Final Results

Gold Oil PLC
29(th) September 2010



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

                 Final results for the year ended 30 April 2010



Gold Oil, an oil and natural gas exploration and exploitation company focused on
Central and Southern America, today reports final results for the year ended 30
April 2010.

Highlights

   ·        Operating loss £849,000 (2009: loss £3.174 million)
   ·        Loss for year attributable to equity holders £976,000 (2009: loss
£3.039 million)
   ·        Loss per ordinary share 0.19p (2009:Loss 0.62p)
   ·        Cash at period end of £2.9million (2009: £2.2 million)
   ·        Total comprehensive income for the year £1.23 million (2009:
£2.16million)

John Bell, Chairman, commented "It is my great pleasure to present my first
statement to shareholders since my appointment as Chairman and the investment by
Sheer Energy in Gold Oil.  The Company now has an enhanced board and management
team with a clearly defined strategic plan against which we need to execute and
build value for the Company and its shareholders.

We  will look to grow the asset base  and build on our presence in South America
particularly  in Colombia where its improved economic stability, openness toward
foreign  investors and  untapped potential  presents exciting opportunities from
which  we can expand  our portfolio. Colombia  and Peru will  remain our primary
focus  however we  will also  consider other  opportunities in South America and
elsewhere if they can add growth and value to the Company.

I  would like to thank the directors and employees of Gold Oil and in particular
my  predecessor Mark Pritchard for his and their significant contribution during
the year, also, my appreciation and thanks to the shareholders for their support
and patience".

Richard  Mew,  Chief  Executive  commented  "The  year  under  review has been a
challenging  one  but  despite  this  the  Company was successful in keeping its
assets active and meeting its licence obligations.

In  Peru, 2D seismic was  acquired for Z34  on attractive terms  and the Company
recently began an intensive marketing exercise to farm out equity in the block.

In  Colombia, the Company took over the operatorship of the Nancy Burdine Maxine
fields  and undertook production tests on three  wells in the Burdine field with
some encouraging results.

Our  plan  going  forward  is  to  mitigate  risk by farming out our exploration
commitments and to develop and implement a commercially justifiable operation to
workover  the  Burdine  wells.   Once  this  has  been achieved the Company will
consider  ways to build on its current  asset base which are expected to include
acquisitions and further exploration licence awards.

I  am very pleased to have joined the Company and am encouraged by the potential
of the assets and the enthusiasm and ability of the management team."

Notice of AGM
The  Company's  Annual  General  Meeting  will  be held at 10.00 a.m. on 21(st)
October 2010 at Milton Heath House, Westcott Road, Dorking, Surrey RH4 3NB.

Annual Report and Accounts
The Company has today published and posted to shareholders its Annual Report and
Accounts for the year ended 30 April 2010 ("Annual Report").

For  the information of  investors and shareholders  alike, copies of the Annual
Report  will be available for at least one month, free of charge, at the offices
of  the Company's Nominated Adviser and Broker, Seymour Pierce Ltd, being 20 Old
Bailey,  London  EC4M  7EN. Electronic  copies  are  available  on the Company's
website, www.goldoilplc.com.

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/David Banks
(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.
CHAIRMAN'S STATEMENT
Introduction

It  is with great pleasure that I  present my first statement to shareholders of
Gold Oil PLC ("Gold" or "the Company"). I was appointed by the board as Chairman
of  Gold  in  August  2010 following  the  investment  by  Sheer  Energy Pty Ltd
("Sheer")  in  Gold  which  was  announced  on 6 May 2010. I have over 30 years'
experience  in  the  oil  and  gas  industry  and my company Australian Drilling
Associates  Pty. Ltd  (ADA) is  a well-established  independent drilling project
management  company  with  a  particular  expertise  in offshore exploration and
production.  I  have  for  some  time  been  considering  the  development of an
exploration  and  production  company  and,  recognizing  the potential for such
companies  in  South  America,  I  established  Sheer  as  a vehicle to look for
opportunities in that region.


I  was attracted to make an investment in Gold as I felt the core asset base had
great  potential. The combination of "blue  sky" exploration blocks in both Peru
and Colombia with some existing production in the region was compelling. Both of
these  countries  have  thriving  economies,  stable  governments  and excellent
opportunities  for  exploration  and  producing  assets ideally suited to junior
independents.  I also saw the opportunity  for me and my multi­-disciplined team
of  drilling  engineers  and  geoscientists  to  add  considerable  value to the
portfolio  through our  considerable knowledge  base and  expertise in  both the
geopolitical   and  geological  domains  in  which  Gold  operates  and  thereby
accelerate the development programme and consequent growth of the Company.


