Offshore PeruBlock Z34

Farm–in Opportunity; Talara Basin, Offshore Peru

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Opportunity Overview

Block Z34, Offshore Peru

Current Licence Status: Acquired 2,013 km of 2D seismic in 2009; processed and interpreted Acquired over 808sq km marine 3D and additional 2D in July/August 2011 3D seismic interpretation completed

The Opportunity:

Significant prospects defined on 3D seismic, with additional potential in 2D identified Attractive fiscal terms in an emerging region Material working interest and potential operatorship available

Offering: Gold Oil’s preference is for interested parties to earn a material interest in the Block by funding the 2012/2013 drilling programme (minimum 2 wells), including a competitive promote and paying

a share of past costs. The level of promote will form the biddable component in the process. The ownership structure of Gold Oil in Block Z34 allows flexibility on deal structure (asset vs corporate)

Gold Oil is an independent oil and gas exploration and production company with assets in Colombia and Peru. The company was incorporated in 2004 and has operated in Peru since 2005Description: Large offshore block (370,000 Hectares), offshore Talara Basin Adjacent to the Talara oil fields (1.68 billion barrels produced), though targeting superior quality Pariñas

formation reservoir The block is in water depths ranging from 100m to >2000m Gold Oil 100% working interest held in two wholly owned subsidiaries Despite proximity to nearby producing fields the block is undrilled to date Royalty minimum rate is 5% <5000bopd then a sliding scale of up to a maximum 20% royalty at >100,000

bopd, Corporation tax - 33%

Erika North3D area

Erika South3D area

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Offshore Block Z34 - Structural Style

Tectonic Elements

Northern Z34, Type Section

Southern Z34, Type Section

In Z34 the deltaic sequence is present in large fault blocks and anticlines Greater displacement between the faulted blocks Listric faults have facilitated collapse of the shelf area Traps are predominantly fault bounded closures some of which have an

element of independent dip-closure, and anticlinal roll-overs

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Seismic Data shows Juxtaposition of Reservoir / Seal Facies in Deltaic Sequences Beneath Prograding Deeper Marine Shales

Charge

Unlimited oil charge assumed given the nearby presence of onshore oilfields and expectation of regional Cretaceous source rocks at depth with favourable migration pathways vertically and along faults.Oil charge considered to be beneath Z34 area, yet fields to the east appear to be full to spill – anticipate no constraint on oil chargeNo evidence of gas mature source rocks in region

Reservoir

Target section for most prospects shallow or subcropping inshoreSimilar age and type reservoir section expected for all prospects (except stratigraphic traps)Stong support for presence of reservoirs based on seismic faciesReservoir sequence is younger than onshore fields, and likely to be texturally more matureLikely facies equivalent to Pariñas Formation with a porosity typically 19-40%

Trap/SealFault block closures are proven immediately to the east in the Talara oil fieldsFrancesca is a tilted fault block in the north with rollover componentCuy (B) has a four way dip closed element

Z34 Hydrocarbon Play

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Prospect and Lead locations

Erika South3D area

Erika North3D area

Block Z34 – Source Rock Maturity (Redondo Formation)

Likely Cretaceous candidates of Muerto and Redondo Formations are near to top Palaeozoic

Examination of the total sedimentary thickness of the seabed to top Palaeozoic indicates that it is predominantly between 2700 and 4000m thick, which are the green and red contours on the attached maps

These two contours are considered to be indicative of the oil mature window, suggesting most of Block Z34 is in the oil window at the present day for the main Redondo Formation Type II oil prone source rock

Drainage Cells Northern Prospects

Drainage Cells SouthernProspects

Southern oil generative

kitchen

Northern oil generative

kitchen

Blue= Thicker

Red= Thinner

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XL 2650

IL 1475

Pink horizon TWT MapContours 50msecs

Fault closure at multiple levels in the Eocene Compartment of the 2D lead Pisco400msecs of closure at green horizon

Prospect A – Erika South 3D

XL 2650

IL 1475

Prospect I – Erika South 3D

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Fault closure at multiple levels in the EocenePink horizon

TWT MapContours 50msecs

I

Arb Line 2

Arb Line 1

Arb Line 2IArb Line 1

I

Green Horizon TWTContours 50msecs

IL 1635

Dip and fault closure at multiple levels in the Eocene400msecs of closure at green horizon and 300msecs at pink

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Prospect Cuy (B) – Erika North 3D

salt

salt

Pink Horizon TWTContours 50msec

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Stratigraphic Traps Of The Oligocene And Miocene?

West East

Water depth 1300m

Cross Line

Stratigraphic Traps – Erika South 3D

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Block34 – Licence Status & Work Program