Nov. 5, 2009 (Hugin AS) --
Gold Oil plc (OOTC:GDOLF)
Operational Update: Colombia
Gold Oil plc ('Gold' or 'the Company') is pleased to announce the
following operational updates for its Azar, Nancy Burdine Maxine and
Rosa Blanca Blocks in Colombia.
Gold is pleased to announce that at the most recent Azar operating
committee meeting (OCM) on 28 October, the Operator, Gran Tierra
Energy Company (GTEC), announced the preliminary results of the 50km2
3D survey acquired on the southern part of the block on which the La
Vega South & East prospects will be drilled Q2/Q3 2010 as soon as the
relevant environment impact assessment permits are granted. La Vega
East has resources estimated by GTEC of 3.25MMbbl in the T and U
sands (Gold's share 0.6MMbbl). The similar La Vega South prospect is
estimated to have resources of 3.24MMbbl in both sands (Gold's share
0.6MMbbl). Both structures are very close together and are planned to
be drilled 'back to back' in 2010. GTEC has considerable experience
in the Putumayo Basin, of which these prospects are very typical,
operating several blocks.
During the same OCM the partners decided to acquire an additional
75km2 of 3D seismic over the La Florida structure, which is in the
northern part of the block and has had 51km of 2D seismic recently
acquired on it. The La Florida prospect has the potential, estimated
by GTEC, for 15-25 MMbbl of oil initially in place (STOIIP). A better
estimate will be made after the new 3D seismic survey, which will be
acquired in March/April 2010.
As announced in the Company's Operational Update announced on 24
September, the acquisition of a 60 km 2D seismic survey in the
southern portion of the Rosa Blanca Block, located in the prolific
Middle Magdalena Basin, started three weeks ago after the
environmental permit was granted. Local consultation, detailed
topography mapping and drilling of the shot-holes for the dynamite
charges are well advanced. The first seismic line has been shot and
according to the schedule the seismic acquisition will be finished by
mid November and processing and preliminary interpretation in the
first week of December.
Testing of the Burdine wells continues and B-1 has been in production
on a long term production test since October. B-1 is producing an
average of 230 bopd of light crude with 320 bpd of water. The
objective of the long term test is to get more information on the
well to optimize the work-over programme for B-1 and B-5. The
work-over of B-4 needs the approval of the Company's partners.
