Interim Results

Gold Oil PLC
04 January 2007



FOR IMMEDIATE RELEASE                                            4 January 2007


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

Interim Report for the period 1 May 2006 to 31 October 2006


Copies of the Interim Report have been posted to shareholders and are also
available for collection at the offices of the Company, free of charge,
Finsgate, 5-7 Cranwood Street, London EC1V 9EE during normal office hours.

Chairman's Statement to Shareholders

Since the publication of the 2006 Annual Report the Company, on 9 November 2006,
restarted testing operations on its Peruvian exploration well on Block XXI, San
Alberto-1X. Testing continued until 7 December 2006 when the well was plugged
and abandoned. When testing first started, only highly saline water was produced
from the lower Palaeozoic and at the start of the recent operations a cement
plug was placed at the base of the well with the intention of shutting off the
water. However, all the higher Palaeozoic zones that logs had indicated to be
hydrocarbon bearing also produced highly saline water. The Tertiary Upper Verdun
sands, also interpreted as containing hydrocarbons, when perforated and tested
produced only highly saline water.

We will analyse the information gained from the well and make a decision in
about six months time on drilling a new well to retest the Tertiary and
Palaeozoic reservoirs.

On 5 December the Exploration and Exploitation Contract for our offshore Block
Z34 was signed by the Board of Perupetro. The Contract is for 30 years but has
to be ratified by the Minister for Energy and Mines which we expect will take
place early in 2007. The Company is operator with 50% and our partner is
Plectrum Oil & Gas.

In Colombia the operator started production from the Nancy field in October 2006
at an average stabilised rate of 485.6 bopd (net to Gold's 40% interest and
after Royalty and State share - 91.3 bopd). The Company has agreed with the
operator of the Nancy- Burdine-Maxine licence to carry out more workovers in the
Nancy and Burdine fields which should contribute a significant additional
production and cash flow to the company.

In June 2006 the Company raised £2.4 million through a placement of 47 million
new shares at 7.5 pence per ordinary share and if all 23.5 million Warrants, at
an exercise price of 7.5p/share, are exercised before the end of December then
an additional £1.8 million will have been raised. Although at the end of the
period the Company, since trading commenced, showed a loss of £1.2 million, the
cash balance was £2.9 million, reflecting the hard work by the Company's staff
to work efficiently and control costs.

Looking ahead I expect in 2007 to see the Company carrying out seismic on Block
Z34 and a possible new well on Block XXI. The Company is continuing to seek out
low risk oil and gas reserves in Colombia and Peru that will generate cash as
well as additional exploration acreage in both countries.

Due to the energy and dedication of our team, the Company has made very good
progress and despite the initial disappointment on our first well in Peru I look
forward to the progress that we will make in 2007.


For further information, please contact:

Michael Burchell, Director, Gold Oil plc on 01372 361772

Roland Cornish, Beaumont Cornish Limited on 020 7628 3396



Consolidated Profit and Loss Account
for the Six Months to 31 October 2006
                                      Note 6 Months to 6 Months to  Year to
                                            31 October  31 October 30 April
                                                  2006        2005     2006
                                             Unaudited     Audited  Audited
                                                 £'000       £'000    £'000

Turnover                                             -           -        -
Administrative expenses                          (340)       (334)    (698)
Operating loss                                   (340)       (334)    (698)
Interest received                                   86          83      141
Loss on ordinary activities before               (254)       (251)    (557)
taxation
Taxation                                             -           -        -
Loss on ordinary activities after taxation       (254)       (251)    (557)
Dividends                                            -           -        -
Deficit for the period                           (254)       (251)    (557)

Loss per share:Basic                     2     (0.06p)     (0.07p)  (0.16p)
Diluted                                        (0.05p)     (0.07p)  (0.14p)

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

There were no recognised gains or losses other than those recognised in the
profit and loss account above.


