logo-loader

Gold Oil plans to advance farm-out process of Z34 block as unveils strategy

Published: 04:00 07 Aug 2012 EDT

no_picture_pai

Latin America focused Gold Oil (LON:GOO) plans to advance the farm-out process of its Z34 block, offshore Peru, which was started in February this year.

The firm intends to build on the momentum of the previous board which made great strides in the past two years, it said in today's update, ahead of a general meeting this Friday.

In the period, at Z34, geophysical work including seismic was undertaken to high-grade the block.

This resulted in the identification of 12 prospects and leads addressing prospective resources of 2.02 billion barrels -  having a potential value of $2.62 billion.

Now the firm wants to reach a "satisfactory" outcome with interested parties over a farm out deal, it said today.

Following the AGM on June 29, Gold Oil shares were suspended from trading due to a dissenting shareholder group blocking re-appointments of the board.

But since then Julian Garcia, sole director of the firm, has appointed Michael Neville and William Daily to the board.

Neville becomes interim non-executive chairman, until a new independent chairman has been appointed, the firm said.

The company also announced it has hired Zeus Capital as financial advisor with immediate effect.

In the last two years the company has also increased daily production at the NBM field, onshore Colombia, to an average of 550 barrels per day from 260 barrels per day and the firm intends to now focus on extending NBM beyond 2015 for increased production.

It also plans to pursue other opportunities already identified on the ground in Colombia and elsewhere.

The company also today urged shareholders to reject the dissident shareholder's board nominees at this Friday's meeting and allow it to focus on advancing the company.

BenevolentAI advances novel ulcerative colitis treatment through Phase 1a trial

BenevolentAI (OTC:BAIVF) chief scientific officer Dr Anne Phelan joins Proactive's Stephen Gunnion with positive safety data from the Phase 1a, first-in-human, clinical study of BEN-8744 in healthy volunteers. Phelan explained that BEN-8744 is a potent, selective PD10 inhibitor, uniquely...

2 hours, 20 minutes ago