Directorate change

For Immediate Release

6th May 2010



                                  GOLD OIL plc
                           ("Gold" or "the Company")
                         Placing to Raise £1.96 million
                                Grant of Options
                                 Board Changes
                               Operational Update


The Placing

The  board of  Gold ("the  Board") is  pleased to  announce that  it has reached
agreement  with Sheer Energy Pty Ltd.  ("Sheer") to subscribe for 56,132,473 new
ordinary  shares of  £0.00025 each  ("Shares") in  the Company at a subscription
price  of 3.5p per Share  ("the Placing") to  raise approximately £1.96 million.
The  proceeds of the Placing will be used  as working capital for the Company in
the development and expansion of its portfolio.

Sheer  is a private company,  which has been recently  established as an oil and
gas  exploration venture  in South  America by  Mr John  Bell, who will join the
board  of Gold.  In addition Gold has granted Sheer two options to subscribe for
additional shares in Gold as follows:

 i. An  option to subscribe  for up to  US$1.75 million new  Shares in Gold at a
    subscription  price  of  3.5p per  share  at  any time up to September 30th
     2010;


 ii. An  option to subscribe for 50 million new Shares in Gold at a price of 4p
     per share at any time up to 31st December 2010.


In  the event that Sheer elects to  exercise both of the above options, together
with  the shares it holds as a result  of the Placing, Sheer would hold 21.7% of
the issued share capital of the Company.

Application         for         the         Shares,        which        willrank
<

http://www.advfn.com/quote_Rank-Group-Plc_LSE_RNK.html>,  pari passu,  with all
existing  ordinary shares has been made to the London Stock Exchange for trading
on AIM.  Admission is expected on 11th May 2010.

Following the issue of the Placing, Gold Oil's issued share capital will consist
of  557,219,082 ordinary shares of £0.00025 each.  The Company does not hold any
Ordinary  Shares in Treasury.  Therefore the total  number of Ordinary Shares in
the Company with voting rights is 557,219,082.


Board changes

Alongside   the  investment  by  Sheer  in  the  Company,  the  Board  is  being
restructured  with immediate effect. Mr John Bell,  Mr Guy Cowan and Mr Ian Reid
will  join  the  board,  Mr  Bell  as  a  non-executive  director,  Mr  Cowan as
non-executive   director   and   Mr  Reid  as  Director  of  Exploration.   Full
biographical  details of the  new directors are  set out below.   In addition Mr
Mark  Pritchard will remain  as Chairman in  a non-executive capacity, whilst Mr
Michael Burchell will resign from the board.

John  Bell  (aged  62) is  currently  CEO,  and  sole  shareholder of Australian
Drilling  Associates Pty. Ltd. ("ADA"), a  well engineering and drilling project
management  company headquartered in Melbourne  Australia, established in 1994.
 He is also the sole shareholder of Sheer. Mr. Bell has over 30 years experience
in  exploration  and  production  drilling,  having  commenced  his  career as a
drilling  engineer with  British Petroleum  in the  North Sea  in 1974.  He held
various  positions with oil companies  and drilling contractors  working, in the
Middle  East, North  Africa, the  UK, Norway  and Canada  before joining  BHP in
Australia  1988. Mr.  Bell  co-founded  his  first  private well engineering and
drilling  project  management  company  in  Australia  in  1994. He successfully
introduced  offshore multi-operator consortium management in Australia and South
East  Asia. He also co-founded an E&P company with exploration assets in Western
Australia, Victoria and West Africa.

Guy  Cowan (aged 58) is a dual qualified UK Chartered Accountant and US CPA.  Mr
Cowan  has had  a 23 year  career with  Shell during  which his responsibilities
included  a  regional  focus  on  Colombia,  Peru, and Chile, and was Commercial
Director  of  SPDC  Nigeria  and  CFO  of  Shell  Oil USA. From February 2005 to
February  2009, Mr. Cowan  was CFO  of Fonterra  Co-operative Group,  one of the
world's leading dairy companies headquartered in New Zealand. Mr. Cowan was born
in  Argentina and has lived and worked in Latin America for over 30 years and is
currently  non executive  director of  three listed  companies in  Australia and
Chile.

