SURREY, UK -- Gold Oil Plc. has secured qualification from Oficina Nacional de Recursos Minerales de Republica de Cuba (ONRM), the Cuban National Office of Mineral Resources, to act as operator for oil and gas exploration both onshore and in the territorial waters offshore Cuba up to a water depth of 100 m (328 ft).
This qualification represents the successful completion of Phase 1 of the company's strategy being developed in conjunction with strategic partner, Minmet Plc., for a number of Central and South American countries.
Gold has commenced negotiations with Cuba's state oil company Cubapetroleo (Cupet) for a production-sharing contract (PSC) over a number of targeted blocks.
Under the terms of agreements finalized between Gold and Minmet in Feb. 2007, Gold will act as technical operator on behalf of Minmet, as the investor, in potential oil and gas properties in the territories.
"This is a very important step for the Gold/Minmet strategic partnership, as securing qualification as an operator is a significant milestone towards achieving a PSC in the highly prospective Cuban oil and gas fields," says Gary Moore, Gold's chief executive. "It is getting increasingly difficult for smaller sized oil and gas players to qualify for operatorship for any oil and gas exploration and development projects, and this achievement gives both Gold and Minmet a considerable advantage in securing identified highly prospective acreage."