15th Feb 2007 11:00
Gold Oil PLC15 February 2007 PRESS RELEASE For immediate release: 15 February 2007 Gold Oil plc ("Gold", or "The Company") Gold and Plectrum receive approval from the Ministry of Energy and Mines for exploration contract offshore Peru Gold is delighted to announce that it has received approval from the PeruvianMinistry of Energy and Mines for an Exploration and Exploitation Contractcovering Block Z-34, Offshore Peru, in conjunction with its Aim-listed jointventure partner Plectrum Petroleum Plc. Gold obtained a Promotional Licence from Perupetro for Block Z34 in February2005 and after some G&G work decided to apply for an Exploration andExploitation Licence with an industry partner. Under the terms of the agreementwith Plectrum Petroleum Plc, Gold is the Operator with a 50% interest and iscarried through the first phase of the work programme worth an estimated $1-1.5Million to Gold. Perupetro approved the 30 year contract on 6 December 2006 and now the supremedecree from Peru's Minister of Energy and Mines has been gazetted on February 142007. The supreme decree means that the licence is now approved by the PeruGovernment and it only remains for Gold and Plectrum to sign the licence whichwill be in a few weeks time. The technical information contained in this announcement has been reviewed andapproved by the Chairman of the board, Michael Burchell, B.Sc., 66, member ofthe SPE and with over 44 years experience in the oil and gas business. Gary Moore, Gold's Managing Director, said: "We are delighted to have secured this block at this time, particularly when somany other companies have shown an interest in it and when the majority of otherinteresting blocks in Peru have been put out to bid by Perupetro." For further information, please contact: Enquiries: Gary Moore Managing Director Tel: +44 (0)1737833597Email: [email protected] Mike Burchell Chairman Tel. +44 (0) 1372361772Email: [email protected] Roland Cornish Beaumont Cornish Limited Tel: 020 7628 3396. Notes to editors: Block Z-34 sits in the prolific Talara Basin which has produced to date inexcess of 1.7 billion barrels of oil and 340 billion cubic feet of gas. The3,713 km(2) block (equivalent to 14 North Sea Blocks) sits adjacent to existingproducing concessions in water depths of 100-3000m, yet has a sparse existingdata set of just 500 km 2D seismic. The initial work programme will be toacquire a conventional modern 2D seismic grid and enhance these data withElectro-Magnetic (EM) studies. Plectrum Petroleum Plc is an AIM-listed exploration and production company,based in Aberdeen, Scotland. Plectrum's strategy is seek out offshoreexploration activities around the globe that can be significantly de-riskedbefore drilling by the application of innovative technologies such as electro-magnetic imaging. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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