Gold Oil, Plectrum Sign E&P Contract for Z-34 Block

Peru's state hydrocarbons agency Perupetro has signed an E&P agreement for the Talara basin's offshore Z-34 block with London-based Gold Oil (LSE: GOO) and Scottish firm Plectrum Petroleum, Perupetro said in a statement.

The block has a minimum work program of US$49mn including the acquisition of geophysical information and the drilling of three wells.

The companies will begin with a planned 2000km 2D seismic program followed by controlled source electromagnetic (CSEM) modeling, Gold Oil CEO Thomas Tidow and Plectrum CEO Mike Evans told BNamericas in a joint email.

The companies will carry out CSEM surveys if the modeling shows positive results. If the area is not appropriate for CSEM, the companies will carry out more seismic exploration, Tidow and Evans wrote.

The contract stipulates the first well is drilled no later than 30 months after exploration begins.

Gold Oil entered into a promotion license with Perupetro on February 7, 2005, for an initial period of 15 months. The license allowed Gold Oil to carry out a feasibility study while retaining exclusive rights over the block.

Plectrum and Gold Oil will each have a 50% stake in the block with Gold Oil acting as the operator. Plectrum will cover all costs for the first two periods of exploration, the executives said.

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