Consolidated Balance Sheet
as at 31 October 2006
                                        Note      As at      As at    As at
                                             31 October 31 October 30 April
                                                   2006       2005     2006
                                              Unaudited    Audited  Audited
                                                  £'000      £'000    £'000
Fixed assets
Equipment                                            29         25       22
Intangibles                                         299          -      299
Investments                                         192        150      192
                                                    520        175      513
Current assets
Debtors                                             258        194      290
Cash at bank and in hand                          2,961      3,076    2,460
                                                  3,219      3,270    2,750
Creditors: amounts falling due within             (116)       (69)    (103)
one year
Net current assets                                3,103      3,201    2,647
Total assets less current liabilities             3,623      3,376    3,160

Capital and reserves
Called up share capital                    3         93         87       90
Share premium account                             4,722      3,906    4,004
Profit and loss account                         (1,192)      (617)    (934)
                                                  3,623      3,376    3,160




Consolidated Cash Flow Statement
for the Six Months to 31 October 2006
                                      Note 6 Months to 6 Months to  Year to
                                            31 October  31 October 30 April
                                                  2006        2005     2006
                                             Unaudited     Audited  Audited
                                                 £'000       £'000    £'000
Cash outflow from operating              4       (297)       (527)    (950)
activities
Return from investment and servicing                86          83      141
of finance
Capital expenditure                               (74)       (151)    (503)
Financing                                          786          39      140
Cash (decrease)/increase in the                    501       (556)  (1,172)
period
Opening net debt                                 2,460       3,632    3,632
Closing net debt                                 2,961       3,076    2,460

Reconciliation of movements in shareholders' funds
                                                   £'000    £'000    £'000

Loss for the period                                (254)    (251)    (557)
New share capital subscribed, net of expenses          -       39        -
Foreign exchange reserves                            (4)        8      (3)
                                                   (258)    (204)    (560)
Opening shareholders' funds                        (934)    (413)    (374)
Closing shareholders' funds                      (1,192)    (617)    (934)




Notes to the Interim Report

1. Accounting Policies

The interim report has been prepared using accounting policies consistent with
those set out in the company's Annual Report and Accounts for the period to 30
April 2006. They have been prepared on a going concern basis.

The interim report for the six months to 31 October 2006 was approved by the
Board on 4 January 2007.

2. Loss per Share
                                           6 Months to  6 Months to   1 May 2005
                                       31 October 2006   31 October  to 30 April
                                                               2005         2006
                                                 Pence        Pence        Pence

Loss per ordinary share-basic                  (0.06p)      (0.07p)      (0.16p)
- diluted                                      (0.05p)      (0.07p)      (0.14p)

The loss per ordinary share is based on the Company's loss for the period of
£254,000 (30 April 2006 - £557,000; 31 October 2005 - £251,000) and a weighted
average number of shares in issue of 463,995,682 (30 April 2006 - 393,851,507;
31 October 2005 - 237,750,000).

The potentially dilutive warrants issued were 52,845,682 (30 April 2006 -
43,981,918; 31 October 2005 - Nil).

3. Called up Share Capital

In June 2006, the Company issued 47 million new ordinary shares at 7.5p each.

23.5 million Warrants can be exercised at 7.5p per share before end December
2006.

4. Reconciliation of operating loss to net cash outflow from operating
activities
                                        6 Months to  6 Months to  1 May 2005
                                         31 October   31 October to 30 April
                                               2006         2005        2006
                                              £'000        £'000       £'000

Operating loss                                (340)        (334)       (698)
Depreciation                                      2            1          14
Exchange rate movement on overseas              (4)            8           3
assets
(Increase)/Decrease in debtors                   32        (155)       (255)
(Decrease)/Increase in creditors                 13         (47)        (14)
Net cash outflow from operating               (297)        (527)       (950)
activities

5. Financial information

The information for the year ended 30 April 2006 has been extracted from the
audited accounts for that period which have been delivered to the Registrar of
Companies and received an unqualified audit opinion (and incorporate the
information for 31 October 2005). The unaudited results for the six months have
been prepared on a basis consistent with the accounting policies disclosed in
the Company's 2006 accounts and do not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985.




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