Update and Board Appointment

Gold Oil PLC
06 May 2005

FOR IMMEDIATE RELEASE May 6 2005

                   GOLD OIL PLC ('GOLD OIL' OR 'THE COMPANY')

                     GOLD OIL BEGINS GEOPHYSICAL OPERATIONS
                         ON BLOCK XI, NORTHWESTERN PERU

                               BOARD APPOINTMENT

OPERATIONS IN NORTHERN PERU

Gold Oil, the London-based oil exploration company focused on the South American
and Caribbean region, announces that on Saturday 30thApril 2005, its geophysical
contractor, Fugro Airborne Surveys, completed the acquisition of an aeromagnetic
survey over the entire extent of Block XI. This block covers some 303,000
hectares of the Sechura Desert of northwestern Peru, immediately adjacent to
blocks with proven producing reserves.

It is anticipated that following processing, the results can be interpreted
before the end of May. This will then enable the Company to design the optimal
seismic survey on the block. Planning for this survey is already under way.

Under the terms of the promotion agreement with PeruPetro, Gold Oil has
exclusive rights to Block XI until October 2006. The commencement of the
programme announced today will advance significantly the subsurface evaluation
of the block, and hence, increase its potential value.

APPOINTMENT OF NEW DIRECTOR

Gold Oil also announces that with immediate effect, Dr Martin Keeley will be
joining the Board of the Company as Exploration Director. Dr Keeley (aged 50) is
a geologist with 25 years of international exploration experience in both large
and small operating oil companies, and in consulting. Based in Bogota, Martin
will be directing the Company's exploration operations in Peru, and working
towards the identification of new opportunities there and elsewhere. Martin
holds a Ph.D in geology from Trinity College Dublin, is a member of the
Editorial Board of the Journal of Petroleum Geology, and Visiting Professor in
Petroleum Geology at University College London.

During the past five years, Dr Keeley's other directorships have been or
continue to be as follows:

Past                                    Present

Emerald Energy plc
Fieldco International Ltd.              None.

There is no further information in respect of Dr Keeley to be disclosed in
accordance with the AIM Rules.

Commenting on today's announcement, Gary Moore, Managing Director of Gold Oil,
stated: 'The commencement of operations in northwestern Peru marks a further
step in the process of transforming Gold Oil, launched on AIM only nine months
ago, into a fully fledged oil company. Moreover, this geophysical programme will
enable us to move most effectively towards the timely evaluation of the
hydrocarbon potential of Block XI.

I am also pleased to welcome Martin to the Company. His knowledge of South
America, and his skills in opportunity evaluation and operations will strengthen
the Board and increase our ability to create value proactively, and hence move
the Company forward.'

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].

NOTE TO EDITORS

The Acreage

The area of Block XI is equivalent to just less than 14 UK North Sea blocks. The
target reservoirs are mostly at shallow depths of +/-5,000 feet. Rig and
drilling costs enable wells here to be drilled typically for US$500,000 or less.
The block lies in a desert area, next to the city of Piura, and to the east of
an existing producing gas field. Both lie within the Sechura Basin, which is
adjacent to, and is believed to be a sub-basin of the Talara Basin.

The Talara Basin to the north and west has produced over 1.6 billion barrels of
oil over a period of 100 yearS. Independent assessments put the number of
reserves remaining to be discovered at 2.2 billion barrels and 5.8 trillion
cubic feet of gas. Gold Oil also holds exclusive rights over a second area here,
Block Z-34, in the offshore sector of the Talara Basin, also immediately offset
from producing fields.

Dr Martin Keeley

During his tenure as Exploration Director at Emerald Energy, that company made
the Gigante-1ST discovery in the Upper Magdalena Valley of Colombia, which
flowed at an initial rate of 4,500bopd, and went to produce commercially for 11/
2 years, before a blow-out curtailed production in 2000. Since then, and before
this present appointment, he had consulted for Gold Oil and other companies in
Peru, Colombia, NW Europe, North Africa and Asia. Martin is fluent in Spanish.


                      This information is provided by RNS
            The company news service from the London Stock Exchange