Operational Update: Colombia
(Thomson Reuters ONE) - 24 September 2009 Forimmediate releaseGold Oil plc Operational Update: ColombiaGold Oil plc ("Gold" or "the Company") is pleased to announce thefollowing operational updates for its Blocks Rosa Blanca and Azar inColombia.Gold is in the process of initiating the acquisition of a 60 km 2Dseismic survey in the southern portion of the Rosa Blanca Block,located in the prolific Middle Magdalena Basin.The seismic program will give additional structural information onthe structure tested by the RB-1 well which, when combined withformer seismic lines, rock samples and logs gathered from well RB-1,could confirm structural and stratigraphic conditions for potentialhydrocarbon deposits as well as explain and help the Companyunderstand why the recently drilled RB-1, which had hydrocarbon showsin cuttings and in the e-logs, but only tested water.Prospective leads are identified to the south of well RB-1. The newseismic and G&G studies may confirm that this southern lead entersinto the VMM1 Block to the south, owned and operated by Lewis EnergyColombia. Interpretation of new seismic lines should be available bythe end of November.Gold is also pleased to announce that its former partners in the RosaBlanca Block (Lewis Energy Colombia, Osage Exploration andDevelopment Inc. and Empesa SA) have signed an agreement in whichGold recovers the interest formerly farmed out to Osage and takesover the operatorship of the Block. Gold now has a 90% interest andEmpesa the remaining 10%. Lewis Energy, which owns and operates theneighboring block to the south, VMM1, has an option to reenter theRosa Blanca Block for a 25% interest after the seismic acquisitionsubject to paying back some of the past costs.With regard to the Azar project in which Gold holds a 20% interest(Gran Tierra 40% and operator, Lewis Energy 40%) the Companyannounces that the 2D seismic program with 4 lines with a total of 51kms has been successfully acquired. Processing has been completedand interpretation will start immediately.Furthermore the 3D 50km2 seismic program was completed last week anddata (SEG-D) will now be sent for processing. Data should be readyfor interpretation by end of October this year.With the fulfillment of both seismic programs the partners havefulfilled the work program for this third exploration phase asrequired under the ANH contract. The next exploration phase, fourth,of the Azar contract commences in November 2009 and the minimum workprogram includes one exploration well, which the partners expect todrill in Q2 2010.The program to test the Burdine wells is continuing and a strategy toput at least one of the wells on production is being evaluated.The Chairman of Gold, Mark Pritchard, commented that "it is certainlygood news for Gold to have the opportunity at zero additional cost toacquire a seismic program which will give new information on theprospectivity of the Rosa Blanca Block. We are pleased to retainEmpesa as partners on the licence and welcome the opportunity forLewis Energy to partner with us in the future. I am also encouragedby the progress of the seismic programme on Azar as with bothrecently acquired seismic surveys the G&G information on Azar will bevery detailed and this combined with the information and knowledgethat Gran Tierra has from its main producing assets located to thewest of Azar we should have a higher probability of success for thenext main event on this block, which is an exploration well in 2010".The technical information contained in this announcement has beenreviewed and approved by Mike Burchell, B.Sc., 69, member of the SPEand with over 47 years experience in the oil and gas business.Notes for EditorsGold Oil is an AIM-listed oil and gas exploration and productioncompany primarily focused on opportunities in Latin America. It hasoil production in Colombia and significant exploration acreage andlicences both onshore and offshore in Peru and onshore Colombia.The Rosa Blanca Block covers an area of approximately 45,000 hectaresand is surrounded by the nearby oil producing fields of Cristalina,Santa Lucia, Tisquirania, Totumal, Baturama and the South BolivarBlock.The petroleum system within the Rosa Blanca Block has been proved innearby oil wells and fields which reduces the geological risksignificantly. Gold believes that the presence of the fracturedreservoir zones within the reservoir rock is the main operationalrisk. Gold's clear objective is to find another Buturama oil field,which by analogy, could give reserves of up to 30 MM STB and initialproduction rates of 1,200 BOPD of 35 API gravity oil.The Azar Block, which is located to the northeast of the Company'sexisting Nancy, Burdine and Maxine oil fields and immediately to theeast of the Guayoyaco Block in which the Juanambu discovery well wasdrilled in November 2007 with a flow rate of 1,410 bopd. TheGuayoyaco Block is operated by Gran Tierra Energy (TSX: GTE), who isalso the operator and 40% interest holder in the Azar Block.The licence for the Azar Block was granted by Colombia's hydrocarbonsagency ANH in October 2006 for an area of 51,630 Ha (or 516.3sq.km).The term of the licence is for a period of 24 years and includes aroyalty payable to the ANH of between 8% and 25% depending uponlevels of production. The oil and gas terms in Colombia are currentlyone of the most favourable in Latin America.About Osage Exploration and Development, Inc.Based in San Diego, California with production offices in OklahomaCity, Oklahoma, and executive offices in Bogota, Colombia, OsageExploration and Development, Inc. is an independent exploration andproduction company with interests in the USA and Colombia.About Lewis Energy ColombiaLewis Energy Colombia is a subsidiary of Lewis Energy that is engagedin oil and gas exploration, development, production, pipeline,drilling and production services in Texas and Latin America.About EMPESA, SACompania Petrolera de Servicios y Acesorias S.A. (EMPESA) is amulti-disciplinary group of professionals with wide experience in thepetroleum industry in Colombia. EMPESA executes well design, wellplanning, drilling programs, and engineering/geosciences studies forcustomers in Colombia such as Occidental, Lukoil, Gulfsands, andEcopetrol.For further information on the Company, visit www.goldoilplc.com orcontact:Gold OilMark Pritchard, Chairman Tel:0208 332 6882Seymour PierceJonathan Wright / Richard Redmayne Tel: 020 71078000---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 24.09.2009 - 11:18 Uhr
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