Update on Placing

FOR IMMEDIATE RELEASE
20 February 2009



                       Gold Oil Plc (AIM: GOO)
                    ("Gold Oil" or the "Company")

                          Update on Placing


Further to the announcement made on 2 February 2009 regarding
settlement of the recent placing proceeds, as at today's date, the
Company is in receipt of £371,312.50 (after expenses).
The Company has been advised by its Placing Agent that one of the
placees to the Placing is in default of payment of its subscription
monies.  Gold Oil will be pursuing such defaulting placee vigorously
for the immediate settlement of the outstanding balance together with
any applicable legal expenses incurred as a result of such action.
For further information on the Company, visit: www.goldoilplc.com or
contact:

Michael Burchell  Chairman                 Tel: [phone]
Roland Cornish    Beaumont Cornish Limited Tel: [phone]
Daniel Fox Davies Fox Davies Capital       Tel  [phone]




Notes to Editors

Gold Oil  is an  AIM-listed oil  and gas  exploration and  production
company primarily focused on opportunities in Latin America.  It  has
oil production in  Colombia and significant  exploration acreage  and
licences both onshore and offshore in Colombia and Peru.

---END OF MESSAGE---




This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.