Annual report & accounts

FOR IMMEDIATE
RELEASE
                                                      1 November 2007

               GOLD OIL ("Gold Oil" or the "Company")
                         REPORT AND ACCOUNTS
           FINAL RESULTS FOR THE YEAR ENDED 30 APRIL 2007

The Company is pleased to announce the publication of its Annual
Report for the year ended 30 April 2007.  The full report will be
posted on the Company's website (www.goldoilplc.com) later today and
the printed report will be mailed to shareholders on 2 November 2007.

HIGHLIGHTS

  * The San Alberto-1X exploration well on Block XXI was drilled to a
    total depth of 5,113 feet and logs showed 315 gross feet of
    hydrocarbons in the Verdun reservoir and 250 gross feet in the
    Lower Palaeozoic. Mechanical problems meant that the well could
    not be tested properly. The Company owns 100% of the Licence
  * The conversion of the offshore Z34 Permit to a long term
    Exploration Licence (30 years for oil & 40 years for gas). The
    Company owns 50% and is carried through a 2,000Km 2D seismic
    exploration programme
  * Encouraging production performance from the Nancy-1 well in
    Colombia and better than expected potential envisaged from the
    Burdine Field. All activities paid for out of production revenue
  * The granting of an exploration licence in Colombia to Gold by the
    Ministry of Hydrocarbons as operator and its subsequent farmout
    to Osage Inc. of the United States. The Company owns 40% and is
    carried through the first exploration well plus testing
  * Acquisition of 24.67% in the Irish minerals company Minmet
    Resources Plc by issuing 22.95 million new Gold shares
  * The signing of an agreement with the Ministry of Hydrocarbons in
    Cuba recognising Gold as an offshore operator
  * Raising of £2,462,625 of new equity through a placing of 47
    million shares at 5.5p per share and £1,324,043 through a one for
    two warrant at 7.5p per share in June 2006

CHAIRMAN'S STATEMENT
This year has seen both consolidation of the company's position in
Perú but also expansion in Colombia and Cuba.

In Perú, Gold, as operator and its partner, Plectrum Petroleum, had
its Z34 Licence confirmed by the Minister of Energy and Mines as an
Exploration Licence for 30 years for oil and 40 years for gas. Gold
has now started the required Environmental Impact Assessment (EIA)
for the block which will then allow us to carry out the vital seismic
programme on the block. The San Alberto-1X well on Block XXI
successfully logged 315 feet of gross hydrocarbons in the Verdun
(producing gas in the nearby Las Casita gas field), and 250 gross
feet in a totally new deeper Palaeozoic reservoir. Unfortunately
water flows from the base of the well prevented definitive testing of
these hydrocarbon indications. The company has started a programme of
additional geophysical activity which should lead to the selection of
a new well location to appraise and test these significant
hydrocarbon indications.

In Colombia the Nancy-1 well in the Nancy field on the
Nancy-Burdine-Maxine block started production at the end of September
2006 and to date is producing at around 650 bopd and by the end of
April 2007 has produced over a hundred thousand barrels. The operator
has submitted plans to the authorities for five more similar
workovers in the Burdine field. On 5 June 2007 the Company was
successful in being awarded a licence for the Rosa Blanca exploration
block in the upper part of the prolific Lower Magdalena Basin and
which the Company has farmed out to Osage Exploration and Development
Inc of the USA ("Osage"). Osage will earn a 50% interest by carrying
the Company and its local partner through the obligatory exploration
well.

In Spain several wells were worked over in the Ayoluengo field but
the net gain was marginal. Production in 2006/2007 was a gross figure
of 38,667 bbl.

On the 12 February 2007 the Company announced that it had acquired
24.67% of the shares of Minmet Plc (Minmet), an Irish mining company
that is quoted on AIM. Minmet also acquired 4.99% of Gold Oil. In
some of the Company's non-core areas Irish companies have a good
track record of closing deals compared to British ones and as an
Irish registered company with its own financial resources and
management, Minmet should be in a unique position to exploit these
opportunities. These areas, as well as opportunities outside of
Central and South America that are presented to Gold, will be pursued
by Minmet.

The Company was successful in Cuba in being designated as an onshore
and offshore operator and is waiting to commence negotiations with
Cupet (the state oil company of Cuba) for a Production Sharing
Agreement for three offshore blocks identified by the Company as
having high potential for significant discovery of oil.