Ian  Reid (aged  48), trained as  a petroleum  geologist at  the Royal School of
Mines,   Imperial   College,   London.  He  had  a  14 year  career  with  Shell
International in Holland, New Zealand, Oman, Australia, Vietnam and Norway where
he  undertook senior  roles in  petroleum geoscience.  Since 1997 he  has been a
consultant in Australia for the petroleum and geothermal industries, working for
Government and industry. Mr Reid is a non-executive director of Panax Geothermal
Ltd. listed in Australia.

Arrangements with ADA

In order to provide additional technical support to the management of Gold it is
intended that Gold will enter into service agreements with ADA and Sheer for the
provisions  of a broad range  of sub surface and  well engineering services. The
relationship between Gold and each of ADA and Sheer will be conducted on an arms
length basis and services charges accordingly.  ADA and Sheer will each have the
option  to be paid in new ordinary shares  for the services it provides to Gold,
which will be in addition to option (i) and (ii) above.

ADA  is an experience supplier well  engineering and drilling project management
services  and  will  provide  well  engineering,  contracting,  procurement, HSE
services  and day to day management of drilling and completions operations where
Gold  is operator and review Operator work plans  and well costs where Gold is a
JV  partner.   ADA  will  be  contracted  under a technical service agreement to
provide services to Gold.

Sheer   has   a   subsurface   technical  team  of  internationally  experienced
geoscientists  who will work under  contract to Gold from  ADA under a technical
service agreement to provide services to Gold.

The  new  management  team  intends  to  carry  out a full review of the current
portfolio  and establish and  implement work programmes  and budgets to maximize
the potential of the assets.  The intention of the Board moving forwards will be
to  seek  additional  opportunities  for  the  Company  in  the  region.   It is
anticipated  that the Company will appoint a  CEO in the near future to directly
oversee  the  operational  management  of  the Company.  Further appointments to
strengthen the Board are also expected.



Operational Update

Northern Peru

To  date  Gold  has  been  unable  to  obtain the environmental permits ("PMAs")
necessary  for Gold to  complete the additional  seismic studies on both onshore
and  offshore blocks.  This is due  to bureaucratic delays outside the Company's
control.   After extensive  consultation with  PeruPetro, Gold  has negotiated a
standstill  on the license obligations under the force majeure clause which will
allow an extension period on both Blocks.

Notwithstanding  the above the Company is pleased to announce that it elected to
enter  into the  second period  of the  Z34 E&P  contract.  During this 12 month
period  the Company  has a  minimum commitment  of acquiring  400 sq. km. of 3D
seismic.   Gold  has  also  reached  a  settlement  with  the  receivers of Scan
Geophysical  ASA ("SCAN"), the company which undertook the acquisition of 2,000
km  of 2D seismic last year for Gold.   Soon after completion of the survey SCAN
entered  into  bankruptcy  and  Gold  had  to  negotiate settlement terms of the
outstanding debts with the Administrator.

On  Block XXI onshore north Peru, the  Company is now in early stage discussions
with  candidates for a farm  in deal.  During the  third exploration period Gold
envisages a 240 km. to 300km. of 2D seismic project over the already indentified
leads, which target the shallow Verdun formation, a gas and light crude producer
in the neighbouring block.

Colombia

Rosa Blanca

The  Company is pleased to  announce that it has  entered into a carry agreement
with  Montecz S.A. ("Montecz") a Colombian  service company which specialises in
pipeline  and tank construction  and has a  number of minority participations in
E&P contracts in the Colombia. The agreement specifies that Gold and its partner
Empesa  will be  carried for  one well  (plus testing)  in the third exploration
period.  Montecz earns a 72%, Gold retains a 25% interest and Empesa 3% interest
in   the  Rosa  Blanca  block.   Once  Montecz  has  completed  the  process  of
establishing the mandatory escrow account with the ANH, it is intended that Gold
and Montecz will enter into a joint operating agreement.

