GOLD OIL PLC is an independent oil and gas exploration and production company incorporated in April 2004 and focused on identifying oil and gas interests in Latin America, in particular Peru, Colombia and Cuba. Our company will explore for, appraise, develop and produce oil and natural gas and build up the capital value of its projects to a point where it can pay dividends.
The Directors believe that their broad collective experience in the area of mergers and acquisitions and corporate and financial management as well as a profound business experience and knowledge of the South American environment in relation to small and medium sized businesses will assist them in the identification and evaluation of acquisition opportunities.
Highlights / Colombia
Nancy Burdine Maxine - onshore production (58.05% interest and Operator of the Union Temporal). The Union Temporal is completing workovers and testing on three Burdine wells to increase production.
Azar - onshore exploration (20% interest). The block is now significantly covered by high quality 3D seismic and a portfolio of low risk prospects has been identified. The next phase of exploration has been entered which will involve the drilling of the highest ranked exploration prospect on block, most likely Vega East, in the third quarter of 2011.
Rosablanca - onshore exploration (25% interest). After evaluation of the remaining prospectivity in the block Gold Oil decided to farm out the drilling of the well Rosablanca-2 in late December 2010, being free carried on the well costs (to a cap of $2m). The well was unsuccessful. Partners will now relinquish the area.
Highlights / Peru
Block Z34 - offshore exploration (100% interest). Gold Oil initiated 3D Seismic Acquisition using the Vessel BGP Pioneer. The plan is to acquire in excess of 800 sqkm over both the northern and southern parts of the block. Acquisition is expected to finish in late August. Processing and interpretation will take a further four months.
Block XXI - onshore exploration (30% interest after farm out). After the drilling of two wells by Gold Oil to identify the prospectivity of the block, the licence contract has been on hold (in force majeure) pending the approval of the environmental permit for seismic acquisition. A Farm Out Agreement and a Joint Operating Agreement with Brazilian company Vale S.A have been executed. Under the agreements, which are subject to Perupetro approval, Vale will pay $2 million in cash to Gold and invest up to a further $10 million in exploration work programme and receive a 70% interest in the Block and will become Operator after assignment. Gold will retain 30% of the block.
Highlights / Cuba
Gold Oil has qualified as an Onshore and Offshore Operator in Cuba.
