gold oil plc (GOO) Snapshot

Gold Oil plc reported final audited consolidated earnings results and company’s net cash outflows from operating activities for full year ended December 31, 2012. For the period, on consolidated basis, the company reported revenue of £2,832,000 compared to £1,076,000 for the eight months ended December 31, 2011. Operating loss was £9,304,000 compared to £473,000 for the eight months ended December 31, 2011. Loss on ordinary activities before taxation was £9,353,000 compared to £468,000 for the eight months ended December 31, 2011. Loss for the year was £9,471,000 or 1.06 pence per basic and diluted share compared to £673,000 or 0.08 pence per basic and diluted share for the eight months ended December 31, 2011. Net cash outflows from operating activities was £2,877,000 compared to net cash inflows from operating activities of £271,000 for the eight months ended December 31, 2011. Acquisition of intangible assets was £1,598,000 against £4,240,000 for the eight months ended December 31, 2011. Acquisition of tangible fixed assets was £494,000 against £843,000 for the eight months ended December 31, 2011. On company basis, net cash outflows from operating activities was £2,230,000 compared to net cash inflows from operating activities of £483,000 for the eight months ended December 31, 2011. Acquisition of intangible assets was £1,203,000 against £1,717,000 for the eight months ended December 31, 2011. Acquisition of tangible fixed assets was £209,000 against £598,000 for the eight months ended December 31, 2011.

Gold Oil plc announced that the average production in January 2013 of the Nancy Burdine field was 500 BOPD. Gold Oil has increased its interest in the field to 81.9 % interest.

Gold Oil plc announced the appointment of William Colvin (aged 54) as a non-executive Director of the company, effective from Jan. 24, 2013. William has wide experience in the oil and gas, and healthcare sectors in senior management and board positions of large corporations. He was Finance Director of British-Borneo Oil & Gas Plc from 1992 to 1999. From 1990 to 1992, William was Finance Manager/Director at Oryx UK Energy. From 1984 to 1989, he worked in a variety of financial roles for Atlantic Richfield (ARCO) Inc.