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 and Colombia. 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 (100% interest) and Operator of the Union Temporal thorough the companies affiliate Invepetrol (100% interest). The Union Temporal has completed workovers and testing on three Burdine wells to increase production.
Azar - onshore exploration (20% interest). The La Vega East 1 exploration well reached target total measured depth of 11,384 feet. Oil and gas shows were encountered in the samples of Villeta Formation whilst drilling. The results indicated that the well productivity was poor and considered uneconomic. The decision has been made to plug and abandon the well.
Highlights / Peru
Block Z34 - offshore exploration (20% after farm-out). The Company acquired about 800 sqkm over both the northern and southern parts of the block in Q3 2011. Processing was done by Veritas. In April 2013 Gold Oil farmed out 80% of its interest in the block Z-34, offshore Peru, to Union Oil & Gas Group Corp . Gold Oil will be carried in the 3 remaining Exploration phases and keeps a 20% interest.
Gold Oil will receive a total of $6 million for the Farm-out of which it will receive $4 million by selling Plectrum Petroleum Limited. Plectrum is 100% owned by Gold Oil and has a 50% participation in Block Z-34. Gold Oil will receive the remaining $2 million when Union Oil & Gas has been qualified by Perupetro for the additional 30% participation interest in Z-34.
Block XXI - onshore exploration (30% interest after farm out). A Farm Out Agreement and a Joint Operating Agreement with Brazilian company Vale S.A have been executed. Under the agreements, which have been approved by Perupetro in Q2 2012 Vale paid $2 million in cash to Gold and will invest up to a further $10 million in exploration work programme and retain a 70% interest in the Block. Vale has the option to become the operator of the block in the future.