The E&P contract entered into its third phase of exploration, as a result of the
evaluation  and interpretation  of 62 km.  of 2D seismic  lines acquired late in
2009.    The environmental  licence for  the block  is already  approved and the
specific  environmental approvals for the  drilling of the well  RB-2 are in the
course  of  being  prepared.  The  drilling  schedule contemplates operations to
commence  by  August  /  September  2010, with  the well testing contemplated in
October.

Azar

The environmental studies for both the drilling and the seismic acquisition have
been  contracted and are under development.   The 3D programs are expected to be
developed  in the second and third quarters of this year and the drilling of the
La  Vega  prospect  is  scheduled  for  the  final quarter.  In the Florida West
Structure  the preliminary preparations  for the 3D seismic  survey started last
month.  The drilling of the shot holes  is expected to commence shortly and data
acquisition will follow.




Nancy Burdine

The  Nancy-1 well continues  steady production around  250 BOPD of 24 °API crude
from  the Villeta (k) formation.  Production testing  of three idle wells in the
Burdine  field was  completed and  the results  are under evaluation.   Workover
programmes  are being  prepared for  the Burdine  wells, in  conjunction with an
integral   surface   development   plan.    Sheer  is  very  encouraged  by  the
prospectivity  of the Nancy-Burdine fields and  in the coming months will define
the integral development plan for the complete field.

Commenting on the proposals, Mark Pritchard, Chairman of Gold said

"I  am delighted  to welcome  Sheer as  a new  investor in  Gold.  We  have been
looking  for  sometime  to  attract  a  strategic  investor  to  bring  both new
investment  capital  and  core  management  skills  and  experience,  to help us
properly  develop and expand  our portfolio of  assets.  I believe  that the new
Board  appointments will  provide the  Company with  the much needed operational
focus to accelerate our progress."


Notes for Editors

Gold  Oil plc (AIM:GOO)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 Peru and onshore Colombia.

Sheer Energy Pty Ltd is an Australian company with its head office in Melbourne
and an associate company of Australian Drilling Associates Pty Ltd. Sheer is an
E&P registered company and as a shareholder in Gold will provide the Management
and geotechnical team to manage Gold's future endeavours.

Australian  Drilling Associates Pty Ltd is  an Australian based company with its
head  office in Melbourne and has a  service agreement with Gold to provide well
engineering,  drilling and  completion management  services to  Gold on  an arms
length basis.

For further information on the Company, visit www.goldoilplc.com or contact:

Gold Oil
Mark  Pritchard, Chairman                                                   Tel:
0208 332 6882

Australian Drilling Associates Pty Ltd
John Bell                                Tel: [phone]


Sheer Energy Pty Ltd
John Bell                                Tel: [phone]

Seymour Pierce
Jonathan Wright / Richard Redmayne                     Tel:  020 7107 8000

Further information on each of the Directors under Schedule 2 of the AIM Rules:

John  Robert Bell is currently or has in  the past five years been a director of
the following companies:

Current

Australian Drilling Associates Pty. Ltd
ADA International Pty. Ltd
ADA New Zealand Pty. Ltd
Sheer Energy Trust Limited
ADA Trust (Cyprus) Limited
Australian Drilling Associates Energia do Brasil Ltda
Australian Drilling Associates Surcusal Colombia
Sheer Energia do Brasil Ltda
Sheer Energy Surcusal Colombia

Past

None

Guy  Cowan is currently  or has in  the past five  years been a  director of the
following companies:

Current

United Group Ltd
Queensland Sugar Ltd
Ludowici Ltd
Soprole SAIC

Past

Dairy Partners America

Ian  Reid is  currently or  has in  the past  five years  been a director of the
following companies:

Current

Terra Firma Technology Pty. Ltd
Hot Dry Rocks Pty. Ltd
Panax Geothermal Ltd

Past

Petroconsult Pty. Ltd
Osiris Energy Ltd.






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