Half-yearly report

FOR IMMEDIATE
RELEASE
                23 January 2008

             Gold Oil Plc ("Gold Oil" or "the Company")
Unaudited Interim Report for the period 1 May 2007 to 31 October 2007

Copies of the Interim Report have been posted to Shareholders and are
available for collection at the offices of the Company at: Finsgate,
5-7 Cranwood Street, London  EC1V 9EE during normal office hours and
on the website www.goldoilplc.com

Chairman's Statement to Shareholders
Although at the end of the period the Company, since trading
commenced, showed a profit of £1.6 million, the cash balance was £6.2
million, reflecting the disposal of our Minmet interests and the
slippage of planned activities in Colombia and Perú.
After the acquisition of 24.67% by the Company in the Irish minerals
company Minmet Plc, Minmet decided that owning an interest in Cuba
was not compatible with their new corporate strategy of developing
E&P interest in the USA and so the opportunity was taken to unravel
the deal with Minmet. Consequently some of the Minmet shares were
sold to a third party at a price of 18p/share, yielding substantial
proceeds of £2.6 million, and the rest were swapped for the 22.95
million Gold Oil shares that Gold had originally given to Minmet.
These shares will be placed in the market sometime in the future with
the proceeds going to Gold. Mr Burchell and Mr Moore resigned as
directors of Minmet. The Company is now pursuing opportunities in
Cuba on its own.
Of real concern is the impact that the procedures for obtaining
environmental approval for seismic, drilling and well re-entries in
Perú and Colombia have now become extremely lengthy. Thus well
re-entries in Burdine that we had expected to carry out in 2007 have
now slipped into 2008 and the drilling of the Rosa Blanca exploration
well, also in Colombia, has also slipped into 2008. At this stage we
can only hope that the approvals are obtained soon. The environmental
survey for our Peruvian offshore block Z34 has been completed and is
in the hands of the Ministry awaiting approval so we hope that the
approval will be obtained in time for the seismic to be acquired
later in 2008.
On Block XXI onshore Perú the geophysical work in the region of our
San Alberto-1X well has been progressing well, albeit slower than
planned due to visas, import permits and the terrain. A detailed
gravimetric survey has identified several structures which the DNME
survey indicates could be hydrocarbon bearing. It is planned,
therefore, to continue the DNME survey over other prospective areas
further to the south on Block XXI. As we have valid environmental
permits for wells on Block XXI we plan to drill a well near to San
Alberto-1X and one or two in the south of the block. If the locations
selected are more than 1 km away from the original environmental
permit location, a secondary permit is required which takes about two
months. That is likely to be the case on Block XXI. Looking ahead I
expect in 2008 to see the Company carrying out seismic on Block Z34
and drilling one to three new wells on Block XXI. We expect to
participate in four re-entries in Colombia and at least one
exploration well. We expect Nancy production to increase once the new
surface pump is installed and a small seismic survey is planned for
later in the year to identify locations for several new production
wells. The Company is continuing to split its resources between
seeking out low risk oil and gas reserves in Colombia and Perú that
will generate cash as well as additional exploration acreage in both
countries and other areas.
Due to the energy and dedication of our team, the Company has made
very good progress and despite delays we expect that production and
reserves will increase in 2008.

For further information, please contact:
Michael Burchell, Director, Gold Oil plc on 01372 361772
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396
                                                         Gold Oil Plc

Consolidated Income Statement
for the Six Months ended 31 October 2007

                                                              Year to
                                                 6 months to 30 April
                                 6 months to 31   31 October     2007
                                   October 2007 2006 Audited  Audited
                           Note Unaudited £'000        £'000    £'000
Revenue
Administrative expenses                   (603)        (340)  (1,962)
Operating loss                            (603)        (340)  (1,962)
Investment revenues                          94           86      130
Exception items
   Gain on sale of assets                 2,052
Profit/(loss) on ordinary
activities before taxation      1,543           (254)         (1,832)
Taxation                                   (76)
Profit/(loss) on ordinary
activities after taxation       1,467                  (254)  (1,832)
Dividends
Surplus/(deficit) for the
period                          1,467                  (254)  (1,832)
Profit/(loss) per share:
basic                         2          0.31 p      (0.06)p  (0.44)p
Profit/(loss) per
share:diluted                 2          0.30 p      (0.05)p  (0.44)p


Statement of total recognised gains and losses

                                             £'000 £'000   £'000
Profit/(loss) for the period for the Group   1,467 (254) (1,832)
Foreign exchange reserves                     (40)   (4)       8
Closing shareholders' funds                  1,427 (258) (1,824)


