Half-yearly report

FOR IMMEDIATE
RELEASE
                28 January 2009



                            GOLD OIL plc
                    ("Gold Oil" or "the Company")


                      Unaudited Interim Report
             for the period 1 May 2008 to31 October 2008


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 Company's website at www.goldoilplc.com.

Chairman's Statement to Shareholders
I am delighted to report the establishment of the Company as the
Operator for, and majority partner in, the Nancy, Burdine and Maxine
oil fields in the Putumayo Basin in Colombia. From our initial 40%
participation in 2006, we managed to buy one of the other  partners,
Inversiones Petroleras de Colombia S.A. ('Invepetrol') for a total
consideration of $4 million. Invepetrol owns an 18.05% participating
interest in the Union Temporal II & B that is the Operator and
Licence holder of the Nancy, Burdine and Maxine oil fields. This
purchase will take the Company's total interest in Union Temporal to
58.05% (27.29% of net production), operatorship and control of the
fields.  The transaction was completed by a final payment of $2.8
million in early November.
A draft independent reserves report shows that considerable reserves
have yet to be extracted from the fields and a detailed development
plan is under way. We have at last received the environmental
approval to re-enter the Burdine wells on the 26th December 2008. All
the equipment has been ordered and we are currently seeking a
wire-line unit to open up the wells for production with a view to a
later work-over to open up those zones bypassed and or not
perforated. Later this year the plan is to shoot a small 2 D seismic
survey over both Nancy and Burdine to identify new development well
locations.
The Rosa  Blanca-1 exploration  well reached  a total  depth (TD)  of
2,960 feet in late December 2008 with good logging results justifying
the running of the 95/8" casing and a 7 inch slotted liner. The  well
was suspended over the Christmas period pending the delivery of  test
and fracturing equipment.  The group has  agreed to enter in phase  2
of the exploration programme.
In the Azar Block the Palmero-1 well that was re-entered in mid  year
produced 45 bopd  of 15o API  gravity crude under  natural flow.  The
plan was to install  production facilities and  produce the well  for
two months to gain reservoir and production data before installing  a
down-hole pump and begin long term  production. With the fall in  the
oil price,  and the  costs involved  in running  a pipeline  from  an
adjacent light oil field before  exporting the crude, it was  decided
to suspend the development until the  oil price picks up or the  cost
of services falls or there  is additional infrastructure in the  area
to justify the capital involved.
The group entered into phase three of the exploration licence with  a
plan to shoot some additional 2D  and 3D seismic before drilling  the
first exploration well before Q3 2009.
In Perú the Company  completed, in mid  2008, the second  exploration
well, SA-2X, on Block XXI.  The location  of the well was based on  a
DNME survey that would have been  of enormous benefit to the  company
to appraise Block XXI because  of the size of  the block and the  low
cost of the survey. However, the survey was unsuccessful resulting in
the well also being unsuccessful. As seismic is unable to assist with
identifying Palaeozoic plays the plan for  the block now is to  shoot
some 2D  seismic  to target  Verdun  gas plays.   When  these  Verdun
structures are  drilled they  will also  be deepened  to explore  the
Palaeozoic.
In addition,  the  Company successfully  reacquired  the 50%  of  the
Offshore Z34 that it had previously farmed out to Plectrum  Resources
Plc and also  received a $1.5  million settlement for  giving up  its
carry arrangement. The plan is to proceed with the 2000 km 2D seismic
survey this year and seek to farm-out a percentage of the block.
With  the  relationship  between  Cuba  and  the  European  Community
improving  the  Company  continues  to  seek  to  engage  the   Cuban
authorities in discussions on potential exploration blocks identified
in Cuban waters.
The fall  in  oil  prices has  not  been  reflected in  the  cost  of
services, particularly in Colombia, so we expect projects in Colombia
to be  delayed  or  minimised  until the  cost  of  services  reaches
reasonable levels again.


For further information, please contact:

Michael Burchell,
Chairman
Tel: [phone]

Roland Cornish
Beaumont                       Cornish                        Limited

Tel: [phone]

Daniel Fox Davies
Fox Davies Capital
Tel: [phone]


                                                         Gold Oil Plc

Consolidated
Income
Statement
for the six
months ended
31
October 2008
                          6 months to        6 months to            Year to
                           31 October         31 October           30 April
                                 2008               2007               2008
               Note         Unaudited            Audited            Audited
                                £'000              £'000              £'000

Revenue                          629   -                               398

Cost of sales                   (219)  -                              (148)

Gross profit                      410                                   250
                                                       -
Development
expenditure
written off                   (1,253)              (288)            (1,083)
Administrative
expenses                        (564)              (315)              (757)

Operating loss                (1,407)              (603)            (1,590)
Finance income                     71                 94                208
Goodwill
impairment          -                  -                              (129)
Exceptional
items
Gain on sale
of assets                       -               2,052              2,652