Looking ahead, in Perú we plan to appraise the potential oil and gas
discovery made in Block XXI and also drill a further two exploration
wells on prospects in the centre and south of the block and on Block
Z34 to shoot a minimum of 2,000Km 2D seismic. In Colombia we will
continue to expand production in Nancy-Burdine-Maxine with four or
five re-entries planned for later this year, and to drill an
exploration well on our Rosa Blanca Licence, possibly before the end
of the year. In Cuba we will start the process of acquiring a rig to
allow an early start to exploration drilling. We will continue to
seek low risk projects with potential for early cash flow as well as
exploration opportunities with major upside in the region.

On behalf of our shareholders I congratulate our small team who
through their dedication, hard work and professionalism continue to
add major value for the shareholders of the Company.

I look forward to meeting you all at our forthcoming annual general
meeting in which our accounts will be laid before the Company.

Michael Burchell
Chairman
31 October 2007

Enquiries:
Gary Moore, CEO
Tel: [phone]

Mike Burchell, Chairman
Tel. [phone]

Roland Cornish, Beaumont Cornish Limited
Tel: [phone]


CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2007

                                                 Note 2007    2006
                                                      £000    £000
Turnover                                              -       -
Administration expenses                               (1,962) (698)
Operating loss                                        (1,962) (698)
Other interest receivable and similar income     5    130     141
Loss on ordinary activities before taxation      2-4  (1,832) (557)
Taxation credit on loss on ordinary              6    -       -
activities
Loss for the year for group                           (1,832) (557)
Loss: Earnings per ordinary share                8
- Basic                                               (0.44p) (0.16p)
- Diluted                                             (0.44p) (0.16p)


A note on historical gains or losses has not been included as part of
the financial statements as the results as disclosed in the profit
and loss account are prepared on an unmodified historical cost basis.
All activities derived from continuing operations.

CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2007


                                  2007                2006
                          Note    £000     £000       £000    £000
Fixed assets
Tangible assets           9                16                 22
Intangibles               10               304                299
Investments               11               1,900              192
                                           2,220              513
Current assets
Debtors                   12      586                 290
Cash at bank and in hand          3,891               2,460
                                  4,477               2,750
Creditors: amounts        13      (34)                (103)
falling due within one
year
Net current assets                         4,443              2,647
Total assets less current                  6,663              3,160
liabilities
Capital and reserves
Called up share capital   14               116                90
Share premium account     15               9,305              4,004
Profit and loss account   15               (2,758)            (934)
Equity shareholders'                       6,663              3,160
funds

These financial statements were approved and authorised for issue by
the Board of Directors on 31 October 2007 and were signed on its
behalf by:
Director: M N Burchell                     Director: J G Moore


COMPANY BALANCE SHEET AS AT 30 APRIL 2007

                                             2007          2006
                                       Note £000  £000    £000  £000
Fixed assets
Tangible assets                        9          2             2
Intangibles                            10         304           299
Investments                            11         4,114         804
                                                  4,420         1,105
Current assets
Debtors                                12   145           149
Cash at bank and in hand                    3,763         2,272
                                            3,908         2,421
Creditors: amounts falling due within  13   (29)          (92)
one year
Net current assets                                3,879         2,329
Total assets less current liabilities             8,299         3,434
Capital and reserves
Called up share capital                14         116           90
Share premium account                  15         9,305         4,004
Profit and loss account                15         (1,122)       (660)
Equity shareholders' funds                        8,299         3,434


These financial statements were approved and authorised for issue by
the Board of Directors on 31 October 2007
and were signed on its behalf by:

Director: M N Burchell Director: J G Moore


CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2007

                                             Note   2007      2006
                                                    £000      £000
Cash flow statement
Cash outflow from operating activities       17     (2,247)   (950)
Returns on investments and servicing of      18     130       141
finance
Capital Expenditure                          18     (58)      (503)
                                                    (2,175)   (1,312)
Management of liquid resources               18     -         -
Financing                                    18     3,606     140
Increase/(decrease) in cash in the year             1,431     (1,172)
Reconciliation of net cash flow to movement in
net funds
Increase/(Decrease) in cash in year                 1,431     (1,172)
Deposits treated as liquid resources                -         -
                                                    1,431     (1,172)
Opening net debt                                    2,460     3,632
Closing net debt                                    3,891     2,460



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSS FOR THE YEAR ENDED 30
APRIL 2007

                                   2007    2006
                                   £000    £000
Loss for the year for the Group    (1,832) (557)
Foreign exchange reserves          8       (3)
Total recognised loss for the year (1,824) (560)



NOTES (FORMING PART OF THE FINANCIAL STATEMENTS)
1. Accounting policies
The following accounting policies have been applied consistently in
dealing with items which are considered material in relation to the
Group's financial statements.

