Gold Oil initialized the contract with PeruPetro in December 2005 and. approval by the Ministry of Energy and Mines now allows the Company to commence drilling on Block XXI. All equipment for the first well, San Alberto 1X, has been ordered and Gold expects to finalise an agreement with a Peruvian drilling contractor to spud San Alberto-1X at the beginning of June at an AFE cost of US$1.3 million.
Colombia Block 21
The Company says that preparation work is progressing well on the Nancy-3 wellsite and that the operator expects to start workover operations around May 5th.
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