The  year under review has been a  challenging one for the Company. The on­going
fallout  from the  global credit  crunch continued  to create uncertainty in the
world  economy and this was exacerbated for companies  such as Gold by a low oil
price.


Notwithstanding  the challenging environment  and ongoing financing requirement,
the Company was successful in keeping all of the assets active.


In  Peru the  2D seismic acquisition  for Z34  was achieved  on terms which were
ultimately  very advantageous for us. For both blocks in Peru, PMA's (permits to
undertake work) were executed and presented to the Ministry of Energy and Mines.


In  Colombia,  we  opened  an  office  and employed a dedicated Country Manager,
Carlos  Gaviria. This was in advance of Gold taking over the operatorship of the
Nancy  Burdine  Maxine  fields  in  June  2009 and followed the acquisition of a
majority  stake  in  the  block  which  took  place  in mid-2008. As operator we
undertook  production  tests  on  three  wells  in  the  Burdine field with some
encouraging  results. A third party detailed  analysis of the tests is currently
underway which it is expected will justify a further workover programme on wells
early  next year. This and possible further production and water injection wells
are  being considered and will be discussed sometime in the near future with the
licence holder.

On the Rosa Blanca exploration block we recovered our 90% interest and fulfilled
the  second phase obligatory  exploration programme without  incurring any major
expenditure,  thereby creating an opportunity to  farm out the acreage. This was
achieved  in May of this year when we agreed a farm out arrangement with Montecz
S.A., a Colombian based oil field services company.


With  regard to  our 20% interest  in the  Azar block  all our  obligations were
successfully  met. During 2010 73 square kilometres  of 3D seismic were acquired
and are currently being interpreted prior to a decision on a further well on the
block. If a well is drilled Gold Oil is carried for 50% of the cost of the first
well under an existing carry agreement.


It was necessary during the year that Gold raised additional capital to fund its
on-going  exploration activities  and contractual  commitments. The fund raising
process  took up a considerable  amount of management time  but was completed in
March  2010 when  Sheer  initially  invested  US$3  million and has an option to
invest a further US$1.75 million.

Portfolio

The  current  portfolio  consists  of  five  assets  (four  exploration  and one
producing block)

      ·     Peru Block Z34 Offshore Talara (100% interest)
      ·     Peru Block XXI Onshore Piura / Sechura (100% interest)
      ·      Colombia Nancy Burdine Maxine  Onshore Putumayo (net 27.4% interest
after Royalty and Ecopetrol carry)
      ·     Colombia Azar Onshore Putumayo (20% interest)
      ·      Colombia Rosa  Blanca Onshore  Valle Medio  Magdalena (25% interest
post Montecz carry)

Review of Operations

Peru
Block Z­34
We continue to have great hopes for our offshore block in Northern Peru. We have
contracted  with Schlumberger to conduct a  pre stack processing of the 2,013 km
of  2D seismic acquired last year and which clearly confirmed the large resource
potential of this block.

We  continue with our efforts to farm out this block with experienced deep water
offshore  companies. We have  recently opened a  data room for  this project and
have  received  significant  interest  from  international oil companies who are
evaluating the data. At the present time negotiations are at an early stage. The
events  surrounding BP's Macondo well and the  loss of the Deepwater Horizon Rig
and  subsequent oil spill in the Gulf of Mexico initially took some momentum out
of  discussions, but  we are  now confident  that that  there is a high level of
interest  in the block and are hopeful  that the additional analysis of the data
by Schlumberger will serve to increase interest levels further.

We also successfully applied for Force Majeure due to the delays in the approval
of  the PMA permit  for the new  configuration of the  3D grid which has given a
further  extension of six months. The impact of this is to allow additional time
with which to meet the ongoing contractual obligations under the licence.

Block XXI
We continue with our efforts to optimise the development potential of the block.
After  an extensive  review of  the activity  on the  block to  date it has been
decided  to try and seek additional partners for this asset. Without any seismic
data  it is difficult  to reach definitive  conclusions and therefore investment
decisions  on this block. The  sheer size of the  block makes the acquisition of
seismic  data very  expensive. We  successfully applied  for the  application of
Force Majeure to gain an extension of time to assess farm out opportunities.

