Gold Oil Finalizes Seismic Acquisition for Block Z-34 Offshore Peru

Block Z34
(Click to Enlarge)

On April 20, 2009 Gold Oil announced that it had entered into a Letter of Intent with SCAN Geophysical ASA ('SCAN') to acquire 2,000 km of 2D data over Block Z-34 offshore Northern Peru.

The Company is now pleased to announce that a contract has been signed with SCAN and that operations will commence in the next few days. It is expected that the data acquisition phase will take approximately 4 weeks.

Block Z-34 covers 371,339 hectares and is bordered to the east by Block Z2B which is operated by Petrotech Peruana, producing both oil and gas.

Thomas Tidow, Gold Oil's Operations Director, said, "Block Z34 has the potential for typical deepwater turbidities, which normally have high porosities and permeabilities, In addition there are possible extensions of the prolific structural traps in the neighbouring Block Z2B, and, further east, the onshore fields of the Talara Basin, where the cumulative production is in the order of 1.6 billion bbl of crude oil."

Four priority areas for exploration programmes in Block Z34 have been identified. Three areas are based on the feasibility to extend and project, towards the west, analogues of the major oil fields in the Talara Basin. A fourth exploratory area is based on symmetry with the trapping models of the present fields.

Mark Pritchard, Chairman of Gold Oil said, "This 2D seismic program is the first step in quantifying the huge potential of this
strategically located, and vast, block."


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