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Gold Oil takes full ownership of Peru project

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Date: Monday 13 Oct 2008

LONDON (ShareCast) - Oil and gas explorer Gold Oil has brought its interest in the Z34 gas project off the coast of Peru to 100% with the purchase of Plectrum Petroleum.

Plectrum is a UK registered company that has a Peruvian branch which holds a 50% working interest in the Z34 offshore exploration and exploitation contract in Peru. Gold had a "carry" from Plectrum, whereby all Gold's costs would be paid for by Plectrum through the first phase work programme under the licence for up to 2,550 km of 2Dseismic plus processing.

Under the terms of the agreement, Gold will receive $1.5m in compensation for the loss of the benefit of the "carry" and additional 50% interest in the licence.

“We are delighted to have secured this interest, particularly given the recent gas discovery to the south and Shell's $300 million farm-in to the north of the block," Gold chief executive Gary Moore said.

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