22 May 2009
Gold Oil plc
Acquisition of 2,013 km of 2D seismic on Peruvian offshore Block Z34
concluded
Conditional Letters of Intent on Blocks Z34 and XXI
Gold Oil plc ("Gold" or "the Company") is pleased to announce that
SCAN Geophysical ASA ("SCAN") has completed the acquisition of 2,013
km of 2D data over Block Z-34 offshore Northern Peru. SCAN is now
expected to deliver processed data of the 72 acquired lines in
approximately 2 weeks time. However, the first initial assessment of
some of the data is encouraging as it can be concluded that the
presence of sedimentary sections that correlate with the same
producing layers containing crude oil reserves in the neighboring Z2B
block. Further announcements will be made in due course.
Gold is also pleased to announce that it has entered into non-binding
Letters of Intent (the "LOIs") with a private junior oil and gas
exploration company incorporated in Peru ("the Partner"). The
Partner's management has extensive experience in the hydrocarbons
sector, and the LOIs set out the terms on which it intends to farm in
to both Block Z34 and Block XXI.
The deal is conditional upon the Partner securing additional funds
within 45 days to carry out its obligations on Block Z34 and Block
XXI. A further announcement, containing additional details of the
terms of the deal, if the Partner is successful in securing the
necessary funds to proceed, will be made in due course.
Operations Director Thomas Tidow commented ¿The new seismic, the
first on Block Z34 completes the first step to explore the potential
of this large asset. We will now immediately start with the
processing and interpretation of the acquired data.¿ The LOIs should
ensure that Gold can participate in a meaningful way in the
exploration of these two major assets".
Block Z-34 covers 371,339 hectares and is bordered to the east by
Block Z2B, which is producing both oil and gas and is operated by
Petrotech Peruana. The Block has potential for typical deepwater
turbidities, which normally have high porosities and permeabilities.
Four priority areas for exploration programs in Block Z34 have been
identified. Three areas are based on the feasibility to extend and
project, towards the west, the merits of the major oil fields in the
Talara basin. A fourth exploratory area is based on the symmetry of
the trapping models of the present fields.
Onshore Block XXI covers 303,000 hectares and is bordered by
Olympic's producing gas field. Gold has drilled two exploration
wells on the block and five other prospects are mapped.
Ends
For further information on the Company, visit www.goldoilplc.com or
contact:
Gold Oil
Mark Pritchard, Chairman Tel: 0208
332 6882
Seymour Pierce
Jonathan Wright / Richard Redmayne Tel: 020 7107 8000
Notes to Editors
Gold Oil is an AIM-listed oil and gas exploration and production
company primarily focused on opportunities in Latin America. It has
oil production in Colombia and significant exploration acreage and
licences both onshore and offshore in Peru and onshore Colombia.
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