Plectrum Petroleum and Gold Oil Formally Awarded an Exploration & Exploitation Contract Covering Block Z-34, Offshore Peru
Plectrum Petroleum announces that the Company, together with its AIM listed joint venture partner, Gold Oil Plc (Gold), has been awarded an Exploration Licence covering Block Z-34, offshore Peru.
On 8 June 2006, Plectrum announced that it had agreed to form a joint venture with Gold in respect of Block Z-34, jointly giving notice to convert Gold’s existing Promotion Agreement into a 30 year Exploration & Exploitation Licence. Final completion of the transaction was subject to the qualification of both companies as approved contractors and the negotiation and approval of the Exploration Licence terms by the Peruvian authorities. All negotiations and approvals have been successfully completed and the Supreme Decree for Block Z-34 has now been published in the Official Journal in Lima.
Mike Whyatt, Plectrum Petroleum’s Executive Chairman, said:
“We are delighted to have received the Supreme Decree for the award of Z-34 and can now move forward with our plans to evaluate this prospective offshore Block”.
