Production Test Update

Gold Oil PLC 07 August 2006 For Immediate Release 7th August 2006 Gold Oil Announces that their Peruvian exploration well San Alberto-1X is preparing to test after logging at total depth. Gold Oil Plc ('Gold Oil'), the London-based oil and gas exploration company, announces that on 7th August 2006 it is preparing to production test its first exploration well, SA-1X, in Peru drilled on the San Alberto prospect in Block XXI. SA-1X spudded on 11th July 2006 and reached total depth of 5,113 feet on 3rd August 2006. The objectives of the well were the Tertiary Verdun sands that produce gas in Olympic's Las Casita gas field 20 kms to the west of SA-1X and the deeper fractured Palaeozoic quartzites that produce oil in PetroTech's offshore San Pedro field 50 kms to the west. Logging and drilling results in SA-1X and regional information require that both the Verdun and Palaeozoic are production tested. After circulating to completion fluid and running a liner over the Palaeozoic the drilling rig will be moved off location. After clearing the location a work-over hoist and test facilities will come on to the location. The objective is to test the extensive Palaeozoic quartzites and the thick Tertiary Verdun sands. The latter were logged and cased off before drilling the Palaeozoic. The logs show that in SA-1X the Verdun sands are much thicker than the gas bearing Verdun sands in the La Casita field. Well testing is expected to start in two weeks. Commenting on today's announcement, Gary Moore, Managing Director of Gold Oil, stated: 'The results of the well are very encouraging and justifies the fast track approach that Gold Oil has followed since the Licence was approved by the Minister of Energy and Mines on the 4th of April 2006. The whole planning and operation of the well has been an exclusively Peruvian one. Once we have the results of the testing programme we shall finalise our future programme for Block XXI.' The technical information contained in this announcement has been reviewed and approved by Mike Burchell, B.Sc., 66, member of the SPE and with over 44 years experience in the oil and gas business. Enquiries: Gary Moore, Operations Director Tel: +44 (0)1737833597 Email: gmoore@goldoilplc.com Mike Burchell, Chairman Tel. +44 (0) 1372361772 Email: mikeburchell@hotmail.com Roland Cornish, Beaumont Cornish Limited Tel: 020 7628 3396. This information is provided by RNS The company news service from the London Stock Exchange
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