Exercise of Option

5 October 2010



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

                               Exercise of Option
   The Board of Gold, announces that the Company has been notified that Sheer
Energy Pty Ltd.  ("Sheer"), a company owned by Gold's chairman, John Bell,  has
exercised its option, granted at the time of the share subscription announced on
   6 May 2010, to subscribe for a further  31,645,570 new ordinary shares of
   0.00025p at an exercise price of 3.5 pence per share.  As a result of the
    exercise of the option Sheer will hold 87,778,043 shares in the Company,
        representing 14.91% of the issued share capital of the Company.
Application has been made for the new shares to be admitted to trading on AIM
and admission is expected to occur on 8 October 2010.

Following the issue of the new shares, Gold's issued share capital will consist
of 588,864,652 ordinary shares of GBP0.00025 each.  The Company does not hold
any Ordinary Shares in Treasury.  Therefore the total number of Ordinary Shares
in
the Company with voting rights is 588,864,652.


For further information, please 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#1448950]








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Source: Gold Oil PLC via Thomson Reuters ONE