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: +44 (0) 203 427 5089
Seymour Pierce Ltd (Nomad and Joint Broker):
Jonathan Wright / Stewart Dickson (Corporate Finance) Tel: +44 (0) 20 7107 8000
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: +44 (0) 20 7466 5000
Tim Thompson/Ben Romney/Helen Chan
This information is provided by RNS