We  are still seeking to sign a Study Licence for a 50,000 hectare area North of
Block  XXI  which  we  believe  may  have development potential and negotiations
continue with the Ministry.

Colombia
Nancy Burdine Maxine
The  Nancy­1 well continues to produce  at an average of approximately 250 bopd.
However  the production  output does  suffer considerable  fluctuation and  as a
result  we  have  contracted  a  specialized  consulting  firm  to  evaluate the
potential  of  this  well  and  develop  a strategy to maximize production. This
company  has  also  been  asked  to  define  a work over programme for the three
Burdine wells.

Our  short term objective for this field is to workover the Burdine wells with a
view to bringing on additional production. In a testing period earlier this year
Burdine  1 produced approximately 200 bopd  but at high  water cuts, and Burdine
5, showed  approximately 100 bopd.  We believe  that there  is the  potential to
increase  production significantly  in the  short term  and higher production is
possible  with the addition of new  wells although the acquisition of additional
seismic  data  on  the  acreage  will  be  required  and  is part of our forward
programme.  We are seeking to  negotiate some of the  licence terms on the block
although progress to date has been slow.

Azar
Despite only holding a 20% interest in this block Azar represents the highest
investment commitment in the current period across our portfolio. Along with our
partners, Gran Tierra Energy and Lewis Energy we are in the process of
identifying target structures. If explored successfully this could be developed
into an important asset.

The  anticipated  programme  for  2010 is  to  drill one exploration well in the
southern  part of the Block, known as La  Vega East, in the fourth quarter 2010
and shoot an additional 72 km of 3D in the northern part of the block. This well
might be relocated after evaluation of 3D seismic results to Florida West.

Rosa Blanca
Following  the abandonment  of the  RB­1 well,  Gold recovered  its initial 90%
interest  from its farm in  partners Osage and Lewis  Energy. Empesa SA, a local
services company, holds the balance.

In  order to meet  the on­going licence  obligations, the Company contracted for
the  acquisition of  a 60km 2D seismic  survey. This  was financed  by Gold from
monies  in  escrow  with  the  ANH  Agencia  Nacional De Hidrocarburos (National
Hydrocarbon Agency).

The subsequent interpretation of seismic data revealed three drillable leads and
on the basis of the results, we have farmed out the block to a Colombian company
Montecz  SA. The terms of  the farm out, as  announced on 6th May 2010 were that
Montecz  acquired a 72% interest in the block and assumed operatorship in return
for  assuming  all  costs  associated  with  drilling and testing one well. Gold
retains  a 25.2% interest  and Empesa  a 2.8% interest.  An exploration  well is
scheduled to spud in the fourth quarter of 2010.

Production
In the period under review the Company produced approximately 26,000 net barrels
of  oil. We have in previous  years had a statement of  the net oil reserves and
contingent  resources prepared by an external  consultant. The Board has decided
this  year, after a cost  benefit review not to  commission a reserves report on
the  basis that the stated  reserves would most likely  be that same as reported
last year minus the production reported above.

Conclusions

We  have a clear and defined target to  grow Gold Oil substantially in the short
term. A detailed assessment of the asset base of the Company is now complete and
we  have a defined strategic plan against which we need to execute. To assist us
in  delivering on this growth strategy we have recently appointed an experienced
executive, Richard Mew, as Chief Executive Officer and I would like to take this
opportunity to welcome him to the board.

We  will look to  grow the asset  base and whilst  South America will remain our
focus  we will look at other  countries in the region to  see if there are short
term  opportunities  for  Gold.  We  also  intend  growing  the  Company through
acquisition  of  producing  assets  and  company  acquisition;  in  this respect
Richard's previous experience will be very valuable to us.

I  would like to thank  the employees of Gold  for their contribution during the
year and again to thank shareholders for their support and patience.

I look forward to the future with a high degree of optimism.

