Gold Wins Perupetro Designation
Gold Oil PLC said Wednesday that it has been qualified by Perupetro as an offshore operator and contractor.
Perupetro has invited Gold and its joint venture partner, Plectrum Plc, to start exclusive negotiations to finalize the details of an exploration license covering Block Z-34 offshore Peru. Gold expects that the contract will be signed and approved by Perupetro within weeks, with formal approval by Peru’s minister of energy and mines sometime later.
On May 8, 2006, Plectrum announced that it had agreed to form a joint venture with Gold in respect to Block Z-34, jointly giving notice to convert Gold's existing promotion agreement into a 30-year exploration and exploitation license. Final completion of the transaction was subject to the qualification of both companies asapproved contractors and the negotiation and approval of the exploration license terms by the Peruvian authorities.
Gold also said that on Monday of this week it spudded the San Alberto-1X exploration well on Block XXI, onshore Sechura Basin in northwest Peru. The well is the first on the block and is targeting gas at less than 3,500 feet in the Verdun reservoir, producing gas in the nearby La Casita field, and oil in the deeper Palaeozoic that is producing oil in the San Pedro oil field. Gold said that total depth of 6,500 feet should be reached in approximately 3 weeks.
“This is excellent news for Gold in our new joint venture with Plectrum,” said Gary Moore, Gold’s managing director. “I look
forward to speedy negotiation of the contract terms so that we can become
operationally active as soon as possible and commence exploration activity on
Block Z34. It is also very important to Gold that exploration drilling has
started in such a short time since the license was ratified on the 4 of April
- 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: Perupetro more info
- Peru Says Will Cut Royalties In Current Oil Contracts By July (Feb 03)
- Peru To Cut Oil, Gas Royalties To 5% To Counter Price Slump (Nov 11)
- Government: Peru's Biggest Oil Block Fails to Receive Any Bids (Aug 05)
Company: Plectrum Petroleum more info
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- Plectrum Petroleum to Convert Nabeul Permit Into an Exploration Permit (Jul 24)
- Plectrum Begins 2D Shoot Offshore Tunisia (May 30)