20th Oct 2005 12:12
Gold Oil PLC20 October 2005 FOR IMMEDIATE RELEASE 20th October 2005 GOLD SELLS 50% INTEREST IN NORTHERN PETROLEUM EXPLORATION Gold Oil Plc ("Gold" or "the Company") is pleased to announce that it has sold a50% interest in Northern Petroleum Exploration Limited ('NPEL'), for aconsideration of £150,000 paid in cash and shares from Ascent resources Plc.NPEL holds a 22.5% interest in the La Lora concession that contains theproducing Ayoluengo oil field in the Sedano Basin in Northern Spain. The Companyrecently purchased 100% of the shares in NPEL from Northern Petroleum plc. Gary Moore, Managing Director of Gold Oil Plc, said "We bought NPEL for aspecific purpose and have now taken the opportunity to reduce our exposure in acountry that is not core to the Company's strategy. We are very pleased to beworking with Ascent Resources Plc who is more focused in Europe than we are andthis transaction allows both companies to reduce overheads". Note:Mike Burchell, B.Sc., 65, has over 40 years experience in the oil and gasbusiness. He has read and approved the technical disclosure in this regulatoryannouncement. ENQUIRIES: Gary Moore Managing Director; Tel: 01737833597Email: [email protected] Burchell Chairman; Tel: 01372361772Email: [email protected] 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