5th Oct 2006 12:36
Gold Oil PLC05 October 2006 For Immediate Release 5th October 2006 Gold Oil plc ("Gold or the Company") announces an update of their Peruvian and Colombian Operations and Director's dealings PERUVIAN OPERATIONS The Company is pleased to announce that it has signed a contract with a localDrilling Contractor (Petex) for the testing of the San Alberto 1X explorationwell on Block XXI, onshore Sechura Basin in North West Peru. Depending upon thetime it takes to complete its current assignment in the Peruvian jungle, the rigshould be rigged up and ready for operations by late October or early November. All documentation necessary for the Company and Plectrum Plc (our partner) inZ34 that are necessary to get board approval from Perupetro is now in place. Itis most likely that approval should be obtained before the end of October. Thenext step in the process is the approval of the Ministry of Energy and Mineswhich can take anything up to four months. We have expressed our concerns withthe authorities that any slippage with the approvals would have an adverseimpact on the plans to bring in a seismic vessel into Peruvian waters jointlywith other offshore operators in 2007. COLOMBIAN OPERATIONS The Nancy well has now stabilized further at a flow rate of 714 bbls per daywith a 4% BS&W (685 bopd). The BS&W is well completion fluid and should all beremoved by the weekend and an encouraging stable flow rate of 550 bopd isexpected once all the gas handling equipment has been completed and isoperational. Although the operator has suffered many difficulties in completing the Nancy 1workover in a difficult part of the country, the consortium is sufficientlyconfident to commence a multi-well work over on the Bourdine 1, 4 and 5 wells.At present the plan is to only perforate the previously perforated and producedhydrocarbon zones (same as Nancy 1) before attempting to perforate virginhydrocarbon zones. The technical information contained in this announcement has been reviewed andapproved by Mike Burchell, B.Sc., 66, member of the SPE and with over 44 yearsexperience in the oil and gas business. DIRECTOR'S DEALINGS The Board announces that Michael Norman Burchell, Director, today exercised575,000 directors' warrants to subscribe for 575,000 ordinary shares at 1p pershare and John Gary Moore, Director, today exercised 2,300,000 directors'warrants to subscribe for 2,300,000 ordinary shares, at 1p per share, ("theShares"). The Shares will rank pari passu with all existing shares in issue, andapplication will be made for admission to trading on AIM. Following the issue of the Shares, Mr. Burchell will own a total of 5,575,000shares or 1.34% of the enlarged issued share capital, together with 1,825,000directors' warrants and Mr. Moore will own a total of 21,150,000 shares or 5.08%of the enlarged issued share capital, together with 6,900,000 directors'warrants. 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 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BOIL.L