Interest in Azar Block, Colombia

29th February 2008
   Gold Oil acquires 20% interest in onshore Azar Block, Colombia
                      ("Gold" or "The Company")
Gold Oil Plc (AIM: GOO), the AIM-listed oil and gas exploration and
production company focused on opportunities in Latin America, is
pleased to announce that it has concluded a Sale and Purchase
Agreement ("SPA") for a 20% working interest in the Azar Block in the
Putumayo Basin, Colombia.  The consideration is payable over several
periods and amounts to approximately $4 million as follows: $0.4
million payable on signature, $1.6 million by 5 March 2008, $1.2
million by 5 May 2008 (or earlier if Colombia's hydrocarbons agency
ANH accepts the assignment of the offshore affiliate onto the Azar
licence) and, within 5 days of the affiliate being accepted onto the
Azar licence, an additional $0.8 million.

The Azar Block is located to the northeast of the Company's existing
Nancy, Burdine and Maxine oil fields and immediately to the east of
the Guayoyaco Block in which the Juanambu discovery well was drilled
in November 2007 with a flow rate of 1,410 bopd.  The Guayoyaco Block
is operated by Gran Tierra Energy (TSX: GTE), who is also the
operator and 40% interest holder in the Azar Block.

Commenting, Gary Moore, chief executive of Gold Oil, said, "We are
delighted to conclude this SPA and look forward to working with Gran
Tierra.  "This agreement represents a resounding endorsement of our
clear strategy to appraise and develop assets and build up the
capital value of the Company."

Under the arrangements concluded in the SPA, the Company is carried
through the current 3D seismic survey and interpretation shot earlier
this year and also a well re-entry and work-over planned for early
March this year.  The estimated value of the carry is $0.6 million.
 In addition the cost of the first exploration well, planned for
later this year, will only cost the Company 10% of the cost of the
well, estimated at $1 million, to earn the Company a 20% working
interest.

The licence for the Azar Block was granted by Colombia's hydrocarbons
agency ANH in October 2006 for an area of 51,630 Ha (or 516.3sq.km).
 The term of the licence is for a period of 24 years and includes a
royalty payable to the ANH of between 8% and 25% depending upon
levels of production.  The oil and gas terms in Colombia are
currently one of the most favourable   in Latin America with
Corporation Tax at 33%.

The Palmero #1 well was drilled in the 1990s by Argosy International
(now Gran Tierra Energy) and although the logs of the N sands showed
hydrocarbons, the sands were not tested at that time.  The purpose of
the re-entry is to test these sands which show potential for 300,000
bbls net to Gold.  The rest of the block has the potential for
multiple reservoirs in multiple prospects.

Moore added, "We like the potential for the Putumayo Basin and we are
always looking for further opportunities in the region to leverage
our expertise there.  The Azar Block is very attractive for its
exploration potential and the possibility of early production from
the Palmero #1 re-entry will be an added bonus".

The technical information contained in this announcement has been
reviewed and approved by Mike Burchell, B.Sc., member of the SPE and
with over 45 years experience in the oil and gas industry.

Enquiries:
Gary Moore                                         CEO    Tel: +511
4442900
Roland Cornish                                     Beaumont Cornish
Limited Tel: [phone]
Jonathan Charles / Ed Portman Conduit PR Tel: [phone] / 6607

Information on Gold Oil

Gold Oil plc is an oil and gas exploration and production company
primarily focused on opportunities in Central and South America.  The
company listed on the AIM market in July 2004 under the symbol GOO.L.
 The company has oil production in Spain and Colombia and significant
exploration acreage and licence applications, both onshore and
offshore, in both Colombia and Peru. Further details of the Gold Oil
Plc operations can be found on the company's website:
www.goldoilplc.com.

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