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

BNamericas reported on March 9 that as part of the E&P agreement for the Talara basin's offshore Z-34 block in Peru with London-based Gold Oil (LSE: GOO) and Scottish firm Plectrum Petroleum, the companies would drill a well no later than 30 months after exploration begins.

However, the first two exploration periods cover 30 months and the contract calls for the first exploration well during the third period.

We apologize for the mistake.

We would also like to clarify Plectrum will cover all costs until completion of the acquisition and processing of the initial 2000km seismic program rather than simply the first two periods of exploration.

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