Operations Update

RNS Number : 5081S

Gold Oil PLC

22 November 2011

 



For immediate release                                                                                                          22 November 2011                            

GOLD OIL PLC

("Gold Oil" or the "Company")

Operations Update

Gold Oil, the AIM-listed oil and gas exploration and production company, with a primary focus on opportunities in Latin America, is pleased to provide the following operational update on operations in Peru and Colombia.

PERU

Block Z34

The marine 3D seismic survey over Block Z34 Southern and Northern areas is now being processed by CGGVeritas and fast track results from the Erika South survey are beginning to become available with encouraging initial results.  It is expected that the full volume data for the Erika South and North surveys will be available by the year end at the latest.  Interpretation will commence immediately and is expected to take four to six weeks.  A technical presentation showing some initial results of the Erika South 3D survey was recently given by Gold Oil's Exploration Director in Lima, Peru and is now available on the Company's website at www.goldoilplc.comin both Spanish and English.

In preparation for drilling next year, the Company has submitted the initial consultation document and terms of reference to the Ministry of Energy and Mines, which is the first step in the Environmental Impact Assessment approval process,in order to be prepared for drilling late in 2012. Initial results of the 3D seismic processing are assisting in the delineation of these drilling locations.

COLOMBIA

Nancy Burdine Maxine fields

Invepetrol, Gold Oil's 100% subsidiary in Colombia, has commenced formal discussions with Ecopetrol regarding a possible extension of the Nancy Burdine concession contract which currently expires in 2015.  The drilling of the Nancy -2 well, which had been provisionally planned for the year end 2011 but was subject to contract extension, will now be delayed until negotiations with Ecopetrol have been finalised and the contract terms for additional investment in the fields agreed.

Azar Block

The Company has now been informed by the operator of the Azar block that the drilling of the La Vega East prospect has now been delayed until first quarter 2012.  This is due to a delay in receiving the required permit from the Ministry of Environment and hence a delay in building of the access road and well location.

For further information on the Company, visit www.goldoilplc.com or contact:

Gold Oil Plc

Richard Mew - CEO                                                                                            Tel: [phone]

Seymour Pierce Ltd (Nomad and Joint Broker):

Jonathan Wright / Stewart Dickson (Corporate Finance)                             Tel:  [phone]

Richard Redmayne / Jeremy Stephenson (Corporate Broking) 

FirstEnergy Capital LLP (Joint Broker):                                                                                                                  

Hugh Sanderson / Travis Inlow                                                                        Tel: + 44 (0) 20 7448 0200

Buchanan (Financial PR)                                                                                  Tel: [phone]

Tim Thompson/Ben Romney/Helen Chan

 

END

 

 

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