GoldOil, the South American focused oil and gas explorer and producer, announced progress at the Rosa Blanca Concession, Z34 Concession and San Alberto 2 well.
Environmental Permits was the key milestone at Rosa Blanca, onshore Colombia, and Z34, off Peru. GoldOil has a 50% interest in Z34 with the remaining 50% held by a subsidiary of Cairn Energy. The permit relates to a 2,000 kilometer 2D seismic program which must be completed and processed by February 2009 under terms of the concession.
Meanwhile at Rosa Blanca, where GoldOil has a 40% interest, the operator of the field confirmed that construction of a drilling platform had now commenced, with one vertical well to be drilled before December 25, 2008 to meet the terms of the licence.
Meanwhile at San Alberto 2, GoldOil confirmed that testing had commenced, which is expected to take anywhere between 10 and 120 days, depending on results.