Operations Update

RNS Number : 8249S

Gold Oil PLC

28 November 2011

 



For Immediate Release

28 November 2011

GOLD OIL PLC

("Gold Oil" or the "Company")

Peru, Block XXI Operations Update

Gold Oil, the AIM-listed oil and gas exploration and production company, with a primary focus on opportunities in Latin America, is pleased to provide the following operational update on its operations on Block XXI, onshore Peru.

Vale and Gold Oil have signed a contract with the geotechnical company Fugro Airborne Surveys Corp. ("Fugro") for the acquisition and processing of 8,050 line km of an airborne FALCON® gravity and magnetic survey over Block XXI. This planned approach of applying high resolution 'FALCON®' geophysical data with established 2D seismic techniques will allow Vale and Gold Oil to more effectively delineate targets for exploration drilling.

The programme is expected to commence in late December 2011 with data acquisition expected to take 3-5 weeks depending on weather.  Processing is expected to be completed early March 2012, followed by interpretation.  This work programme will meet the licence obligations for the block for its current phase which is required by April 2012.

Following the airborne survey, Gold Oil expects that seismic can be shot in the most attractive areas in 2012 with a well drilled in early 2013, subject to gaining the necessary permits.

Commenting on the update, Chief Executive Officer Richard Mew said, "I am pleased to be able to announce this agreement with Fugro concerning our Block XXI in onshore Peru.  As we wait for full approval of the assignment of equity to Vale it is important to keep the technical evaluation of this prospective block moving ahead as swiftly as possible.  This survey will assist in high grading the prospective areas for further exploration and highlights the commitment of both Vale and Gold Oil to the evaluation of this block." 

For further information on the Company, visit www.goldoilplc.comor contact:

Gold Oil Plc

Richard Mew - CEO                                                                                            Tel: [phone]

Seymour Pierce Ltd (Nomad and Joint Broker):

Jonathan Wright / Stewart Dickson (Corporate Finance)                             Tel:  [phone]

Richard Redmayne / Jeremy Stephenson (Corporate Broking) 

FirstEnergy Capital LLP (Joint Broker):

Hugh Sanderson / Travis Inlow                                                                         Tel: + 44 (0) 20 7448 0200

Buchanan (Financial PR)                                                                                   Tel: [phone]

Tim Thompson/Ben Romney/Helen Chan

 

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