Exploration Block in Peru

Gold Oil PLC
10 February 2005



FOR IMMEDIATE RELEASE                                    10th February 2005


                  GOLD OIL ACQUIRES A SECOND EXPLORATION BLOCK
                                IN NORTHERN PERU

Gold Oil Plc ('Gold Oil' or the 'Company'), the London-based oil exploration
company focused on Central and South America, announces that on Wednesday 9th
February 2005, it signed a promotion agreement with PeruPetro (the State Oil
company of Peru) for a large virtually un-explored area of the Pacific, being
the immediate offshore extension of the prolific Talara Basin of northwestern
Peru, known as 'Offshore Z-34 Cuenca Talara'.

Offshore exploration Block with PeruPetro

Gold Oil has agreed with PeruPetro to evaluate this large licence which lies in
the offshore sector of the Talara Basin, northwestern Peru. The agreement covers
371,339 hectares (equivalent to 17 North Sea blocks), and in places extends from
within a few meters of the coast to almost 100kms with water depths of 150 to
3000m. The licence lies offshore of the cities of Lobitos, Cabo Blanco,
Negritos, Talara and Paita (Piura Department). A comprehensive oil
infra-structure exists onshore, servicing the Talara oil fields.

The area was selected by Gold Oil because of the demonstrable potential for the
extension offshore of two of the main field complexes that constitute the Talara
Basin. The block borders the PetroTech oil fields that have estimated reserves
of 400 million barrels. Further to the east is the oldest producing oil field in
South America which to date has produced in excess of 1,600 million barrels of
oil. The block also borders BPZ's block to the North that has recently had a
reserves report prepared by an independent petroleum engineering company showing
P3 reserves of up to 4 Tcf of natural gas.

Under the terms of the promotion agreement with PeruPetro, Gold Oil has
exclusive rights to the area for a period of fifteen (15) months. However, Gold
Oil intends to convert to an exploration licence once the rationale for the
drilling of a new exploration well can be supported. At the moment, the
contractual work obligation requires only various geological, geophysical and
engineering studies; there is no requirement to shoot new seismic or drill a
well.

The search for oil and natural gas in areas where it has a competitive and
commercial advantage continues to be the focus of Gold Oil's strategy. In this
way, it can most effectively create value for shareholders.


Extraordinary General Meeting

The Company is proposing to write to shareholders seeking their approval at an
Extraordinary General Meeting to be convened to increase the Directors'
authorisation to issue shares for cash. A further announcement will be made when
the arrangements have been concluded.

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

'Now that we have secured these funds we can develop the very significant
potential of the offshore Talara area and the onshore blocks in the large
Sechura basin. Our exposure in the offshore block is minimal, but with
infrastructure close by we are well positioned in the event that a well can be
justified and proves the presence of economically recoverable oil. In the event
of an offshore discovery, we would be in a position to leverage recent
technological advances in offshore turbidite exploitation.

Gold Oil's recently awarded onshore Block XI lies some 50kms to the east and we
will now be able to swiftly secure the gas reserves that will be monetised with
early cash flow.'

Enquiries:

Gary Moore           Operations Director
                                             Tel: [phone]
                                             Email: [e-mail]
Mike Burchell        Chairman
                                             Tel. [phone]
                                             Email: [e-mail]
Roland Cornish       Beaumont Cornish Limited
                                             Tel: [phone].


Note to Editors

The promotion agreement entails re-examining all the existing regional seismic
lines shot over the block; there are no wells in the area, even though the
limits to producing fields adjoining the block stop at the coastline.

Production onshore in the Talara Basin comes from lenticular sandstone bodies
forming part of a proximal fluvio-deltaic fan system that thins westward as the
reservoir quality improves. The distal extent of this system, known from a few
wells to the north (including the Ancora Field), may contain high quality
turbidite sandstones and has scarcely been explored.

The area is equivalent to just less than 17 North Sea blocks. There are several
target reservoirs mostly at depths of between 150 to 3000m.





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