Gold Oil PLC
13 April 2006
FOR IMMEDIATE RELEASE 13 April 2006
GOLD OIL SIGNS A CO-OPERATION AGREEMENT WITH A STRATEGIC PARTNER IN BRAZIL
Brazil Co-Operation Agreement
The Company is pleased to announce that it has signed a Co-operation Agreement
with Proen Engenharia e Manutencao of Brazil, whereby Gold will act as Operator
in a 50/50 joint venture. All investments will be by mutual agreement.
The companies will pursue amongst other things, onshore oil and gas properties
previously operated by Petrobras that are now being licenced to small companies
in licencing rounds, the next one being in early May this year. Proen is an
engineering contractor servicing the oil and gas industry in the whole of Brazil
with over 700 employees.
Commenting on today's announcement, Gary Moore, Operations Director of Gold Oil,
stated:
'We have been looking for a local partner for some time as we like the
opportunities available in Brazil. Our partners are very familiar with working
in the oil and gas sector in Brazil and have extensive contacts and
relationships that will enhance the acquisition of low risk oil and gas projects
in Brazil.'
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