Gold Oil PLC reported that The Nancy 1 well in Colombia was re-entered in late 2006 with an initial production of 700 bopd, which has now declined to an average monthly rate of 383 bopd. The 2008 work program has been delayed over environmental approval and includes five re-entries on the existing Burdine wells and, if encouraging, workovers of the five wells. Some additional infill seismic on both the Nancy and Burdine fields is planned if justified by a full field reserves report that is currently under preparation following a full field geological report to establish the reserves held by the Company.
The Rosa Blanca license, offshore Colombia, with the ANH was recently extended from July 3, 2008 until December 25, 2008 to allow for additional time to complete the first phase work program. The whole work progam has been delayed due to delays in the Environmental Approval for the area, which is becoming more and more common in Colombia with the ever increasing work load on the Environmental Agency. It is now envisaged that the first exploration well will be sometime later than September this year.
Block XXI, Onshore Peru (Gold's interest 95% NRI):
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