Gold Oil announces that it’s wholly owned subsidiary, Gold Oil Caribbean Limited, has entered into a Sale and Purchase Agreement with Capricorn Oil and Gas Limited for the acquisition of all of the issued shares in Plectrum Petroleum Limited (“Plectrum”).
This transaction brings Gold’s working interest in the Z34 block to 100%.
Plectrum is a UK registered company that has a Peruvian branch which holds a 50% working interest in the Z34 offshore exploration and exploitation contract in Peru. Gold had a “carry” from Plectrum, whereby all Gold’s costs would be paid for by Plectrum through the first phase work programme under the licence for up to 2,550 km of 2D seismic plus processing.
Under the terms of the agreement, Gold will receive USD $1,500,000 in compensation for the loss of the benefit of the “carry” and additional 50% interest in the licence.
Gary Moore, Gold’s CEO, said: “We are delighted to have secured this interest, particularly given the recent gas discovery to the south and Shell’s $300 million farm-in to the north of the block.”
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