Drilling rig contract signed

Gold Oil PLC
23 May 2006


FOR IMMEDIATE RELEASE                                              23rd May 2006


          GOLD OIL plc SIGNS DRILLING RIG CONTRACT FOR A WELL IN PERU

                   AND PARTICIPATES IN A WORKOVER IN COLOMBIA


Gold Oil Plc ('Gold') is pleased to announce that it has signed a contract with
a local Drilling Contractor (GMP S.A.) for the drilling of a single exploration
well on Block XXI, onshore Sechura Basin in North West Peru. The well is the
first on the Block and is targeting both gas at less than 3,000 feet in the
Verdun reservoir and oil in the deeper 6,000 feet Palaeozoic. As the block is
huge, apart from searching for hydrocarbons the well is also necessary to set
markers for a future seismic and drilling campaign. The target date for spudding
the well is June 15 which is only six weeks since the Company signed the Licence
with the Minister of Energy and Mines and less than two years since the company
came to AIM.

Gold is also pleased to announce that the Operator (Union Temporal) of the
Nancy-Bourdine-Maxine (NBM) Oil Fields in the South West of Colombia has signed
a contract with a local drilling contractor for working over the Nancy-1 well.
The initial work programme involves re-entering the existing well to install a
jet pump allowing production to recommence from the existing zones and also to
perforate zones previously ignored which will add to production. The work is
expected to start later this month.

Commenting on today's announcement, Gary Moore, Managing Director of Gold Oil,
stated:

Gary Moore, Managing Director of Gold, said 'We are delighted to have been able
to source equipment and resources in such a quick timescale to commence
operations in both Peru and Colombia in a very demanding market Results from
each operation should be known within 2-3 weeks from the commencement of
activities on each project'.

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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