John Bell
Chairman

27(th) September 2010



CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 30 APRIL 2010







                                                       2010         2009

                                                      £'000        £'000



Revenue                                                 957        1,004



Cost of sales                                         (555)        (925)


------------------------------------------------------------------------
Gross profit                                            402           79



Development expenditure written off                   (246)      (1,932)

Administration expenses                             (1,028)      (1,321)


Other operating Income                                   23           -


------------------------------------------------------------------------
Operating loss                                        (849)      (3,174)




Finance cost                                           (30)           -

Finance income                                            9          101


------------------------------------------------------------------------


Loss on ordinary activities before taxation           (870)      (3,073)



Income tax (expense)/benefit                          (106)           34


------------------------------------------------------------------------
Loss for the year                                     (976)      (3,039)
------------------------------------------------------------------------


Profit/(loss) on ordinary activities

   after taxation is attributable to:

Owners of the parent Company                          (976)      (3,039)


------------------------------------------------------------------------
                                                      (976)      (3,039)
------------------------------------------------------------------------


Loss per ordinary share

  Basic                                             (0.19p)      (0.62p)

  Diluted                                           (0.19p)      (0.62p)






CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 APRIL 2010



                                                     2010           2009

                                                    £'000          £'000

Assets



Non current assets

Property plant and equipment

--- oil and gas assets                                178            144

--- others                                             11             14

Intangibles                                         3,115          2,399

Goodwill                                            2,191          1,862


------------------------------------------------------------------------
                                                    5,495          4,419
------------------------------------------------------------------------
Current assets

Inventories                                           115            123

Trade and other receivables                           474          2,696

Cash and cash equivalents                           2,906          2,179


------------------------------------------------------------------------
                                                    3,495          4,998
------------------------------------------------------------------------

------------------------------------------------------------------------
Total assets                                        8,990          9,417
------------------------------------------------------------------------


Equity and liabilities



Capital and reserves

Share capital                                         125            125

Share premium account                              10,800         10,752

Other reserves                                      1,964             -

Foreign exchange translation reserve                  619            876

Retained losses                                   (5,659)        (4,683)


------------------------------------------------------------------------
Total equity                                        7,849          7,070
------------------------------------------------------------------------


Current liabilities

Trade and other payables                            1,141          2,347


------------------------------------------------------------------------
Total equity and liabilities                        8,990          9,417
------------------------------------------------------------------------




COMPANY STATEMENT OF FINANCIAL POSITION AT 30 APRIL 2010

                                                      2010        2009

                                                     £'000       £'000

Assets



Non current assets

Property plant and equipment

--- oil and gas assets                                 120          98

--- others                                               8           4

Intangibles                                          1,529         503

Investments                                          5,156       4,864


-----------------------------------------------------------------------
                                                     6,813       5,469
-----------------------------------------------------------------------
Current assets

Trade and other receivables                            287       1,292

Cash and cash equivalents                            2,746       1,967


-----------------------------------------------------------------------
                                                     3,033       3,259
-----------------------------------------------------------------------

-----------------------------------------------------------------------
Total assets                                         9,846       8,728
-----------------------------------------------------------------------


Equity and liabilities



Capital and reserves

Share capital                                          125         125

Share premium account                               10,800      10,752

Other reserve
                                                     1,964          -

Foreign exchange translation reserve                    15          91

Retained losses                                    (6,980)     (6,300)


-----------------------------------------------------------------------
Total equity                                         5,924       4,668
-----------------------------------------------------------------------


Current liabilities

Trade and other payables                             3,922       4,060


-----------------------------------------------------------------------
Total equity and liabilities                         9,846       8,728
-----------------------------------------------------------------------





CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED

    for the year ended 30
April 2010

                                    Group      Company      Group        Company

                                     2010         2010       2009           2009

                                    £'000        £'000      £'000          £'000

Operating activities                1,805        2,086    (2,476)          3,013



Investing activities

Return from investment and
servicing of finance                    9            4        101            106

Acquisition of
investment assets                      -         (292)         -         (2,028)

Acquisition of
goodwill                            (329)           -     (1,698)             -

Loan advanced to
subsidiary                             -            -          -         (1,935)

Acquisition of intangible
assets                              (716)      (1,026)      (294)             -

Purchase of tangible
fixed assets                         (60)         (41)      (143)           (99)

Share of joint venture bank
balance                                -            -          -              48

Received on acquisition of
subsidiary *                           -            -         906             -


--------------------------------------------------------------------------------
                                  (1,096)      (1,355)    (1,128)        (3,908)

Financing activities

Proceeds from issue of share
capital                                48           48        633            633


--------------------------------------------------------------------------------
Net cash                              757          779    (2,971)          (262)
inflow/(outflow)



Cash and cash equivalents at
  the beginning of the year           979          767      3,950          1,029


--------------------------------------------------------------------------------
Cash and cash equivalents at
the end of the year                 1,736        1,546        979            767

--------------------------------------------------------------------------------


Reconciliation to
Consolidated Financial
Position

Bank deposit                        1,200        1,200      1,200          1,200


                             ---------------------------------------------------
Cash and cash equivalents           2,906        2,746      2,179          1,967


--------------------------------------------------------------------------------


* This arises from the acquisition of Plectrum Petroleum Limited for a
consideration of $32.165M. Plectrum was owed $33.665M by the seller and, as a
result, a net sum of $1.5M was paid to the Group.



