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Energy explorer Gold Oil has bought an option to buy Inversiones Petroleras de Colombia (Inverpetrol) for £2 million.

AIM-quoted Gold Oil has paid $1(51p) for the option to acquire Inverpetrol, which has an 18 per cent ‘participating interest’ in Union Temporal II & B, the operator and licence holder of the Nancy, Burdine and Maxine oil fields in southern Colombia’s Putumayo Basin. The option gives London-based Gold Oil 30 days to carry out due diligence on Inverpetrol before deciding whether or not to buy the company for an initial £500,000, with the remaining £1.5 million payable ‘at a later date’.

Chief executive Gary Moore says the option agreement gives Gold Oil ‘an opportunity to acquire some additional low-cost producing reserves in a field we are familiar with’. He adds that the deal also gives ‘us greater control of the field, thus allowing us to push development at a faster rate’.

At 9.5p, Gold Oil’s shares value the company at £46 million.          

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Gold Oil	AIM	£19.08m	3.95p	-0.13p
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Other company articles:
Exploration Insights by Robert Tyerman			03/11/2008
Reserve hope at Gold Oil			22/10/2008
Colombian deal for Gold Oil			09/07/2008
Gold Oil to get cash boost			26/10/2007
Gold Oil has success with first drilling			18/08/2006