FOR IMMEDIATE RELEASE
10 April 2008
GOLD OIL plc ("Gold" or "the Company")
WEBSITE UPDATED
Gold Oil announces that the Company website has been updated with the
following information. The Company's website address is:
www.goldoilplc.com
Nancy Burdine and Maxine, Onshore Colombia
Production from the field averaged 385.5 bopd during the month. This
figure represents a slight drop due to the field being shut-in from
March 15th to March 20th. A complete geological review of the whole
of the Nancy and Burdine fields has just been completed. A review of
the size and location of additional facilities for the Nancy and
Burdine fields is now underway.
In theory, the Environmental Agency has until April 14 to raise any
additional concerns before the Environmental Permit is approved
automatically. It was planned to run a down hole pressure survey on
Nancy with a wire line unit when it was closed down during the month
and then use the same wire line unit to survey the mechanical status
of the Burdine wells, but a wire line unit could not be contracted in
time.
Rosa Blanca, Onshore Colombia
The geological update of the area has commenced with encouraging
initial results. The prospect size is now seen as a lot bigger than
first envisaged, mainly because Osage has access to proprietary data.
The plan is now to drill the first exploration well in a manner that
allows a horizontal producing well to be kicked off from the same
well. The platform area is currently being purchased to allow three
wells to be drilled from the same platform.
However, it is unlikely that EIA approval will be made available in
time before the Phase 1 work obligations under the Licence are due to
be completed. Due to the unbelievable work load being put upon the
government agencies in Colombia this situation is becoming more
common.
Azar, Onshore Colombia
The latest time schedule to re-enter the Palmero 1 well is April 14.
The workover was delayed due to unavailability of the rig from the
previous job.
Block XXI, Onshore Peru
Analysis of the gravimetric survey and DNME survey has now been
completed and a target well location identified. Amendment to the
Environmental Approval is expected in a matter of weeks and
construction work on the drilling platform will commence immediately
after that. Construction time is approximately 4 weeks. A rig is
currently being sourced and the well completion design being
finalised. Earliest possible spud date is May 2008. However, this
timetable depends entirely on finding a suitable rig and testing
tools, both of which are currently in short supply in Latin America.
Z34, Offshore Peru
We are still awaiting news on the Environmental Impact assessment
("EIA"). A tender for the 2D seismic survey is currently being
prepared and may go out before May. The difficulty is keeping a bid
"open" with no definite time for when the EIA is approved. There
seems to be a lot of interest in the area with BPZ forging ahead with
production operations and Karoon Gas of Australia farming into
Vamex's block immediately to the north of Z34.
ENDS
For further information, please contact:
GOLD OIL plc
Michael Burchell, Director
Tel: +44 (0) 1372 361 772
Beaumont Cornish Limited
Roland Cornish
Tel: +44 (0) 20 7628 3396
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