Columbia Operations Update

GOLD OIL PLC

                     ("Gold Oil", "Gold" or the "Company")

                           Colombia Operations update

Gold Oil, the AIM-listed oil and gas exploration and production company
primarily focused on opportunities in Latin America, is pleased to provide the
following update on its operations in Columbia.


Rosablanca Farm Out:

Gold  has signed a  definitive agreement with  the Colombian company Montecz SA,
whereby  Montecz  will  pay  100% of  the  costs  (up  to  US$2million)  of  the
Rosablanca-2 well  in the Rosablanca Block of the Middle Magdalena Basin onshore
Colombia.   Gold will retain a  25% interest in the permit.  Under this farm out
agreement  Gold will have the opportunity to participate in the well at no cost.
The  well is expected to spud by mid December and will take an estimated 17 days
to  drill to a  depth of 3,340 feet.  It will primarily  evaluate the Cretaceous
Rosablanca Formation, with the Tablazo Formation as a secondary objective. It is
expected  that the well will  be perforated and tested  to confirm or refute the
presence  of hydrocarbons in these rocks. The unrisked prospective resources for
this prospect are estimated by Gold to be 6 million barrels (100%).

Azar block:

Since  the  acquisition  of  the  Florida  West  3D seismic,  the  data has been
processed  and is currently  being interpreted. Low  risk prospects have already
been  defined over the  earlier 3D surveys and  these are now  being ranked with
those  located within the new Florida West  3D dataset so that the best prospect
can  be selected  for drilling.  In view  of the  ongoing interpretation work no
drilling is expected before February 2011.

Nancy, Burdine, Maxine fields:

Work  continues  in  preparation  for  the  Burdine  field  workovers.  Workover
programmes  have  been  designed  for  three  wells;  Burdine -1, Burdine -4 and
Burdine  -5.  Gold is currently tendering for the provision of workover services
and  checking the  availability of  rigs in  the area,  which will determine the
final  timing of the  operations.  The civil  works necessary in preparation for
the workovers have commenced.

Commenting on the update, Richard Mew said, "Following on from our recent update
on Z34 offshore Peru, I am pleased to announce that the Company is also making
good progress across all of its assets in Colombia..  The farm out of the
Rosablanca Block is an important step in exploring the licence whilst minimising
the risk to the Company.  Considerable effort is being made to ensure the
workovers in the Burdine field are properly planned and executed in a timely
manner.  However the Putumayo region is remote and availability of a suitable
rig may be an issue.  On the Azar block we are supportive of the operator Gran
Tierra's plans to evaluate fully the 3D seismic recently acquired prior to
making a final decision on drilling location."

 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 (Corporate Finance)   Tel:  +44 (0)
20 7107 8000
Richard Redmayne / Jeremy Stephenson (Corporate Broking)



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Source: Gold Oil PLC via Thomson Reuters ONE