Gold Oil Reports on Blocks Offshore Colombia and Peru

Gold Oil PLC reported that The Nancy 1 well in Colombia was re-entered in late 2006 with an initial production of 700 bopd, which has now declined to an average monthly rate of 383 bopd. The 2008 work program has been delayed over environmental approval and includes five re-entries on the existing Burdine wells and, if encouraging, workovers of the five wells. Some additional infill seismic on both the Nancy and Burdine fields is planned if justified by a full field reserves report that is currently under preparation following a full field geological report to establish the reserves held by the Company.

The Rosa Blanca license, offshore Colombia, with the ANH was recently extended from July 3, 2008 until December 25, 2008 to allow for additional time to complete the first phase work program. The whole work progam has been delayed due to delays in the Environmental Approval for the area, which is becoming more and more common in Colombia with the ever increasing work load on the Environmental Agency. It is now envisaged that the first exploration well will be sometime later than September this year.

Block XXI, Onshore Peru (Gold's interest 95% NRI):

The well site and drilling pad is now mostly complete and all the equipment on site with the rig due to leave its last job on Monday, July 7. It is expected to arrive at the site by July 11. The Company has the rig after Inveroil which had a one to two well program. As Inveroil had a successful first well flowing at between 600 and 800 bopd, they have opted to drill the second well immediately.

Z34, Offshore Peru (Gold's interest 47.5% NRI):

Progress on the seismic tender is unlikely until a clear date for the Environmental Approval is obtained. Interest in the area has increased again with PetroTech announcing a gas discovery immediately to the South of Z34 and Shell farming into BPZ's block to the North of Z34.

Azar, Onshore Columbia (Gold's interest 18.4% NRI):

The previously reported delays have now been overcome and the operator expects to commence perforation of the target zones shortly.