Basis of accounting
The financial statements have been prepared in accordance with
applicable accounting standards and under the historical cost
accounting rules.

Basis of consolidation
The consolidated financial statements include the financial
statements of the Company and its subsidiaries, joint venture and
associated undertakings.

Assets and liabilities of overseas subsidiary undertaking are
translated into sterling at rates of exchange ruling at the balance
sheet date. The results and cash flows of overseas subsidiaries are
translated into sterling using average rates of exchange. Exchange
adjustments arising when the opening net assets and the loss for the
year are taken directly to reserves and are reported in the statement
of total recognised gains and losses.

Under section 230(4) of the Companies Act 1985 the Company is exempt
from the requirement to present its own profit and loss account.

The results of the associate are based upon statutory accounts for
the period ending on 31 December. Where subsidiaries, joint ventures
and associates are acquired or disposed of during the year, results
are included from the date of acquisition or to the date of sale.

Goodwill arising on acquisition represents the difference between the
fair value of the consideration given over the fair value of the
identifiable net assets acquired and is capitalised and amortised
over its useful life of 20 years.

Associates
An associate is a company, other than a subsidiary or joint venture,
in which the group has a long term participating interest and
exercises significant influence. The profit and loss account includes
the group's share of turnover, operating profit/(loss) and interest
of associates. Investment in associates are shown in the group
balance sheet at the group's share of the underlying net assets of
the companies concerned less provisions where appropriate.

Tangible fixed assets and depreciation
Depreciation is provided to write off the cost less the estimated
residual value of tangible fixed assets by equal installments over
their estimated useful economic lives subject to the following
periods:
Motor vehicle       -         5 years
Office Equipment -         4-10 years

Taxation
The charge for taxation is based on the profit for the year and takes
into account taxation deferred because of timing differences between
the treatment of certain items for taxation and accounting purposes.
Deferred tax is recognised, without discounting, in respect of all
timing differences between the treatment of certain items for
taxation and accounting purposes which have arisen but not reversed
by the balance sheet date, except as otherwise required by FRS19.

Investments
Fixed asset investments are stated at cost less provision for
diminution in value.

Foreign exchange
Foreign currency transactions are translated to sterling at the rate
of exchange prevailing at the transaction date. Monetary assets and
liabilities denominated in foreign currency are translated into
sterling at the rate of exchange prevailing at the balance sheet
date. Exchange differences are taken to the profit and loss account.

Cash and liquid resources
Cash at bank and in hand includes short-term deposits with banks with
initial maturity of three months or less.
Cash, for the purpose of the cash flow statement, comprises cash in
hand and deposits repayable on demand, less overdrafts payable on
demand.

Oil and natural gas assets
Exploration and development expenditure is accounted for under the
'successful efforts' method. The successful efforts method means that
the only costs which relate directly to the discovery and development
of specific oil and gas reserves are capitalised.

Exploration and evaluation costs are capitalised within intangible
assets. Capital expenditure on producing assets are accounted for in
accordance with SORP 'Accounting for Oil and Gas Exploration'. Costs
incurred prior to obtaining legal rights to explore are expensed
immediately to the income statement.

All lease and licence acquisition costs, geological and geophysical
costs and other direct costs of exploration, evaluation and
development are capitalised as intangible or property, plant and
equipment according to their nature. Intangible assets comprise costs
relating to the exploration and evaluation of properties which the
directors consider to be unevaluated until reserves are appraised as
commercial, at which time they are transferred to property, plant and
equipment following an impairment review and depreciated accordingly.
Where properties are appraised to have no commercial value, the
associated costs are treated as an impairment loss in the period in
which the determination is made.

Costs are amortised on a field by field unit of production method
based on commercial proven and probable reserves.

The calculation of the 'unit of production' amortisation takes
account of the estimated future development costs and is based on the
current period and unescalated price levels. Changes in reserves and
cost estimates are recognised prospectively.

2. Pre-production costs
Pre-production costs incurred in Perú and which have been expensed in
the period were £1,218,000 (2006 -£163,000).

