Gold Oil to Drill an Exploration Well on Block XXI in Peru
Gold Oil has awarded a contract to Conex S.A.C. for the drilling of an exploration well in Block XXI onshore the Sechura Basin in Northern Peru.
The Company anticipates commencing drilling the first well on Block XXI in April /May, once Ministry approval of the licence is received. The cost of drilling this well will be met from the Company's existing cash resources.
Conex S.A.C. is a local Peruvian company whose staff has been involved in
exploration in the Talara and Sechura Basins for over 35 years. The scope of the
contract is to manage the well from prognosis to completion under supervision of
the Company. As part of the Board's policy of providing performance based
incentives Conex has been issued with 2,000,000 warrants to purchase Ordinary
Shares of 0.025p each in the Company. The warrants are open to exercise on or
before January 30, 2009 at a subscription price of 6p per share.
- Gold Oil In Talks for Partner Offshore Peru (May 08)
- Gold Oil Granted License Extension in Peru (Jan 30)
- Gold Oil Extends Survey, Seeks Farm-In Candidates Offshore Peru (Jul 11)
Company: Conex S.A.C. more info
- Gold Oil to Drill an Exploration Well on Block XXI in Peru (Feb 07)