Acquisition and Operational Update

FOR IMMEDIATE RELEASE 8 July 2008 GOLD OIL plc ("Gold" or "the Company") ACQUISITION AND OPERATIONAL UPDATE Acquisition The Company is pleased to announce that, through its 100% owned subsidiary Gold Oil Caribbean Limited, it has entered into an Option Agreement for $1 to purchase ninety five percent (plus five percent in the name of Gold Oil subsidiaries and the parent, held in trust for Gold Oil Caribbean Limited) of all of the issued shares in Inversiones Petroleras de Colombia S.A. ("Invepetrol") for a consideration of $4 million. 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 this will takes the Company's total interest to 58.05% (27.29% of net production.) The Option Agreement allows thirty days for due diligence on Invepetrol and gives the Company the right to enter into a Sale and Purchase Agreement for the purchase of the shares with an initial payment of $1 million and the balance at a later date. For the year ended 31 December 2007, the profits before taxation and gross assets as shown in the unaudited joint venture accounts attributable to the additional interest in Union Temporal being acquired are £79,000 and £510,000 respectively (based upon a conversion rate of £1=3,635 Columbian pesos). There is no valuation of the assets which are being evaluated by the reserve report on Nancy 1 well referred to below. The Nancy 1 well was re-entered in late 2006 with an initial production of 700 bopd, which has now declined to an average monthly rate of 383 bopd. The 2008 work programme has been delayed over environmental approval and includes five re-entries on the existing Burdine wells and, if encouraging, workovers of the five wells. Some additional infill seismic on both the Nancy and Burdine fields is planned if justified by a full field reserves report that is currently under preparation following a full field geological report to establish the reserves held by the Company. Operational Update Rosa Blanca, Onshore Colombia (Gold's interest 36.8% Net Revenue Interest - NRI) The Rosa Blanca licence with the ANH was recently extended from July 3, 2008 until December 25, 2008 to allow for additional time to complete the first phase work programme. The whole work progamme has been delayed due to delays in the Environmental Approval for the area, which is becoming more and more common in Colombia with the ever increasing work load on the Environmental Agency. It is now envisaged that the first exploration well will be sometime later than September this year. Block XXI, Onshore Peru (Gold's interest 95% NRI) The well site and drilling pad is now mostly complete and all the equipment on site with the rig due to leave its last job on Monday the 7th July. It is expected to arrive at the site by the 11th of July. We have the rig after Inveroil which had a one to two well programme. As Inveroil had a successful first well flowing at between 600 and 800 bopd, they have opted to drill the second well immediately. Z34, Offshore Peru (Gold's interest 47.5% NRI) Progress on the seismic tender is unlikely until a clear date for the Environmental Approval is obtained. Interest in the area has increased again with PetroTech announcing a gas discovery immediately to the South of Z34 and Shell farming into BPZ's block to the North of Z34. Azar, Onshore Columbia (Gold's interest 18.4% NRI) The previously reported delays have now been overcome and the operator expects to commence perforation of the target zones shortly. The Company CEO, Gary Moore said "we entered into this Option Agreement as we saw an opportunity to acquire some additional low cost producing reserves in a field we are familiar with as well as giving us greater control of the field and thus allowing us to push development of the fields at a faster rate." The technical information contained in this announcement has been reviewed and approved by Mike Burchell, B.Sc., member of the SPE and with over 45 years experience in the oil and gas industry. For further information, please contact: GOLD OIL plc Michael Burchell, Director Tel: +44 (0) 1372 361 772 Beaumont Cornish Limited Roland Cornish Tel: +44 (0) 20 7628 3396 Blue Oar Securities Jerry Keen Tel: +44 (0) 20 7448 4492 Conduit PR Jonathan Charles/Ed Portman Tel: +44 (0) 20 7429 6611 ---END OF MESSAGE---
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