Gold Oil & Plectrum Petroleum Ink Deal for Block Z34 Offshore Peru

Gold Oil has agreed to form a joint venture with AIM listed Plectrum Petroleum Plc in Block Z34, offshore Peru. The two companies have jointly given notice to the authorities to convert Gold's existing Promotion Agreement into a 30 year Exploration & Exploitation Contract. Under the terms of the joint venture Gold will have a 50% carried interest through the initial seismic phase of the work program.

Block Z34 sits in the prolific Talara Basin which has produced to date in excess of 1.7 billion barrels of oil and 340 billion cubic feet of gas(1). The 3713 km (2) block (equivalent to 14 North Sea Blocks) sits adjacent to existing producing concessions in water depths of 100-3000m, yet has a sparse existing data set of just 500km 2D seismic and no wells. The initial work program will be to acquire a conventional modern seismic grid and enhance these data with MMT and Electro Magnetic studies.

Final completion of the transaction is subject to the qualification of both companies as approved contractors and the negotiation with and approval of the Exploration Contract terms by the Peruvian authorities.

Gary Moore, Gold's Chief Executive, commented: "We have been looking for a partner who could bring some state of the art expertise to the table and we believe Plectrum fits the bill perfectly and look forward to working with them. For a small company such as Gold we can either buy in the expertise in a very sparse market or bring in a partner who already processes such skills and can share the workload. We chose the latter. "

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