NOTES TO THE CASH FLOW
STATEMENT

                                    Group      Company      Group        Company

                                     2010         2010       2009           2009

                                    £'000        £'000      £'000          £'000

Operating activities

Operating loss for                               (611)    (3,174)        (1,100)
the year                            (849)

Depreciation and amortisation          29           15         21              9

Tax paid                            (242)        (193)       (47)           (66)

Foreign exchange                                  (76)        876             91
translation                         (257)


--------------------------------------------------------------------------------
Operating cash outflows
before movements in working       (1,319)        (865)    (2,324)        (1,066)
capital

--------------------------------------------------------------------------------


Decrease in                             8           -          91             -
inventories

Decrease in                         2,222        1,005        491          2,032
receivables

(Decrease)/increase in                                    (1,361)          1,420
payables                          (1,070)         (18)

Short term loans                    1,964        1,964        627            627
received
--------------------------------------------------------------------------------
Net cash inflows/(outflows)         1,805        2,086    (2,476)          3,013
from operating activities
--------------------------------------------------------------------------------

Notes to the Financial Statements

for the year ended 30 April 2010

Segmental Information

In  the opinion of the Directors the Group  has one class of business, being the
exploration  for, and development  and production of,  oil and gas reserves, and
other related activities.

The Group's primary reporting format is determined to be the geographical
segment according to the location of the oil and gas asset. There are currently
two geographic reporting segments: South America which is involved in
production, development and exploration activity, and the United Kingdom being
the head office.

Exploration and production 2010

                                             United        South

                                            Kingdom      America   Total

                                              £'000        £'000   £'000

Revenue - oil                        -           -           957     957

Cost of sales                        -           -         (555)   (555)


------------------------------------------------------------------------
Gross profit                                     -           402     402

Development expenditure written
off                                            (11)        (235)   (246)

Administration expenses                       (323)        (705) (1,028)

Other operating income                           -            23      23

Finance costs                                  (30)           -     (30)


------------------------------------------------------------------------
Operating profit/(loss)                       (364)        (515)   (879)



Finance income                                    1            8       9


------------------------------------------------------------------------
Profit/(loss) before taxation                 (363)        (507)   (870)



Income Tax expense                   -           -         (106)   (106)


------------------------------------------------------------------------
Profit/(loss) before taxation                 (363)        (613)   (976)
------------------------------------------------------------------------


Assets and liabilities

Segment assets                                   55        6,029   6,084

Cash and cash equivalents                     2,562          344   2,906


------------------------------------------------------------------------
Total assets                                  2,617        6,373   8,990
------------------------------------------------------------------------


Segment liabilities                             683          296     979

Current tax liabilities              -           -           162     162


------------------------------------------------------------------------
Total liabilities                               683          458   1,141
------------------------------------------------------------------------


Other segment items

Capital expenditure                -           ---            61      61

Depreciation and amortisation        -           -            29      29


------------------------------------------------------------------------

Loss from operations                                      2010              2009

                                                         £'000             £'000

The loss on ordinary activities before taxation
is stated after charging:



Pre-production costs                                       246             1,932

Auditors' remuneration

  Group - audit                                             34                17

  Company - audit                                           12                17

  Group - non-audit
services                                                     7                12

  Company - non-audit services                               7                12

Depreciation of non oil and gas
assets                                                      26                 8

Depreciation of oil and gas
assets                                                       3                13

Loss on exchange                                            51               295


--------------------------------------------------------------------------------


The analysis of development and administrative expenses in the consolidated
income statement by nature of expense is:

                                                          2010              2009

                                                         £'000             £'000

Pre-production costs                                       246             2,023

Changes in inventories                                      -               (91)

Employee benefit
expense                                                    300               488

Depreciation, amortisation and
impairment charges                                          29                21

Legal and professional
fees                                                       112               162

Technical consultancy                                      185                -

Other expenses                                             402               650


--------------------------------------------------------------------------------
                                                         1,274             3,253
--------------------------------------------------------------------------------



Loss per share



Loss per ordinary                                 2010                      2009
share

- Basic                                        (0.19p)                   (0.62p)

- Diluted                                      (0.19p)                   (0.62p)


--------------------------------------------------------------------------------


Loss per ordinary share is based on the Group's loss for the financial year of
£976,000 (2009 - £3,039,000).