The company's revenue and operating loss arise from continuing
operations.
Gold Oil Plc

Consolidated Balance Sheet
as at 31 October 2007

                                                   As at        As at
                                      As at   31 October     30 April
                            31 October 2007 2006 Audited 2007 Audited
                       Note Unaudited £'000        £'000        £'000
Non-current assets
Property, plant and
equipment                                21           29           16
Capitalised
development
expenditure                             267          299          304
Investments                           1,243          192        1,900
                                      1,531          520        2,220
Current assets
Receivables                             589          258          586
Cash and cash
equivalents                           6,153        2,961        3,891
                                      6,742        3,219        4,477
Total assets                          8,273        3,739        6,697
Equity and liabilities
Capital and reserves
Called up share
capital                   3             119           93          116
Share premium account                 9,421        4,722        9,305
Retained earnings                   (1,331)      (1,192)      (2,758)
Total equity                          8,209        3,623        6,663
Current liabilities
Trade and other
payables                                 64          116           34
Total equity and
liabilities                           8,273        3,739        6,697



                                                         Gold Oil Plc

Consolidated Cash Flow Statement
for the Six Months ended 31 October 2007

                                                              Year to
                                 6 months to 31  6 months to 30 April
                                   October 2007   31 October     2007
                                      Unaudited 2006 Audited  Audited
                            Note          £'000        £'000    £'000
Operating activities
Cash flow from ordinary
activities                     4          (648)        (297)  (2,247)
Investing activities
Return from investment and
servicing
of finance                                   94           86      130
Sale of investment assets                 2,703
Capital expenditure                         (6)         (74)     (58)
                                          2,791           12       72
Financing activities
Equity issued                               119          786    3,606
Cash increase/(decrease) in
the period                                2,262          501    1,431
Cash and cash equivalents
at the beginning of the
period                                    3,891        2,460    2,460
Cash and cash equivalents
at the
end of the period                         6,153        2,961    3,891


Consolidated statement of changes in equity

                                   £'000 £'000   £'000

Surplus/(deficit) for the period   1,467 (254) (1,832)
Increase in share capital            119   721   5,327
Foreign exchange reserves           (40)   (4)       8
                                   1,546   463   3,503
Opening shareholders' funds        6,663 3,160   3,160
Closing shareholders' funds        8,209 3,623   6,663



Gold Oil Plc

Notes to the Interim Report
1.       Accounting Policies
These interim accounts have been prepared in accordance with
International Financial Reporting Standards and on the historical
cost basis, using generally recognised accounting principles. The
Company adopted International Financial Reporting Standards (IFRS)
adopted by the European Union as the basis for preparation of its
financial statements from 1 January 2007.
2.       Loss per Share

                                              6 months to 31  Year to
                               6 months to 31        October 30 April
                                 October 2007           2006     2007
                                        Pence          Pence    Pence

Profit/(loss) per share: basic           0.31         (0.06)   (0.44)
Profit/(loss) per
share:diluted                            0.30         (0.05)   (0.44)


The profit/(loss) per ordinary share is based on the Company's result
for the period of £1,467,000 (30 April 2007 : loss of £1,832.000; 31
October 2006: £254,000) and a weighted average number of shares in
issue of 469,603,909 (30 April 2007: 420,474,675; 31 October 2006:
463,995,682).
The potentially dilutive warrants issued were 11,558,676 (30 April
2007: 17,208,676; 31 October 2006:  52,845,682).
3.       Called up Share Capital
During the period, the company issues 12.1 million new ordinary
shares for a total value of £119,000.
4        Reconciliation of operating loss to net cash outflow from
operating activities

                                                              Year to
                                                             30 April
                               6 months to 31 6 months to 31     2007
                                 October 2007   October 2006  Audited
                              Unaudited £'000  Audited £'000    £'000

Operating loss                          (603)          (340)  (1,962)
Depreciation                               15              2       87
Net contribution from
development activities                     29
Exchange rate movement on
overseas assets                          (40)            (4)      (8)
Debtors                                   (3)             32    (295)
Creditors                                (46)             13     (69)
                                        (648)          (297)  (2,247)



                                                         Gold Oil Plc

5.       Financial information
The unaudited results for period ended 31 October 2007 do not
constitute statutory financial statements within the meaning of
Section 240 of the Companies Act 1985. The comparative figures for
the year ended 30 April 2007 are extracted from the statutory
financial statements which have been filed with the Registrar of
Companies and which contain an unqualified audit report and did not
contain statements under Section 237(2) or (3) of the Companies Act
1985.

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