Interim Results

Gold Oil PLC
31 January 2005


                          GOLD OIL PLC (the 'Company')

                              INTERIM ANNOUNCEMENT

                              CHAIRMAN'S STATEMENT




OVERVIEW

The Company satisfactorily completed its funding processes in July 2004 and is
actively seeking acquisitions.

At the date of the balance sheet the Company had net current assets of £305,000,
of which £302,000 was in cash.

FINANCIAL OVERVIEW

The expenses incurred to date relate to the placing of shares in July 2004 and
subsequent listing maintenance and administration.

For the period from incorporation on 8 April 2004 to 31 October 2004 a loss of
£112,000 has been incurred by the Company, which on a weighted average equates
to a loss of 0.05p per share. No dividend is being declared. The directors will
receive no remuneration until an acquisition has been completed.

CASH FLOW AND FUNDING

As stated above, the Company effectively had £302,000 cash at 31 October 2004
for acquisitions and routine expenses.

OUTLOOK

The Board is actively pursuing further acquisitions and hope to report
favourable developments in the near future. In particular, we have been
negotiating to acquire a significant block of offshore exploration acreage and
hope to make a further announcement shortly.




Director


31 January 2005

                                  GOLD OIL PLC

                            Profit and Loss Account

                      from 8 April 2004 to 31 October 2004



                                                        Note             £'000

Turnover                                                                     -

Administration expenses                                                   (113)

Operating Loss                                                            (113)

Interest received                                                            1

Loss on ordinary activities before taxation                               (112)

Taxation                                                                     -

Loss on ordinary activities after taxation                                (112)

Dividends                                                                    -

Deficit for the period                                                   £(112)


Earnings per shares: basic and diluted                    3            (0.05p.)


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.






                                  GOLD OIL PLC

                      Balance Sheet as at 31 October 2004



                                                       Note              £'000
FIXED ASSETS
Equipment                                                                    4

CURRENT ASSETS

Debtors                                                                      7
Cash at bank and in hand                                                   302

                                                                           309
CREDITORS: amounts falling due
within one year                                                             (8)

Net current assets                                                        £305





CAPITAL AND RESERVES

Called up share capital                                        4            59

Share premium account                                                      358

Profit and loss account                                                   (112)

Equity shareholders' funds                                                £305




                                  GOLD OIL PLC

                              Cash Flow Statement

                 for the period 8 April 2004 to 31 October 2004


                                                            Note         £'000

Cash outflow from operating activities                            5       (112)

Return on investment and servicing of finance                                1
Purchase of fixed assets                                                    (4)
Financing - Issue of shares net of expenses                                417

Cash increase in the period                                                302




               Reconciliation of movements in shareholders' funds

                                                                         £'000

Deficit for the period                                                    (112)

New share capital subscribed, net of expenses                              417

                                                                           305

Opening shareholders' funds                                                  -

Closing shareholders' funds                                                305







                                  GOLD OIL PLC
                          NOTES TO THE INTERIM REPORT


1. Accounting Policies

These accounts have been prepared on the historical cost basis, using generally
recognised accounting principles. They have been prepared on a going concern
basis.

This interim report for the period from formation to 31 October 2004 was
approved by the Board on 31 January 2005.

2. History

The Company was formed on 8 April 2004 as Gold Oil Plc.

3. Loss per Share
Period 8 April 2004
to 31 October 2004
Pence

Earnings per ordinary shares - basic and diluted (0.05p)

The loss per ordinary share is based on the Company's loss for the period of
£112,000 and a weighted average number of shares in issue of 236,750,000.

4. Called up Share Capital

On incorporation the authorised share capital of the company was 100,000,000
ordinary shares of 1p each. On 12 May 2004 the Company reduced its authorised
share capital to 10,000,000 ordinary shares of 1p each and on the same date
sub-divided its share capital into 400,000,000 ordinary shares of 0.025p each.

On 8 June 2004, 199,999,920 ordinary shares were issued at par.

Under the Placing Agreement, 35,000,000 shares of 0.025p were issued at 1p per
share on 18 June 2004.

On 28 June 2004, 1,000,000 shares of 0.025p were issued at 1p per share.

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



                                                            Period 8 April 2004
                                                             to 31October 2004
                                                                   £'000

Operating loss                                                      (113)

Increase in debtors                                                   (7)

Increase in creditors                                                  8

Net cash outflow from operating activities                         £(112)


                                  GOLD OIL PLC

                          NOTES TO THE INTERIM REPORT
6. Financial information
The financial information in this statement does not constitute statutory
accounts within the meaning of section 240 of the Companies Act 1985.

7. Accounts
Copies of the Interim Report are available for collection at the offices of the
Company, Finsgate, 5-7 Cranwood Street, London EC1V 9EE during normal office
hours for a period of one month from the date hereof.



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