Gold Oil Place Shares to Fund Acquisition of Invepetrol, Colombian Assets

Gold Oil plc has announced that a total of 22,950,000 existing ordinary shares of the Company have been placed with institutions by Blue Oar Securities at a price of 8 pence per Placing Share, raising £1.836 million before expenses.

The placing shares comprise the 22,950,000 existing and issued shares returned to the Company as a result of the termination of its arrangements with Minmet plc (Minmet) concerning oil and gas interests in Cuba and Latin America, previously announced on November 2, 2007.

The net proceeds of the placing will go towards funding the acquisition of Inversiones Petroleras de Colombia S.A. (Invepetrol), as announced on July 8, 2008, for a total consideration of $4 million. Invepetrol owns an 18.05% participating interest in the Union Temporal II & B that is the Operator and License holder of the Nancy, Burdine and Maxine oil fields in the Putumayo Basin in Southern Colombia.

The Company already owns a 40% interest in Union Temporal and this will takes the Company's total
interest to 58.05% (27.29% of net production.) The Company anticipates making an initial payment of $1 million and the balance at a later date.

Following transfer of the Placing Shares, Gold Oil's issued share capital will not be altered and will consist of 483,128,909 ordinary shares of 0.025 p 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 483,128,909.

The above figure of 483,128,909 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.