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Shares in Gold Oil picked up to 7p last week on news that the company has bought into the Nancy-Bourdine-Maxine (NBM) oil fields in the south west of Columbia. The fields have produced in the past but were abandoned by Texaco for economic reasons in the mid-1990s. Now Gold Oil has paid $330,000 for a 40 per cent interest. The plan is to re-enter an old well. Gold Oil will have to pay a further $220,000 as its share of the drilling costs. The deal looks set to advance the time when Gold Oil gets some cashflow to help fund its primary exploration work in Peru. The shares were tipped here in October 2004 at 6.88p. Continue to hold.

Gold Oil	AIM	£19.33m	4.00p	-0.08p
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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