Peru Operations Update

RNS Number : 3087H

Gold Oil PLC

26 May 2011

 



26 May 2011

GOLD OIL PLC

("Gold Oil" or the "Company")

Peru Operations Update

Gold Oil, the AIM-listed oil and gas exploration and production company with primary focus on opportunities in Latin America, is pleased to provide the following update on its operations on Block Z34, offshore Peru.

On 25^th May, 2011 Gold Oil signed a Letter of Intent with BGP Geoexplorer PTE Ltd with regard to the acquisition of a marine 3D seismic survey over Block Z34 offshore Peru.  The survey is for a total of 500 sq km over the southern part of the licence area.  As previously announced, the Peruvian Ministry of Energy and Mines has recently approved the environmental permit (PMA) covering Block Z34 for shooting a maximum of 808 sq km of 3D seismic offshore.  This initial survey comprises the first phase of 3D seismic over the licence and a further (approx. 1,100 sq km) will be required to evaluate the northern area of this large and prospective block.

The vessel, the "BGP Pioneer", is currently alongside Las Palmas de Gran Canaria and will mobilise shortly to the operations area.  Steaming time to Peru will be approximately 20 days and it is expected, therefore, that the vessel will commence operations, after local clearances, around early July 2011. Total acquisition time is expected to be approximately 30 days from commencement of operations.

Richard Mew, Chief Executive commented "I am very pleased that we have been able to make such quick progress following our recent placing and gaining environmental permits, in getting a high quality seismic contractor to begin our 3D survey.  We expect to finalise the contract terms and to start operations early July.  The pace of activity on this key asset has accelerated rapidly in recent months and we fully intend to move as quickly as we can to explore in detail this highly prospective block."  

For further information on the Company, visit www.goldoilplc.com or 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 / David Banks (Corporate Broking) 

FirstEnergy Capital LLP (Joint Broker):                                                                                                                  

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

Further information:

BGP Geoexplorer Pte Ltd:

BGP currently fields 101 land seismic crews, 8 shallow water and transition zone crews, 7 VSP crews and 20 non-seismic crews operating in 24 countries and four continents. The operations are conducted in a wide variety of terrain conditions, such as gravel plains, mountains, deserts, jungles, swamps, marshes, shallow water and transition zones. In 2006, BGP started its offshore operations and at present, it owns one 2D vessel, two 3D vessels (6 & 12 streamer), two 2D/3D vessels and a 4C OBC vessel.

BGP strictly follows the international guidelines for Health, Safety and Environmental Protection set forth by the International Association of Geophysical Contractors and the International Association of Oil and Gas Producers.

Since 1961, BGP has provided quality services for more than 90 energy companies at home and abroad.

BGP Pioneer:

The BGP Pioneer is a 60 person 3D seismic acquisition vessel with a gross tonnage of 5,739 and a length of 84m. It tows six recording streamers of 6km length each containing hydrophones to map the subsurface structure in three dimensions.

 

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