Gold Oil has spudded well SA-2X, located in Block XXI, onshore Peru, this past weekend. Drilling is expected to reach a target depth of 5,200 feet and take approximately one month to complete.
Block XXI was acquired as a high risk-high reward block but the results of SA-1X and recent geophysical work reduces the risks for this well but there is still a large exploration upside associated with the well and the rest of the block.
"The Board is excited to begin the next phase of drilling. We look forward to keeping the market informed of developments," said Gary Moore, CEO of Gold Oil.
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