Acquisition and Operational Update

FOR IMMEDIATE
RELEASE
8 July 2008

               GOLD OIL plc ("Gold" or "the Company")
                           ACQUISITION AND
                         OPERATIONAL UPDATE

Acquisition

The Company  is pleased  to  announce that,  through its  100%  owned
subsidiary Gold Oil Caribbean Limited, it has entered into an  Option
Agreement for $1 to purchase  ninety five percent (plus five  percent
in the name of  Gold Oil subsidiaries and  the parent, held in  trust
for Gold  Oil Caribbean  Limited)  of all  of  the issued  shares  in
Inversiones  Petroleras  de  Colombia   S.A.  ("Invepetrol")  for   a
consideration of $4 million.

Invepetrol  owns  an  18.05%  participating  interest  in  the  Union
Temporal II & B that is the Operator and Licence 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  Option  Agreement  allows  thirty  days  for  due  diligence  on
Invepetrol and gives the Company the  right to enter into a Sale  and
Purchase Agreement for  the purchase  of the shares  with an  initial
payment of $1 million and the balance at a later date.

For the year ended 31 December 2007, the profits before taxation  and
gross assets   as  shown  in the  unaudited  joint  venture  accounts
attributable to  the  additional  interest in  Union  Temporal  being
acquired  are  £79,000  and  £510,000  respectively  (based  upon   a
conversion rate of £1=3,635 Columbian  pesos). There is no  valuation
of the assets  which are  being evaluated  by the  reserve report  on
Nancy 1 well referred to below.

The Nancy  1  well  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 programme  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.


Operational Update

Rosa Blanca,  Onshore Colombia  (Gold's  interest 36.8%  Net  Revenue
Interest - NRI)
The Rosa Blanca licence 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 programme. The whole work progamme  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
the 7th July. It  is expected to  arrive at the site  by the 11th  of
July. We have  the rig after  Inveroil which  had a one  to two  well
programme. 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.

The Company  CEO,  Gary  Moore  said "we  entered  into  this  Option
Agreement as we  saw an  opportunity to acquire  some additional  low
cost producing reserves in  a field we are  familiar with as well  as
giving us greater control of the  field and thus allowing us to  push
development of the fields at a faster rate."

The technical  information contained  in this  announcement has  been
reviewed and approved by Mike Burchell, B.Sc., member of the SPE  and
with over 45 years experience in the oil and gas industry.

For further information, please contact:
GOLD OIL plc
Michael Burchell, Director
Tel: [phone]

Beaumont Cornish Limited
Roland Cornish
Tel: [phone]
Blue Oar Securities
Jerry Keen
Tel: [phone]
Conduit PR
Jonathan Charles/Ed Portman
Tel: [phone]

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