kms to the west. Logging and drilling results in SA-1X and
regional information require that both the Verdun and Palaeozoic are production
tested.
After circulating to completion fluid and running a liner over the Palaeozoic
the drilling rig will be moved off location. After clearing the location a
work-over hoist and test facilities will come on to the location.
The objective is to test the extensive Palaeozoic quartzites and the thick
Tertiary Verdun sands. The latter were logged and cased off before drilling the
Palaeozoic. The logs show that in SA-1X the Verdun sands are much thicker than
the gas bearing Verdun sands in the La Casita field.
Well testing is expected to start in two weeks.
Commenting on today's announcement, Gary Moore, Managing Director of Gold Oil,
stated:
'The results of the well are very encouraging and justifies the fast track
approach that Gold Oil has followed since the Licence was approved by the
Minister of Energy and Mines on the 4th of April 2006. The whole planning and
operation of the well has been an exclusively Peruvian one. Once we have the
results of the testing programme we shall finalise our future programme for
Block XXI.'
The technical information contained in this announcement has been reviewed and
approved by Mike Burchell, B.Sc., 66, member of the SPE and with over 44 years
experience in the oil and gas business.
Enquiries:
Gary Moore, Operations 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.
This information is provided by RNS
The company news service from the London Stock Exchange