8th May 2006 07:01
Gold Oil PLC08 May 2006 FOR IMMEDIATE RELEASE 8 May 2006 GOLD OIL PLC ("Gold", or "the Company") Gold signs Joint Venture Agreement with Plectrum Petroleum Plc for Block Z34 Offshore Peru Gold is pleased to announce that it has agreed to form a joint venture with AIMlisted Plectrum Petroleum Plc in Block Z34, offshore Peru. The two companieshave jointly given notice to the authorities to convert Gold's existingPromotion Agreement into a 30 year Exploration & Exploitation Contract. Underthe terms of the joint venture Gold will have a 50% carried interest through theinitial seismic phase of the work programme. Block Z34 sits in the prolific Talara Basin which has produced to date in excessof 1.7 billion barrels of oil and 340 billion cubic feet of gas(1). The 3713 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 500km 2D seismic and no wells. The initial work programme willbe to acquire a conventional modern seismic grid and enhance these data with MMTand Electro Magnetic studies. Final completion of the transaction is subject to the qualification of bothcompanies as approved contractors and the negotiation with and approval of theExploration Contract terms by the Peruvian authorities. Gary Moore, Gold's Chief Executive, commented: "We have been looking for apartner who could bring some state of the art expertise to the table and webelieve Plectrum fits the bill perfectly and look forward to working with them.For a small company such as Gold we can either buy in the expertise in a verysparse market or bring in a partner who already processes such skills and canshare the workload. We chose the latter. " For further information, please contact: Gary Moore Managing Director; Tel: 01737833597 Email: [email protected] Burchell Chairman; Tel: 01372361772 Email: [email protected] Cornish Beaumont Cornish Limited; Tel: 020 7628 3396 Note 1: Higley D (2004), The Talara Basin Province of Northwestern Peru:Cretaceous-TertiaryTotal Petroleum System: U.S. Dept. of the Interior, U.S.Geological Survey Bulletin 2206-A This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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