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Gold Oil announce Peru farm-out Block Z-34


Published May 1, 2013
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Gold Oil extends its Mou with Man Ferrostaal and commits to phase two of the Nancy, Burdine and Maxine fields In Colombia-Spotlight

Gold Oil has farmed out 80% of its interest in the block Z-34, offshore Peru, to Union Oil & Gas Group Corp. Gold Oil will be carried in the 3 remaining Exploration phases and keep a 20% interest.

Gold Oil will receive a total of $6 million for the Farm-out of which it will receive $4 million by selling Plectrum Petroleum Limited. Plectrum is 100% owned by Gold Oil and has a 50% participation in Block Z-34. Gold Oil will receive the remaining $2 million when Union Oil & Gas has been qualified by Perupetro for the additional 30% participation interest in Z-34.

Tags: Gold Oil plc



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