Acquisition and Operational Update

For immediate release
7 August 2008

                            GOLD OIL plc
                      ("Gold" or "the Company")
                         Acquisition Update
Gold Oil plc (the "Company") announces the extension of the Option
Period under the Option Agreement announced on 8 July 2008, for the
purchase of Inversiones Petroleras de Colombia S.A. ('Invepetrol').
The Option Period has been extended at the request of the seller
until August 15, 2008 to allow them additional time to gather the due
diligence paperwork.  The Company continues to have the right, when
calling the Option, to receive the production revenue from the date
of the Option Agreement,  and anticipates making an initial payment
of $1 million within five days of calling the Option and the balance
at a later date.

Invepetrol owns an 18.05% participating interest in the Union
Temporal II & B that is the Operator and Licence holder of the Nancy,
Burdine and Maxine oil fields in the Putumayo Basin in Southern
Colombia.  The Company already owns a 40% interest in Union Temporal
and the acquisition will take the Company's total interest to 58.05%
(27.29% of net production.).

                           Operational Update
Further to the update on 8 July 2008, the Company announces that the
drilling at the San Alberto XXI-2, onshore Peru is now beyond 3600
feet and drilling ahead without any incidents or difficulties to
date.

For further information, please contact:

Michael Burchell, Chairman 01372 361 772
Roland Cornish, Beaumont Cornish Limited 020 7628 3396
Jerry Keen, Blue Oar Securities 020 7448 4492
Jonathan Charles, Conduit PR 020 7429 6611

---END OF MESSAGE---