3. Loss on ordinary activities before taxation

                                                            2007 2006
                                                            £000 £000
Loss on ordinary activities before taxation is stated after
charging
Auditors' remuneration:
Group - audit                                               11   10
Company - audit                                             11   10
Group - non audit services                                  7    23
Depreciation                                                7    6
Amortisation of goodwill                                    87   8

4. Staff number and costs

The average number of persons employed by the group (including
directors) during the year, analysed by category, were as follows:
                                          2007          2006
                                          Number        Number
Technical and administration              6             6
The aggregate payroll costs of these
persons were as follows:
                                          2007          2006
                                          £000          £000
Wages and salaries                        64            64
Social security costs                     6             6
                                          70            70

5. Interest receivable and similar income

              2007 2006
              £000 £000
Bank interest 130  141

6. Taxation

Analysis of charge in period:
                                     2007 2006
                                     £000 £000
UK and overseas corporation tax
Current tax on income for the period -    -
Total current tax                    -    -
Tax on loss on ordinary activities   -    -


Factors affecting the tax charge for the current period
The current tax charge for the period is higher than the standard
rate of corporation tax in the UK 30% (2006: 30%).
The differences are explained below:

                                       2007                2006
                                       £000                £000
Current tax reconciliation
Loss on ordinary activities            (1.832)             (557)
before tax
Current tax at 30% (2006: 30%)         (550)               (167)
Effects of:
Expenses not deductible for tax        -                   -
purposes
Increase in tax losses                 550                 167
Total current tax charge (see          -                   -
above)
At 30 April 2007 the Group had net operating losses to carry forward
of £2,501,000 (2006 - £821,000). The deferred tax asset on these tax
losses at 30% of £750,000 (2006 - £246,000) has not been recognised
due to the uncertainty of recovery.

7. Loss for the financial period
As permitted by section 230 of the Companies Act 1985, the holding
company's profit and loss account has not been included in these
financial statements. The loss for the financial year is made up as
follows:

                         2007   2006
                         £000   £000
Holding company's loss   462    383


8. Loss per share

Loss per ordinary share
- Basic                   (0.44)   (0.16)
- Diluted                 (0.44)   (0.16)


Loss per ordinary share is based on the Group's loss for the
financial year of £1,832,000 (2006 - £557,000).
The weighted average number of shares used in the calculation is the
weighted average ordinary shares in issue during the year.

                                              2007        2006
                                              Number      Number
Weighted average ordinary shares in issue     420,474,675 349,869,589
during the year
Potentially dilutive warrants issued          17,208,676  43,981,918
Weighted average ordinary shares for          437,683,351 393,851,507
diluted earning per share

9. Tangible fixed assets

                       Equipment and
                       Machinery     Vehicle Total
                       £'000         £000    £000
Group
Cost
At beginning of year   8             19      27
Additions              1             -       1
Disposals              -             -       -
At end of year         9             19      28



                     Equipment and
                     Machinery     Vehicle Total
                     £'000         £000    £000
Depreciation
At beginning of year 1             4       5
Charge for the year  1             6       7
On Disposals         -             -       -
At end of year       2             10      12
Net book value
At 30 April 2007     7             9       16
At 30 April 2006     7             15      22
Company
Cost
At beginning of year 3             -       3
Additions            1             -       1
At end of year       4             -       4
Depreciation
At beginning of year 1             -       1
Charge for the year  1             -       1
At end of year       2             -       2
Net book value
At 30 April 2007     2             -       2
At 30 April 2006     2             -       2


10. Intangible fixed assets

                         Deferred
                         Exploration
                         costs
                         £000
Company and Group
Cost
At beginning of year     299
Expenditure              21
Charge for the year      (16)
At end of year           304

The expenditure above represents the acquisition of an interest in
the Nancy-Burdine- Maxine Oil fields through the Company's Colombian
branch. The value of the Group's investments in these assets is
dependant on the development of the oil reserves. Should this prove
unsuccessful, the value included above would be written down.

11. Fixed asset investments

                         Goodwill on    Share of
                         acquisition of Associate's Listed
                         Associate      Net Deficit Investments Total
                         £000           £000        £000        £000
Group
Cost
At beginning of year     267            (117)       50          200
Additions                -              -           1,721       1,721
At end of year           267            (117)       1,771       1,921
Amortisation
At beginning of year     8              -           -           8
Charge for the year      13             -           -           13
At end of year           21             -           -           21
Net book value
At 30 April 2007         246            (117)       1,771       1,900
At 30 April 2006         259            (117)       50          192

The market value of the listed investments was £1,431,736 at 30 April
2007.

