Block Z-34 Update

Gold Oil plc

                               Block Z-34 Update

Gold  Oil plc ("Gold  Oil" or the  "Company") announces the  following update in
relation  to Block Z34, located in the  offshore Talara Basin, Peru. The Company
continues  to be in discussions with potentially interested farm-in partners and
has  received  interest  from  a  number  of  international oil companies.   The
Company  continues to evaluate historic 2D seismic  data and proposes to acquire
3D in 2011 with its chosen farm-in partner(s).

The  Company notes some recent  speculation about the status  of the licence and
confirms  that Gold continues to meet the contractual obligations of the licence
and retains its 100% interest.

Gold Oil Peru SAC received notification from the DGAAE (department for
environmental and social permits within the Ministry of Energy and Mines) that
the latest set of requests from the regional governmental institutions needed to
be answered in order to finalise its PMA (environmental management plan
approval) process.   Gold requested additional time to get the replies back to
the regional institutions, but this request was denied by the ministry.



For further information on the Company, visit www.goldoilplc.com or
contact:

Gold Oil PLC

John Bell - Chairman                Tel: [phone]
Richard Mew - CEO                                Tel: [phone]
Seymour Pierce Ltd

Jonathan Wright/Stewart Dickson             Tel: [phone]
(Corporate Finance)
Richard Redmayne/Jeremy Stephenson
(Corporate Broking)

Notes to Editors

Gold Oil
 Gold Oil PLC is an independent oil and natural gas exploration and exploitation
company focused on Central and Southern America. Shares in Gold are quoted on
the AIM market of the London Stock Exchange (AIM:GOO).
 The Company is seeking to maintain a balanced portfolio of high-risk high
reward and low risk cash flow projects by establishing significant licence
positions concentrated in a few geographic areas. The Company currently has
significant acreage and is recognised as an operator for both onshore and
offshore Peru, and is an operator with exploration and production licences
onshore Colombia.
The Company's objective is to deliver shareholder value through capital
appreciation.



[HUG#1455562]








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Source: Gold Oil PLC via Thomson Reuters ONE