The Directors of the company have extensive experience in mergers and acquisitions, corporate management, and working with businesses in Latin America put them in a unique position to locate and evaluate investment opportunities.
Currently Gold Oil has established entry positions in Peru and Colombia, and one of its fields, Nancy, is currently producing at a rate of 300 barrels of oil per day (bopd). The company expects to expand this production by 200-400 bopd in early 2011.
Gold Oil is in the process of exploring and analyzing two additional fields in Colombia, Azar and Rose Blanca. In Azar Block, Gold is entering into agreements for 70 square miles of 3D seismic above one large lead area, as well as one exploration well. in the Rose Blanca block, the company has struck a deal with a Colombian company, Montecz SA, for drilling one well plus testing.
In Peru, the company has obtained licences for two different blocks. In Block XXI, drilling has begun on two exploratory wells; however the work in this block is on hold pending approval for environmental permits. The licence for Block Z-34 and the Environmental Impact Assessment have been approved and 2013 kilometres of 2D seismic have been obtained. The contract is currently on hold pending environmental permit approval for a modification of the 3D seismic grid planned for the next phase of exploration.
Gold Oil has also entered into an agreement with German company Ferrostahl for a major petrochemical development in Peru.
The company has also taken the first steps toward expanding operations to Cuban-held reserves by becoming qualified as an Onshore and Offshore Operator in Cuba.
Shares of Gold Oil Plc (GOO) are listed on the London Stock Exchange’s Alternative Investment Market and were trading at 5.22 p as of 26 January 2011.