          Investment            Loan to     Shares in         Shares in
          in         Listed     group       group             group
          Associate  investment undertaking undertaking Total undertaking
Company                                                 2007  2006
Cost
At        150        50         454         150         804   150
beginning
of year
Additions -          1,721      1,589       -           3,310 -
At end of 150        1,771      2,043       150         4,114 150
year

The Company's subsidiary undertakings at the year end were a 100%
interest in the ordinary shares of: Gold Oil Perú, a company
registered in Perú whose principal activity is exploration of oil and
gas.
Gold Oil Caribbean Ltd, a company registered in Belize whose
principal activity is exploration of oil and gas.
The Company also has a 50% interest in the ordinary shares of Ayoopco
Ltd., a company registered in the United Kingdom whose principal
activity is the production of oil and gas in Spain. The last
accounting period end was 31 December 2006.
The Company has 24.67% interest in the ordinary share of Minmet
Resources Plc.
12. Debtors

                                          2007          2006
                                          Group Company Group Company
                                          £000  £000    £000  £000
Trade debtors                             -     -       -     -
Other debtors                             475   34      173   32
Amounts owed by subsidiary and associate  111   111     111   111
undertakings
Prepayments and accrued                   -     -       6     6
income
                                          586   145     290   149

13. Creditors: amounts falling due within one year

                             2007          2006
                             Group Company Group Company
                             £000  £000    £000  £000
Trade creditors              1     -       67    59
Other creditors              9     5       5     2
Accruals and deferred income 24    24      31    31
                             34    29      103   92

14. Called up share capital

                                                         2007 2006
                                                         £000 £000
Authorised
1,000,000,000 ordinary shares of £0.00025 each           250  100
Allotted, called up and fully paid
Equity: 463,533,909 ordinary shares of £0.00025 each     116  90


On 9 May 2006, 5,000,000 ordinary shares were issued at 1p per share.
On 16 May 2006, 4,020,000 ordinary shares were issued at 5.5p per
share.
On 8 June 2006, 36,155,000 ordinary shares were issued at 5.5p per
share.
On 13 June 2006, 6,825,000 ordinary shares were issued at 5.5p per
share.
On 16 August 2006, 1,000,000 ordinary shares were issued at 7.5p per
share.
On 7 September 2006, 575,000 ordinary shares were issued at 1p per
share on the exercise of warrants.
On 21 September 2006, 340,000 ordinary shares were issued at 7.5p per
share.
On 26 September 2006, 375,000 ordinary shares were issued at 7.5p per
share.
On 10 October 2006, 2,875,000 ordinary shares were issued at 1p per
share on the exercise of warrants.
On 10 November 2006, 737,500 ordinary shares were issued at 7.5p per
share on the exercise of warrants.
On 16 November 2006, 1,460,000 ordinary shares were issued at 7.5p
per share on the exercise of warrants.
On 16 November 2006, 2,828,600 ordinary shares were issued at 7.5p
per share on the exercise of warrants.
On 16 November 2006, 375,000 ordinary shares were issued at 7.5p per
share on the exercise of warrants.
On 4 December 2006, 50,000 ordinary shares were issued at 1p per
share on the exercise of warrants.
On 4 December 2006, 4,600,000 ordinary shares were issued at 7.5p per
share on the exercise of warrants.
On 6 December 2006, 2,000,000 ordinary shares were issued at 1p per
share.
On 6 December 2006, 525,309 ordinary shares were issued at 7.5p per
share.
On 7 December 2006, 350,000 ordinary shares were issued at 7.5p per
share on the exercise of warrants.
On 11 December 2006, 2,300,000 ordinary shares were issued at 7.5p
per share on the exercise of warrants.
On 20 December 2006, 350,000 ordinary shares were issued at 1p per
share on the exercise of warrants.
On 21 December 2006, 962,500 ordinary shares were issued at 7.5p per
share on the exercise of warrants.
On 22 December 2007, 2,700,000 ordinary shares were issued at 1p per
share on the exercise of warrants.
On 7 February 2007, 1,200,000 ordinary shares were issued at 1p per
share on the exercise of warrants.
On 19 February 2007, 250,000 ordinary shares were issued at 1p per
share on the exercise of warrants.
On 10 April 2007, 3,025,000 ordinary shares were issued at 1p per
share on the exercise of warrants.
On 16 April 2007, 22,950,000 ordinary shares were issued at 7.5p per
share.
On 19 April 2007, 575,000 ordinary shares were issued at 1p per share
on the exercise of warrants.

