Gold Oil plc announced that it has called the Option Agreement, announced on July 8, 2008 and extended on August 3, 2008, for the purchase of Inversiones Petroleras de Colombia S.A. for a total consideration of $4 million.
Accordingly, the Company has entered into a Share Purchase Agreement with an initial payment of $1 million, with the balance payable at a later date.
Invepetrol owns an 18.05% participating interest in the Union Temporal II & B that is the Operator and License holder of the Nancy, Burdine and Maxine oil fields in the Putumayo Basin in Southern Colombia. The Company already owns a 40% interest in Union Temporal and this will take the Company's total interest to 58.05% (27.29% of net production).
At an Operating Committe meeting by the members of the Union Temporal in Bogota on August 14, 2008, it was agreed that the existing Project Manger for the Union Temporal would retire and be replaced by Invepetrol. A hand over period of operations will take place when practicable and agreed between the outgoing Project Manager and the incoming Project Manager.
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