Gold Oil Concludes 2D Seismic on Peruvian Offshore Block Z34

Block Z34
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Gold Oil announced that SCAN Geophysical ASA ('SCAN') has completed the acquisition of 2,013 km of 2D data over Block Z-34 offshore Northern Peru. SCAN is now expected to deliver processed data of the 72 acquired lines in approximately 2 weeks time. However, the first initial assessment of some of the data is encouraging as it can be concluded that the presence of sedimentary sections that correlate with the same producing layers containing crude oil reserves in the neighboring Z2B block. Further announcements will be made in due course.

Gold is also pleased to announce that it has entered into non-binding Letters of Intent (the 'LOIs') with a private junior oil and gas exploration company incorporated in Peru ('the Partner'). The Partner's management has extensive experience in the hydrocarbons sector, and the LOIs set out the terms on which it intends to farm-in to both Block Z34 and Block XXI.

The deal is conditional upon the Partner securing additional funds within 45 days to carry out its obligations on Block Z34 and Block XXI. A further announcement, containing additional details of the terms of the deal, if the Partner is successful in securing the necessary funds to proceed, will be made in due course.

Operations Director Thomas Tidow commented, "The new seismic, the first on Block Z34 completes the first step to explore the potential of this large asset. We will now immediately start with the processing and interpretation of the acquired data. The LOIs should ensure that Gold can participate in a meaningful way in the exploration of these two major assets."

Block Z-34 covers 371,339 hectares and is bordered to the east by Block Z2B, which is producing both oil and gas and is operated by Petrotech Peruana. The Block has potential for typical deepwater turbidities, which normally have high porosities and permeabilities. Four priority areas for exploration programs in Block Z34 have been identified. Three areas are based on the feasibility to extend and project, towards the west, the merits of the major oil fields in the Talara basin. A fourth exploratory area is based on the symmetry of the trapping models of the present fields.

Onshore Block XXI covers 303,000 hectares and is bordered by Olympic's producing gas field. Gold has drilled two exploration wells on the block and five other prospects are mapped.


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