Gold Oil Gets Go-Ahead for Onshore and Offshore Peruvian Concessions

Gold Oil plc has received an Environmental Permit for its Rosa Blanca Concession, onshore Colombia; an Environmental Permit for its Z34 Concession, offshore Peru; and an update on it San Alberto 2 well, onshore Peru.

In the Rosa Blanca Concession, onshore Colombia, the Company has a 40% participation interest and is Operator of the group. The other partners consist of Osage Exploration and Development Inc. of the USA
with 50% and Empessa Petrolera De Servicios Y Asesorias S.A. of Colombia with a 10% interest. Work on construction of the drilling platform for the first exploration well has commenced. The first phase work program under the licence with the ANH is for a single vertical exploration well to be drilled before December 25, 2008.
 
In the Z34 concession, offshore Peru, the Company has a 50% participation and is Operator, with Plectrum Petroleum Plc (now Capricorn) holding the other 50%. Under the licence with Perupetro, a minimum of 2,000km of 2D seismic must be shot and processed before February 2009. The Company expects to have completed seismic acquisition before the end of the year.
 
On San Alberto 2, onshore Peru, the Company has released the Petrex drilling rig and test rig was mobilized earlier this week. Testing has commenced, with a time scale of between 10 and 120 days depending on the success of the testing.
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