The weighted average number of shares used in the calculation is the weighted
average ordinary shares in issue during the year.

                                                  2010                      2009

                                                Number                    Number

Weighted average ordinary shares in issue  500,685,682               488,567,333
during the year

Shares to be issued                         56,132,473                         -

Potentially dilutive warrants issued         4,206,849                         -


--------------------------------------------------------------------------------
Weighted average ordinary shares for       561,025,004               488,567,333
diluted earnings per share
--------------------------------------------------------------------------------


On 7 May 2010, 56,132,473 shares were issued at 3.5p to Sheer Energy Pty Ltd,
with funds being received prior to the Balance Sheet date.


Due to the group's results for the year, the diluted earnings per share is
deemed to be the same as the basic earnings per share.


Trade and other receivables                       2010                      2009
                                  ----------------------------------------------
                                         Group Company             Group Company

                                         £'000   £'000             £'000   £'000



Trade receivables                           91      69               288      33

Other receivables                          368     182             1,922   1,162

Amounts owed by subsidiary and
associate undertakings                      -       25                -       81

Prepayments and accrued income              15      11               486      16


--------------------------------------------------------------------------------
                                           474     287             2,696   1,292
--------------------------------------------------------------------------------

Also included in other receivables are amounts totalling £100,925 (2009 -
£1,099,000) in respect of deposits paid to state oil authorities in Colombia and
Peru, which will be repaid when the Group fulfills its licence commitments.


 Cash and cash equivalents         2010              2009
                            ------------------------------------
                              Group   Company   Group   Company

                              £'000     £'000   £'000     £'000

 Bank current accounts        1,435     1,472     461       300

 Bank deposit accounts        1,471     1,274   1,718     1,667


----------------------------------------------------------------
                              2,906     2,746   2,179     1,967
----------------------------------------------------------------

Bank deposit accounts comprise cash held by the Group and short­-term bank
deposits with an original maturity of three months or less and earn interest at
respective short­-term deposit rates. The carrying amount of these assets
approximates to their fair value.

As at 30 April 2010, bank deposits included £1,200,000 (2009 - £1,200,000) that
is being held as a guarantee in respect of a letter of credit and is not
available for use until the Group fulfills certain licence commitments in Peru.
This is not considered to be liquid cash and has therefore been excluded from
the cash flow statement.


Trade and other
payables                       2010                          2009
                   -------------------------------------------------------------
                         Group         Company            Group          Company

                         £'000           £'000            £'000            £'000

Short term
loans                      622             622              627              627

Trade
payables                    19              18               31               27

Other
payables                   204             179              409               72

Amounts owed by
subsidiary and
associate
undertakings                -            2,936               -             2,809

Accruals and
deferred income             85              85              982              357


Provisions                  49              34               -                -

Taxation                   162              48              298              168


--------------------------------------------------------------------------------
                         1,141           3,922            2,347            4,060
--------------------------------------------------------------------------------

The  short term loans are repayable in April 2011 and attract interest at a rate
of  4.5% per annum.  One of  the loans  totaling £475,000  is secured  by way of
pledge  against  all  of  the  assets  of  the  subsidiary  company  Inversiones
Petroleras de Colombia SA. The other loan totaling £147,000 is unsecured.


Share capital                                                        2010  2009

                                                                    £'000 £'000

Authorised

1,000,000,000 ordinary shares of £0.025
each                                                                  250   250


-------------------------------------------------------------------------------


Allotted, called up and fully
paid

Equity: 501,086,609 (2009 - 500,429,909 ) ordinary shares of £0.025
each                                                                  125   125


-------------------------------------------------------------------------------
                                                                      125   125
-------------------------------------------------------------------------------

On  30 September 2009, 328,850 shares  were issued  at 4p per  share in  lieu of
geological consultancy services.

On  18 February 2010, a  further 328,850 shares  were issued  at 4p per share in
lieu of geological consultancy services.

On  7 May 2010, 56,132,473 shares were issued at  3.5p to Sheer Energy Pty Ltd.,
with funds being received prior to the Balance Sheet date.



[HUG#1447449]








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Source: Gold Oil PLC via Thomson Reuters ONE