Last checked at 17 Jul 2012 07:00
17 July 2012
GOLD OIL PLC
("Gold Oil" or the "Company")
Colombia Operations Update
Gold Oil, the AIM-listed oil and gas exploration and production company, (AIM: GOO), with a primary focus on Latin America, would like to provide the following operational update on its operations in Colombia.
Colombia: Azar Block
Gran Tierra, the operator of the Azar block, has reported that the La Vega Este-1 oil exploration well is currently drilling ahead after initiating sidetrack operations, and is now expected to reach total depth in early August.
Colombia: Nancy-Burdine Block
As a result of a request by certain indigenous communities, a local judge has ordered the operator to suspend production operations temporarily. The Company believes that this decision has ignored the fact that there are no indigenous communities in the direct area of influence of the fields as certified by the Ministry of the Interior. The judge's decision has been appealed by the operator and the appeal is expected to be adjudicated on by the Supreme High Court in the next few weeks. If the appeal is not granted, the suspension will continue until the indigenous consultation is completed with the relevant communities; this consultation process has already been initiated.
Board appointment
The sole current director, Julian Garcia, is in the process of working with the Company's nominated adviser to recruit additional directors to the board and expects to conclude these considerations shortly.
For further information on the Company, visit www.goldoilplc.com or contact:
Gold Oil Plc
Julian Garcia - Director Tel: +572 (603) 35 14
Seymour Pierce Ltd (Nominated Adviser & Joint Broker)
Jonathan Wright Tel: +44 (0) 207 107 8000
(Corporate Finance)
Richard Redmayne
(Corporate Broking)
FirstEnergy Capital LLP (Joint Broker):
Hugh Sanderson / Travis Inlow Tel: + 44 (0) 20 7448 0200
Buchanan (Financial PR) Tel: + 44 (0) 20 7466 5000 Tim Thompson/Helen Chan/Ben Romney