Gold Oil begins 3D marine seismic offshore Peru

Source: Gold Oil

Latin America-focused oil producer Gold Oil (AIM:GOO) has begun a marine seismic campaign on Block Z34 offshore Peru

Gold Oil signed a definitive agreement with BGP Geoexplorer PTE Ltd for the acquisition of a marine 3D seismic survey over Block Z34 in the Talara Basin offshore Peru. The survey has been extended and is now planned to be in excess of 800 square kilometers over both the southern and northern part of the license area. This survey comprises the first phase of 3D seismic over the license. Depending on the results of the seismic interpretation further seismic may be required, particularly in the northern area, to evaluate completely this large and highly prospective block. 

The vessel, the BGP Pioneer, departed the port of Paita, northwest Peru on July 6, and commenced operations on July 9, 2011. Given the expanded scope of the survey, data acquisition is now expected to take approximately 50 days. 

Following the acquisition of the survey, processing and initial interpretation is expected to take a further four months. Preliminary results and the marketing of the asset to potential farm-in candidates is likely, therefore, to commence towards the end of the year. 

"The extended survey is designed to enhance the attractiveness of the block to potential farm-in candidates and will also accelerate the full evaluation and commercialization of this very promising and prospective acreage,” said Richard Mew, chief executive of Gold Oil.

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