Perupetro Approval

Gold Oil PLC
07 December 2006



PRESS RELEASE

For immediate release:                                          7 December 2006


              Gold Oil Plc ('Gold', 'The Company', or 'The Group')

                  Gold Oil Receives Perupetro Approval for an

       Exploration and Exploitation Contract for Block Z34 Offshore Peru


Gold obtained a Promotional Licence from Perupetro for the offshore Block Z34 in
February 2005 and after detailed G&G work decided to apply for an Exploration
and Exploitation Contract. Gold is pleased to announce that on 5th December 2006
it received approval from Peru's state oil company Perupetro SA (Perupetro) for
a 30 year Exploration and Exploitation Contract for Block Z-34 in conjunction
with its AIM-listed joint venture partner, Plectrum Petroleum plc ('Plectrum').


Final formal approval from Peru's Minister of Energy and Mines is expected to
follow in the New Year.


Under the terms of the agreement with Plectrum, Gold is the Operator with a 50%
interest and is carried through the first phase of the work programme worth an
estimated $1.0-1.5 million to Gold. Work has already commenced on the
Environmental Impact Assessment to give us a head start on finding a suitable
time slot to bring a seismic vessel into Peru in conjunction with other
companies intending to shoot seismic offshore.


Gary Moore, Gold's Managing Director, said:


'Block Z-34 is adjacent to existing shallow water and onshore production
concessions in the Talara Basin, where over 1.7 billion barrels of oil have been
produced to date. Exploration offshore in the block to date has been almost
non-existent with the deepest development platform being placed in 400 foot of
water over 25 years ago. We are very excited about the potential of this block
as we just do not believe oil fields stop at 400 foot of water depth.

Several companies were interested in forming a joint venture with us, but we
decided to go with Plectrum because they brought additional technical skills,
such as the application of electro-magnetic imaging to the table, and also
because we share many synergies as both companies are of a similar size.'


Mike Burchell, B.Sc., 66, has over 45 years experience in the oil and gas
business. He has read and approved the technical disclosure in this regulatory
announcement.

ENQUIRIES:


Gary Moore               Managing Director;               Tel: [phone]
                         Email: [e-mail]

Mike Burchell            Chairman;                        Tel: [phone]
                         Email: [e-mail]

Roland Cornish Beaumont  Cornish Limited;                 Tel: [phone]


Notes to editors:


Block Z-34 sits in the prolific Talara Basin which has produced to date in
excess of 1.7 billion barrels of oil and 340 billion cubic feet of gas. The
3,713 km(2) Z34 block (equivalent to 14 North Sea Blocks) has water depths
ranging from 100m to 3,000m and sits adjacent to existing shallow water
producing concessions, yet has a sparse existing data set of just 500 km 2D
seismic. The initial work programme will be to acquire some 2,000 km of 2D
seismic and enhance these data with Electro-Magnetic (EM) studies, in which
Plectrum has special expertise.



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