15. Share premium and reserves

                              Share   Profit
                              premium and loss
                              account account
                              £000    £000
Group
At beginning of year          4,004   (934)
Loss for the period           -       (1,832)
Foreign Exchange Reserves     -       8
Premium on share issues       5,301   -
At end of year                9,305   (2,758)
Company
At beginning of year          4,004   (660)
Loss for the period           -       (462)
Premium on share issues       5,301   -
At end of year                9,305   (1,122)


16. Reconciliation of Movements in Shareholders' Funds for the year
ended 30 April 2007

                            2007            2006
                            Group   Company Group Company
                            £000    £000    £000  £000
Opening shareholders' funds 3,160   3,434   3,580 3,677
Loss for the financial year (1,832) (462)   (557) (383)
Foreign exchange reserves   8       -       (3)   -
Increase in share capital   5,327   5,327   140   140
Closing shareholders' funds 6,663   8,299   3,160 3,434


17. Reconciliation of operating loss to operating cash flows

                                               2007    2006
                                               £000    £000
Operating loss                                 (1.962) (698)
Depreciation and Amortisation                  87      14
(Increase) in debtors                          (295)   (255)
Decrease in creditors                          (69)    (14)
Foreign exchange reserves                      (8)     3
Net cash outflow from operating activities     (2,247) (950)


18. Analysis of cash flows

                                                   2007 2006
                                                   £000 £000
Returns on investment and servicing of finance
Interest received                                  130  141
Capital expenditure and financial investment
Purchase of tangible fixed assets                  (1)  (4)
Purchase of Investments                            (36) (50)
Purchase of Associate                              -    (150)
Purchase Intangible asset                          (21) (299)
Total                                              (58) (503)



                                     2007  2006
                                     £000  £000
Management of liquid resources
Increase in short term bank deposits -     -
Financing
Issue of ordinary share capital      3,606 140


19. Directors' emoluments and interests
The directors who held office during the period are shown below along
with their interests in the 0.025p ordinary shares of the company.

                                              Interest at Interest at
                                              end of      start of
                                              period      period
Directors
M N Burchell                                  6,150,000   3,000,000
P G Mahony                                    575,000     -
J G Moore                                     23,450,000  20,000,000

Directors' emoluments and other benefits are
as listed below.
                                              2007        2006
                                              £000        £000
Directors' remuneration                       42          42
Directors' fees                               118         98
                                              160         140

Warrants held by the directors are as
follows:
                                              2007        2006
                                              No. of      No. of
                                              Warrants    Warrants
M N Burchell                                  6,550,000   2,300,000
J G Moore                                     14,600,000  9,200,000
P G. Mahony                                   1,150,000   2,300,000
Total Warrants held by the directors          22,300,000  13,800,000


20. Financial instruments
The Group's financial instruments comprise trade creditors, cash and
short term deposits and equity shares.
The Group has cash at bank. This is placed on short term deposit to
maximise the Group's liquid resources and no interest rate hedging is
undertaken.

Short-term debtors and creditors
The Group has taken advantage of the exemptions available under FRS
13 and excluded Short-term debtors and creditors from its disclosure
of financial instruments. The Group does not presently have any long
term debtors or creditors.

Foreign currency risk
The Group reports in sterling. However, a significant proportion of
its activities may be undertaken in foreign currencies. Exchange
rates are monitored in conjunction with forecast currency
requirements and the Group will enter into forward exchange contracts
to hedge its foreign currency exposure where appropriate. No forward
foreign exchange contracts were entered into during the period. There
were no outstanding foreign exchange contracts at the start of the
period or at the end of the period.

21. Contingent Liabilities
The Group has given guarantees of $1,160,000 to PerúPetro SA to
fulfill licence commitments for Block XXI and Z34. In Colombia the
Company deposited $1,200,000 in a trust with ANH that can be drawn
down as costs are incurred in the Rosa Blanca work programme. Also a
bank guarantee to ANH for $144,000 was given to cover default by the
Company under the Rosa Blanca Licence. However, under the terms of
the farm-out to Osage these sums have been returned to the Company by
Osage who have now taken responsibility for the guarantee.

22. Related party disclosures
Gold Oil Plc is listed on the Alternative Investment Market (AIM)
operated by the London Stock Exchange. At the date of the Annual
Report in the Directors opinion there is no controlling party.

---END OF MESSAGE---