Placing

Gold Oil PLC
02 June 2006






FOR IMMEDIATE RELEASE                                             2nd June 2006


                   GOLD OIL PLC ('Gold Oil' or 'the Company')
                                    Placing


PLACING

Gold Oil announces that it has placed forty seven million (47,000,000) new
Ordinary Shares of 0.025p at a price of 5.5p  each, together with a one for two
share warrant exercisable before December 31 2006 at a strike price of 7.5p
each.   The new Ordinary Shares will, on issue, rank pari passu with the
existing Ordinary Shares in issue and application will  be made to the London
Stock Exchange for these shares to be traded on AIM.  It is expected that
dealings in the Placing  Shares will commence on 9th June 2006.

The Placing will raise £2.5 million ($US 4.8 million), before expenses, for the
continuing working capital requirements  of the Company.  The Company has a
number of projects that now require investment to progress them as well as a
number  under review.  The proceeds of the Placing will enable the Company to
continue studies, shoot selected seismic and  drill on prospects identified.  
The Board also believe that having a reasonable cash balance readily to hand is 
necessary to assure government authorities that it is capable of meeting its
work obligations under the various  licences and applications as well as
enhancing its ability to move quickly in respect of suitable opportunities that 
the Company has identified to increase the Company's asset base.


Enquiries:


Gary Moore
Managing Director                   Tel: [phone]


Michael Burchell
Chairman                            Tel. [phone]


Roland Cornish
Nominated Adviser
Beaumont Cornish Limited            Tel. [phone]




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