Columbia Operations Update

11 January 2011
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.

Nancy, Burdine and Maxine fields, Putumayo Basin, onshore Colombia:

A three well workover programme has now commenced at the Burdine field on wells
Burdine-1, Burdine-4 and Burdine-5.   Burdine-1 and Burdine-5 are being targeted
as oil producers and   Burdine-4 as a potential water disposal well.  Burdine-5
is the first well to be re-entered and operations commenced on 10 January 2011.

The  total programme is expected to take 6 to 8 weeks and, if successful, should
add  approximately 200 to 400 barrels  of oil per  day to total field production
(Gold  net  share  approx.  27%).  Current  production  from  the Nancy field is
approximately 300 bopd.

Procurement,  construction  and  installation  of additional surface facilities,
including  separators, storage tanks  and pumps, has  commenced and should be in
place by the end of Q1 2011.

Rosablanca - 2 Well, Middle Magdalena Basin, onshore Colombia:

The Rosablanca-2 well was spudded on 10 January 2011.

Montecz  SA is paying 100% of the costs  (up to US$2million) of the Rosablanca -
2 well where Gold has a 25% interest in the permit, after the farmout.  The well
is  expected to take an estimated 17 days to  drill to a depth of 3,340 feet and
will  primarily evaluate the  Cretaceous Rosablanca Formation,  with the Tablazo
Formation  as a secondary objective. The unrisked prospective resources for this
prospect are estimated by Gold to be 6 million barrels (100%).

Azar block, Putumayo Basin, onshore Colombia:

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 and  as
the minimum work commitment in the current phase of the licence has now been met
through  the seismic acquisition programme, the next  well is not expected to be
drilled before Q3 2011.


Commenting  on the update, Richard Mew said,  "I am pleased to announce that the
Company   is   making  rapid  progress  across  its  assets  in  Colombia.   The
commencement of work in the Burdine field is a great step forward and should add
significantly  to  the  Company's  production.   In  addition  the  spudding  of
Rosablanca-2 is  an important  step in  the exploration  of the licence.  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

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