Trading Update

FOR IMMEDIATE
RELEASE
7am 30th May 2008
               GOLD OIL plc ("Gold" or "the Company")

                           TRADING UPDATE

Azar, Onshore Colombia

The workover was planned to start in early April, but due to some
serious flooding in the area the rig could not get access to the
site. The flooding has now subsided and the rig entered the site on
the weekend of the 25th May with the well opened on the 26th May. The
delay will not cost the Company anything as its costs are carried by
the other partners and the Company looks forward to updating
shareholders shortly.

Nancy, Burdine and Maxine Oil Fields, Onshore Colombia

The geological report prepared for the field was very encouraging and
the Company has now commissioned an Independent Petroleum Engineers
report on the fields to be prepared by a Houston based company. The
report should be ready by July in time for the annual report. report
with a view to establishing increased reserves.

The Nancy 1 well continues to perform well with production averaging
432 bopd for the month of April (some 46 bopd higher than the last
month). A wireline intervention is expected soon to run a pressure
survey.

We are awaiting the environmental permit for the 5 Burdine workover
wells and are taking steps to accelerate the approval process.

Rosa Blanca, Onshore Colombia

The land has been purchased, access rights agreed, the well design
completed, equipment ordered and the contract for a drilling rig
placed.  We await the environmental permit to proceed with the
project. Gold Oil is fully carried by a partner for the initial well.


Block XXI, Onshore Peru

All the approvals necessary to spud this exploration well have been
obtained. The land purchase was signed on the 27th May. The rig
contract was signed on the same day with Petrex S.A. (a subsidiary of
ENI) and the well is expected to spud sometime between the 25th June
and mid August. The rig is currently being used by a company close by
for a two well programme. If their programme is successful then the
rig will be delayed for their second well, but if unsuccessful the
rig will be available after their first well.

Z34, Offshore Peru

The Environmental Permit is still in the Ministry of Energy and
Mines. The first round of questions on the application have been
received and the Company has responded. We are now awaiting the
second (and final) set of questions on the application.

The tender for the seismic survey (jointly with Vamex who have a
block to the north) is ready to go out, but is being held back until
a clearer view on the timing of the environmental approval is more
certain.

ENDS

For further information, please contact:

GOLD OIL plc
Michael Burchell, Director
Tel: [phone]

Beaumont Cornish Limited
Roland Cornish
Tel: [phone]

Blue Oar Securities
Jerry Keen
Tel: [phone]

Conduit PR
Jonathan Charles
Tel: [phone]

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