6th May 2005 11:23
Gold Oil PLC06 May 2005 FOR IMMEDIATE RELEASE May 6 2005 GOLD OIL PLC ("GOLD OIL" OR "THE COMPANY") GOLD OIL BEGINS GEOPHYSICAL OPERATIONS ON BLOCK XI, NORTHWESTERN PERU BOARD APPOINTMENT OPERATIONS IN NORTHERN PERU Gold Oil, the London-based oil exploration company focused on the South Americanand Caribbean region, announces that on Saturday 30thApril 2005, its geophysicalcontractor, Fugro Airborne Surveys, completed the acquisition of an aeromagneticsurvey over the entire extent of Block XI. This block covers some 303,000hectares of the Sechura Desert of northwestern Peru, immediately adjacent toblocks with proven producing reserves. It is anticipated that following processing, the results can be interpretedbefore the end of May. This will then enable the Company to design the optimalseismic survey on the block. Planning for this survey is already under way. Under the terms of the promotion agreement with PeruPetro, Gold Oil hasexclusive rights to Block XI until October 2006. The commencement of theprogramme announced today will advance significantly the subsurface evaluationof the block, and hence, increase its potential value. APPOINTMENT OF NEW DIRECTOR Gold Oil also announces that with immediate effect, Dr Martin Keeley will bejoining the Board of the Company as Exploration Director. Dr Keeley (aged 50) isa geologist with 25 years of international exploration experience in both largeand small operating oil companies, and in consulting. Based in Bogota, Martinwill be directing the Company's exploration operations in Peru, and workingtowards the identification of new opportunities there and elsewhere. Martinholds a Ph.D in geology from Trinity College Dublin, is a member of theEditorial Board of the Journal of Petroleum Geology, and Visiting Professor inPetroleum Geology at University College London. During the past five years, Dr Keeley's other directorships have been orcontinue to be as follows: Past Present Emerald Energy plcFieldco International Ltd. None. There is no further information in respect of Dr Keeley to be disclosed inaccordance with the AIM Rules. Commenting on today's announcement, Gary Moore, Managing Director of Gold Oil,stated: "The commencement of operations in northwestern Peru marks a furtherstep in the process of transforming Gold Oil, launched on AIM only nine monthsago, into a fully fledged oil company. Moreover, this geophysical programme willenable us to move most effectively towards the timely evaluation of thehydrocarbon potential of Block XI. I am also pleased to welcome Martin to the Company. His knowledge of SouthAmerica, and his skills in opportunity evaluation and operations will strengthenthe Board and increase our ability to create value proactively, and hence movethe Company forward." ENQUIRIES: Gary Moore Managing Director Tel: +44 (0)1737 833597 Email: [email protected] Mike Burchell Chairman Tel: +44 (0)1372 361772 Email: [email protected] Roland Cornish Beaumont Cornish Limited Tel: +44 (0)20 7628 3396. NOTE TO EDITORS The Acreage The area of Block XI is equivalent to just less than 14 UK North Sea blocks. Thetarget reservoirs are mostly at shallow depths of +/-5,000 feet. Rig anddrilling costs enable wells here to be drilled typically for US$500,000 or less.The block lies in a desert area, next to the city of Piura, and to the east ofan existing producing gas field. Both lie within the Sechura Basin, which isadjacent to, and is believed to be a sub-basin of the Talara Basin. The Talara Basin to the north and west has produced over 1.6 billion barrels ofoil over a period of 100 yearS. Independent assessments put the number ofreserves remaining to be discovered at 2.2 billion barrels and 5.8 trillioncubic feet of gas. Gold Oil also holds exclusive rights over a second area here,Block Z-34, in the offshore sector of the Talara Basin, also immediately offsetfrom producing fields. Dr Martin Keeley During his tenure as Exploration Director at Emerald Energy, that company madethe Gigante-1ST discovery in the Upper Magdalena Valley of Colombia, whichflowed at an initial rate of 4,500bopd, and went to produce commercially for 11/2 years, before a blow-out curtailed production in 2000. Since then, and beforethis present appointment, he had consulted for Gold Oil and other companies inPeru, Colombia, NW Europe, North Africa and Asia. Martin is fluent in Spanish. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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