Gold Oil has provided an operational update for its business units in Colombia and Peru.
Azar Block Colombia
All permits for the 42 km of 2D Seismic and the 53 sq. km of 3D Seismic survey have finally been granted and the operator of the
Gold has a 20% interest in the Azar Block, which is located to the northeast of the Company's existing Nancy, Burdine and Maxine oil
The license for the Azar Block was granted by Colombia's hydrocarbons agency ANH in October 2006 for an area of 51,630 Ha (or 516.3sq.km). The term of the licence is for a period of 24 years and includes a royalty payable to ANH of between 8% and 25%, depending upon levels of production. The oil and gas terms in Colombia are currently some of the most favourable in Latin America.
Nancy Burdine Maxine Block Colombia
On June 1, 2009, the Company took over the operation of the Nancy Burdine Maxine field. The Company has now started the long expected process of increasing production from these fields. A slick-line unit was moved into the area of operations and the down-hole completions of Burdine 1, 4 & 5 were checked and found to be in satisfactory condition which will allow the reactivation of the wells.
In July, the Company expects to start a 5 day production test on each of the Burdine wells as the first step towards deciding which of the Burdine wells will be worked over and put on long term production.
The total estimated remaining P1 (Proved) reserves in Nancy-1 as of July 2008 were 184,306 barrels of oil.
It is estimated that, without stimulation, 2009 total production will reach 82,706 barrels and gross revenues will reach US $3.3million,
Rosa Blanca Block Colombia
The Rosa Blanca operating group, in which Gold Oil has a 40% stake, is now well into the process of defining the second phase exploration program which is a 60 km 2D seismic acquisition over the previously indentified prospects of the 45,000ha concession.
Block Z34 & Block XXI Peru
PeruPetro has granted the Company a 6 month extension which gives the Company enough time to process and interpret the recently acquired 2,013kms 2D seismic.
The Company has started the extension of its EIA studies for the 3D survey in block Z34 which is the commitment for phase 2 of the
Mark Pritchard, Chairman of Gold Oil said, "It is very encouraging to be able report considerable progress across all of the Company's
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