Gold Oil Completes Sand Zone Testing at Palmera-1 in Colombia

Gold Oil plc has announced that on the Azar Block, in which the Company has an interest of 18.4% NRI, the Operator has now completed perforating and testing the N Sand zone in Palmera-1.

In 1996 the State Oil Company abandoned the well without testing the N sand. Following re-entry operations in Palmera-1, the well was tested and on natural flow the well flowed heavy oil, circa 15oAPI, at an average rate of 45 bopd over a period of 32 hours. The Operator has completed the well as a potential producer on the N Sand.

The Company also announces that the oil has been sent for laboratory analysis, and the pressure data is being interpreted. The rig has moved off location.



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