Colombian Licence Award

Gold Oil PLC
05 June 2007



FOR IMMEDIATE RELEASE                                               5 June 2007

                                  Gold Oil plc

              Award of Rosa Blanca licence block onshore Colombia


Highlights

   •Award of 90% Interest in 45,000 Ha block, Rosa Blanca

   •Drill to ready, subject to EIA

Gold Oil Plc ('Gold') is pleased to announce that it has received confirmation
from Agencia National de Hydrocarburos ('ANH'), the Colombian National
Hydrocarbons Agency, that Gold has qualified as operator and licence holder for
the Rosa Blanca block ('Rosa Blanca Block') in the northern part of the Middle
Magdalena Basin, onshore Colombia.

The Rosa Blanca Block covers an area of approximately 45,000 hectares ('Ha') and
is surrounded by the nearby oil producing fields of Cristalina, Santa Lucia,
Tisquirania, Totumal, Baturama and the South Bolivar Block.

The most attractive oil play within the Rosa Blanca Block has a geological
structural trap of a faulted anticline of 300 feet of vertical closure of 12,699
Ha, between 3,900 and 4,200 feet which Gold has interpreted to have the same
geological signature of the nearby Buturama oil field. There are 232 kms of 2D
seismic available to Gold over this prospect which ties into the nearby Norean 1
well. Gold believes that there are up to three other plays on this block.

The petroleum system within the Rosa Blanca Block has been proved in nearby oil
wells and fields which reduces the geological risk significantly. Gold believes
that the prescence of the fractured reservoir zones within the reservoir rock is
the main operational risk. Gold's clear objective is to find another Buturama
oil field, which by analogy, could give reserves of up to 30 MM STB and initial
production rates of 1,200 BOPD of 35 API gravity oil.

The main prospect is ready to drill to a depth of 5,000 feet with an expected
drilling budget of $1.6 - $3.0MM, depending on testing and rig rates. Gold has
90% of the licence but pays 100% of the costs. Gold's 10% partner is a local
contractor who has extensive experience working in the Middle Magdalena Basin.

Under the terms of the agreement with our partner, he is carried through the
drilling and testing of the first well, with the cost of the carry repaid to
Gold out of future production revenues. Under the licence terms with ANH a
royalty of 8% is payable and corporation tax is levied at 35%.

Commenting from South America on these developments, Gary Moore, Managing
Director of the Company said, 'We are delighted to be awarded the Rosa Blanca
Block following the lodging of our application to ANH in September 2006. The
delay in Gold receiving confirmation of its successful application can be
explained by the increasing competition from existing oil and gas companies and
new entrants in Columbia. This high level of industry interest demonstrates the
attractiveness of Colombia as an oil and gas province, with knock-on licensing
delays at ANH due to the high volume of applications. Gold will now commence
work with an environmental impact assessment ('EIA') which will be carried out
in parallel with selecting drilling locations and negotiating and securing the
drilling contract to fast track the programme.'

The technical information contained in this announcement has been reviewed and
approved by Mike Burchell, B.Sc., 66, member of the SPE and with over 44 years
experience in the oil and gas business.



Enquiries:

Gary Moore                  Managing Director Tel: [phone]
Email: [e-mail]


Mike Burchell               Chairman Tel. [phone]
Email: [e-mail]


Roland Cornish              Beaumont Cornish Limited Tel: [phone]



Information on Gold Oil

Gold Oil plc is a UK oil and gas exploration company primarily focused on
opportunities in Central and South America. The company listed on the AIM market
in July 2004 under the symbol GOO.L. The company has oil production in Spain and
Colombia and significant exploration acreage and licence applications, both
onshore and offshore, in both Colombia and Peru. Further details of the Gold Oil
Plc operations together with recent drilling results from its onshore Peruvian
Block XX1 as well as the recent award of offshore Peruvian Block Z34 can be
found on the company's website www.goldoilplc.com.




                      This information is provided by RNS
            The company news service from the London Stock Exchange