Contract award and warrants

Gold Oil PLC
07 February 2006




FOR IMMEDIATE RELEASE                                           7 February 2006



                             Gold Oil Plc


Award of Engineering Contract and Issue of warrants to Contractors

Gold Oil plc ('The Company') announces the award of an engineering contract to
Conex S.A.C. for the drilling of an exploration well in Block XXI onshore the
Sechura Basin in Northern Peru.

The Company anticipates commencing drilling the first well on Block XXI in April
/May, once Ministry approval of the licence is received. The cost of drilling
this well will be met from the Company's existing cash resources.

Conex S.A.C. is a local Peruvian company whose staff has been involved in
exploration in the Talara and Sechura Basins for over 35 years. The scope of the
contract is to manage the well from prognosis to completion under supervision of
the Company. As part of the Board's policy of providing performance based
incentives Conex has been issued with 2,000,000 warrants to purchase Ordinary
Shares of 0.025p each in the Company. The warrants are open to exercise on or
before 30 January 2009 at a subscription price of 6p per share.

ENQUIRIES:

Gary Moore           Managing Director; Tel: [phone]
                     Email: [e-mail]

Mike Burchell        Chairman; Tel: [phone]
                     Email: [e-mail]

Roland Cornish       Beaumont Cornish Limited; Tel: [phone]









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