Update, Directors' Dealings

Gold Oil PLC 05 October 2006 For Immediate Release 5th October 2006 Gold Oil plc ('Gold or the Company') announces an update of their Peruvian and Colombian Operations and Director's dealings PERUVIAN OPERATIONS The Company is pleased to announce that it has signed a contract with a local Drilling Contractor (Petex) for the testing of the San Alberto 1X exploration well on Block XXI, onshore Sechura Basin in North West Peru. Depending upon the time it takes to complete its current assignment in the Peruvian jungle, the rig should be rigged up and ready for operations by late October or early November. All documentation necessary for the Company and Plectrum Plc (our partner) in Z34 that are necessary to get board approval from Perupetro is now in place. It is most likely that approval should be obtained before the end of October. The next step in the process is the approval of the Ministry of Energy and Mines which can take anything up to four months. We have expressed our concerns with the authorities that any slippage with the approvals would have an adverse impact on the plans to bring in a seismic vessel into Peruvian waters jointly with other offshore operators in 2007. COLOMBIAN OPERATIONS The Nancy well has now stabilized further at a flow rate of 714 bbls per day with a 4% BS&W (685 bopd). The BS&W is well completion fluid and should all be removed by the weekend and an encouraging stable flow rate of 550 bopd is expected once all the gas handling equipment has been completed and is operational. Although the operator has suffered many difficulties in completing the Nancy 1 workover in a difficult part of the country, the consortium is sufficiently confident to commence a multi-well work over on the Bourdine 1, 4 and 5 wells. At present the plan is to only perforate the previously perforated and produced hydrocarbon zones (same as Nancy 1) before attempting to perforate virgin hydrocarbon zones. 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. DIRECTOR'S DEALINGS The Board announces that Michael Norman Burchell, Director, today exercised 575,000 directors' warrants to subscribe for 575,000 ordinary shares at 1p per share and John Gary Moore, Director, today exercised 2,300,000 directors' warrants to subscribe for 2,300,000 ordinary shares, at 1p per share, ('the Shares'). The Shares will rank pari passu with all existing shares in issue, and application will be made for admission to trading on AIM. Following the issue of the Shares, Mr. Burchell will own a total of 5,575,000 shares or 1.34% of the enlarged issued share capital, together with 1,825,000 directors' warrants and Mr. Moore will own a total of 21,150,000 shares or 5.08% of the enlarged issued share capital, together with 6,900,000 directors' warrants. Enquiries: Gary Moore Managing 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
UK 100

Latest directors dealings