Exercise of Options

Gold Oil PLC

1 December 2010



                     Gold Oil PLC ("Gold" or "the Company")

                               Exercise of Option
   The Board of Gold announces that on 30 November 2010 Sheer Energy Pty Ltd.
 ("Sheer"), a company owned by Gold's chairman, John Bell, partially exercised
  its option, granted at the time of the share subscription announced on 6 May
 2010, to subscribe for a further 50,000,000 new ordinary shares of 0.025p each
                  at an exercise price of 4 pence per share.
 Sheer has partially exercised the option in respect of 25,000,000 new ordinary
shares and, immediately follow the exercise, will hold 112,778,043 shares in the
    Company, representing 18.37% of the issued share capital of the Company.
In conjunction with the partial exercise of the option, and taking into account
   that the Company will be in a close period until it publishes its interim
results for the six months ended 31 October 2010 at the end of January 2011, the
Board of Gold and Sheer have agreed to extend the expiry date of the option from
                    31 December 2010 until 28 February 2011.
 Application has been made for the new shares to be admitted to trading on AIM
             and admission is expected to occur on 3 December 2010.
Following the issue of the new shares, Gold's issued share capital will consist
 of 613,864,652 ordinary shares of GBP0.00025 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 613,864,652.

For further information, please contact:


Gold Oil PLC

John Bell - Chairman                           Tel: [phone]
Richard Mew - CEO                            Tel: [phone]
Seymour Pierce Ltd

Jonathan Wright/Stewart Dickson       Tel: [phone]
(Corporate Finance)
Richard Redmayne/Jeremy Stephenson
(Corporate Broking)

Notes to Editors

Gold Oil
 Gold Oil PLC is an independent oil and natural gas exploration and exploitation
company focused on Central and Southern America. