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29 February 2008 Gold Oil buys 20 pct interest in Azar block, Colombia for 4 mln usd LONDON (Thomson Financial) - Gold Oil PLC said it has acquired a 20 pct interest in the Azar block, Colombia for about 4 mln usd. Of the 4 mln usd, the company said 0.4 mln is payable on signing the deal, 1.6 mln by March 5, 1.2 mln by May 5 and an additional 0.8 mln usd within five days of the affiliate being accepted onto the Azar licence. The Azar block is very attractive for its exploration potential and the possibility of early production from the Palmero 1 well re-entry will be an added bonus, Gold Oil said. Gran Tierra Energy is the operator and 40 pct interest holder in the Azar block. TFN.newsdesk@thomson.com bsu/ra COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. . |