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Gold Oil completes 2D seismic acquisition for Block Z34 offshore Peru

Published: 18:41 22 May 2009 AEST

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Gold Oil PLC (AIM: GOO) said SCAN Geophysical ASA has completed the acquisition of  2,013 kilometres of 2D  data over Block  Z-34 offshore Northern Peru, a week earlier than envisaged when the company announced the imminent start of the work late April.

SCAN is now expected to deliver processed data in approximately 2 weeks. The initial assessment of some of the data is encouraging as suggests the sedimentary sections present correlate with the producing layers containing crude oil reserves in the neighboring Z2B block which is operated by Petrotech Peruana, producing both oil and gas.

Gold also announced that it has entered into non-binding Letters of Intent with a private junior oil and gas exploration company incorporated in Peru with a view to farming in to both Block Z34 and Block XXI.

The deal is conditional upon the partner securing additional funds within 45 days to carry out its obligations on Block Z34 and Block XXI.  A further announcement, containing additional details of the terms of the deal, if the partner is successful in securing the necessary funds to proceed, will be made in due course.

Block Z-34 covers 371,339 hectares and is bordered to the east by Block Z2B. Four priority areas for exploration programs in Block Z34 have been identified. Onshore Block XXI covers 303,000 hectares and is bordered by Olympic's producing gas field.  Gold Oil has drilled two exploration wells on the block and five other prospects are mapped.

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