Gold Oil, has released the following update on its operations on Block Z34, offshore Peru.
On 4th July, 2011 Gold Oil signed a definitive agreement with BGP Geoexplorer PTE Ltd for the acquisition of a marine 3D seismic survey over Block Z34 offshore Peru. The survey has been extended and is now planned to be in excess of 800 sq km over both the southern and northern part of the licence area. This survey comprises the first phase of 3D seismic over the licence. Depending on the results of the seismic interpretation further seismic may be required, particularly in the northern area, to evaluate completely this large and highly prospective block.
The vessel, the "BGP Pioneer", departed the port of Paita, north west Peru on 6th July having met all customs clearances and commenced operations on 9th July 2011. Given the expanded scope of the survey, data acquisition is now expected to take approximately 50 days. Following the acquisition of the survey, processing and initial interpretation is expected to take a further four months. Preliminary results and the marketing of the asset to potential farm in candidates is likely, therefore, to commence towards the end of the year.
Richard Mew, chief executive, commented: "It is encouraging that we have been able to secure a high quality contractor at favourable rates which has enabled the Company to expand the scope of the survey to include part of the northern area. The extended survey is designed to enhance the attractiveness of the block to potential farm in candidates and will also accelerate the full evaluation and commercialisation of this very promising and prospective acreage."
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