Gold Oil Farms Out Onshore Block XXI to Vale

Source: www.gulfoilandgas.com 1/31/2011, Location: South America

Gold Oil, the AIM-listed oil and gas exploration and production company, is pleased to announce that it has signed a Farm Out Agreement and a Joint Operating Agreement with Vale S.A. (Vale) for its onshore Block XXI, located in the Sechura Basin in Northwest Peru.

Under the agreements, which are subject to Perupetro approval, Vale will pay an upfront cash consideration of US$2million and will carry Gold through the remaining exploration programme capped at US$10million (gross total exploration programme). In return Vale will receive a 70% interest in the Block and will become Operator after assignment. Gold will retain 30% of the block.

In parallel the Company has requested Perupetro to unify the current exploration phase (Phase III) and Phase IV which, if accepted by Perupetro, would increase the minimum exploration commitment to the equivalent of 400km of 2D seismic or a combination of seismic and other exploration activities. This would extend the end date of the combined phases until November 2012.

Commenting on the update, Chief Executive Officer Richard Mew said, "I am very pleased to announce these agreements with Vale concerning our Block XXI in onshore Peru. We believe that Vale will bring considerable resources to assist in the thorough evaluation of this block and we welcome them as our new partner. This farm out deal with Vale is another important milestone for the Company as we seek to reduce our exposure to exploration risk whilst building on potential opportunities for growth."


Oman >>  8/8/2022 - Maha Energy AB (publ) (“Maha” or the “Company”), through its wholly owned subsidiary Maha Energy (Oman) Ltd., has entered into an Agreement with Mafra...
United States >>  8/8/2022 - Cenovus Energy Inc. (CVE) has reached an agreement to purchase bp’s 50% interest in the bp-Husky Toledo Refinery in Ohio. Cenovus has owned the other ...

Brazil >>  8/5/2022 - Petrobras, following up on the release disclosed on 08/14/2020, informs that it has concluded today the sale of all its stakes in the onshore fields o...
Brazil >>  8/3/2022 - Petrobras, following up on the release disclosed on 01/29/2021, informs that yesterday it has finalized the sale of all its stakes in the producing fi...

South Korea >>  8/3/2022 - The MunmuBaram project off the south-east coast of South Korea is one of the biggest planned floating wind farms in the world and is set to play a sig...
United Kingdom >>  8/3/2022 - Orcadian Energy (AIM:ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce that, further to the announcement of 1...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.