BGP PIONEER

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BGP Pioneer mobilises to Peru

Gold Oil will start a marine 3D seismic survey over Block Z34 offshore Peru early July 2011. The Peruvian Ministry of Mining and Energy recently approved the environmental permit covering Block Z34 that covers a maximum of 808 square kilometers. Gold Oil signed a letter of intent on May 26, 2011, with BGP Geoexplorer PTE Ltd to hire the BGP Pioneer vessel for a 500 square kilometers survey over the southern part of the licence area. This initial survey comprises the first phase of 3D seismic over the licence and another of approximately 1,100 square kilometers will be required to evaluate the northern area of this large and prospective block. The "BGP Pioneer" will mobilize shortly to the operations area. Sailing to Peru will take approximately 20 days and it is expected that the vessel will commence operations, after local clearances, around early July 2011. Total acquisition time is expected to be approximately 30 days from the start of operations.