Profit/(loss)
on ordinary
activities                    (1,336)              1,543              1,141
before
taxation
Income tax
expense                         (146)               (76)              (304)

Profit/(loss)
on ordinary                   (1,482)              1,467                837
activities
after taxation

Dividends           -                  -                  -

Profit/(loss)
attributable                  (1,482)              1,467                837
to equity
holders
Profit/(loss)
per share:      2             (0.31)p              0.31p              0.18p
basic
diluted         2             (0.31)p              0.30p              0.18p




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




                                                         Gold Oil Plc


Consolidated
Balance Sheet
at at 31
October 2008
                                As at               As at       As at
                           31 October          31 October    30 April
                                 2008                2007        2008
              Note          Unaudited             Audited     Audited
                                £'000               £'000       £'000
Non-current
assets
Property,
plant and
equipment                         229                 288         200

Intangibles                     4,437  -                        2,105

Investments        -                                1,243           -

                                4,666               1,531       2,305
Current
assets

Inventories                       226  -                          214
Receivables                     2,011                 589       3,187
Cash and cash
equivalents                     4,615               6,153       5,150

                                6,852               6,742       8,551

Total assets                   11,518               8,273      10,856
Equity and
liabilities
Capital and
reserves
Called up
share capital  3                  121                 119         120
Share premium
account                        10,157               9,421      10,124
Retained
earnings                      (2,447)             (1,331)     (1,644)

Total equity                    7,831               8,209       8,600
Current
liabilities
Trade and
other
payables                        3,687                  64       2,256

Total equity
and                            11,518               8,273      10,856
liabilities



                                                         Gold Oil Plc


Consolidated
cash flow
statement
for the six months
ended 31 October 2008
                            6 months to        6 months to      Year to
                             31 October         31 October     30 April
                                   2008               2007         2008
                 Note         Unaudited          Unaudited      Audited
                                  £'000              £'000        £'000
Operating
activities        4                 163              (648)      (2,440)

Investing
activities
Return from
investment and
servicing of
finance                              71                 94          208
Sale of
investment
assets                          1,747             2,703     3,006
Acquisition of
investment
assets                    -              -                        (303)
Net cash
acquired from
subsidiary            -                  -                  182
Purchase of
intangible
assets                          (2,332)  -                        (209)
Purchase of
tangible assets                   (218)                (6)          (8)

                                  (732)              2,791        2,876
Financing
actvities
Proceeds from
issue of share
capital                              34                119          823

Net cash                          (535)              2,262        1,259
inflow/(outflow)
Cash and cash
equivalents at
the beginning of
the period                        5,150              3,891        3,891

Cash and cash
equivalents at                    4,615              6,153        5,150
the end of the
period
Consolidated
statement of
changes in
equity
                                  £'000              £'000        £'000
Loss for the
period                          (1,482)              1,467          837
Shares issued                        34                119          823
Foreign exchange
translation                         629               (40)          277

                                  (819)              1,546        1,937
Opening
shareholders'
funds                             8,600              6,663        6,663

Closing
shareholders'                     7,781              8,209        8,600
funds




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,  and
using the accounting policies which are consistent with those set out
in the Company Annual Report for the year ended 30 April 2008.

2. Loss per Share


                                6 months to  6 months to  Year to
                                31 October   31 October   30 April
                                2008         2007         2008
                                Pence        Pence        Pence
Profit/(loss) per share: basic  (0.31)       0.31         0.18
diluted                         (0.31)       0.30         0.18




The profit/(loss) per ordinary share is based on the Company's result
for the period of £1,482,000 (30 April 2008 - profit of £837,000;  31
October 2007 - profit of £1,467,000) and a weighted average number of
shares in  issue of  483,960,764  (30 April  2008 -  474,408,008;  31
October 2007 - 469,603,909).

The potentially dilutive warrants  issued were nil  (30 April 2008  -
nil; 31 October 2007 - 11,558,676).

3. Called up Share Capital

During the period, the company issued 3,450,000 new ordinary shares
for a total value of £34,500.

4. Reconciliation of operating loss to net cash outflow from
operating activities


                          6 months to            6 months to  Year to
                                                                   30
                           31 October             31 October    April
                                 2008                   2007     2008
                            Unaudited              Unaudited  Audited
                                £'000                  £'000    £'000
Operating loss
for the period                (1,407)                  (603)  (1,615)
Depreciation
and
amortisation                      196                     15      128

Tax paid       -                       -                         (50)
Foreign
currency
translation                       672                   (11)     (56)

Inventories                      (12)  -                        (214)
Receivables                     (571)                    (3)  (2,601)
Creditors                       1,285                   (46)    1,968

                                  163                  (648)  (2,440)




5. Financial information

The unaudited  results  for  period  ended 31  October  2008  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  2008 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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