7th Feb 2006 13:00
Gold Oil PLC07 February 2006 FOR IMMEDIATE RELEASE 7 February 2006 Gold Oil Plc Award of Engineering Contract and Issue of warrants to Contractors Gold Oil plc ("The Company") announces the award of an engineering contract toConex S.A.C. for the drilling of an exploration well in Block XXI onshore theSechura Basin in Northern Peru. The Company anticipates commencing drilling the first well on Block XXI in April/May, once Ministry approval of the licence is received. The cost of drillingthis well will be met from the Company's existing cash resources. Conex S.A.C. is a local Peruvian company whose staff has been involved inexploration in the Talara and Sechura Basins for over 35 years. The scope of thecontract is to manage the well from prognosis to completion under supervision ofthe Company. As part of the Board's policy of providing performance basedincentives Conex has been issued with 2,000,000 warrants to purchase OrdinaryShares of 0.025p each in the Company. The warrants are open to exercise on orbefore 30 January 2009 at a subscription price of 6p per share. ENQUIRIES: Gary Moore Managing Director; Tel: 01737833597 Email: [email protected] Mike Burchell Chairman; Tel: 01372361772 Email: [email protected] Roland Cornish Beaumont Cornish Limited; Tel: 020 7628 3396 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BOIL.L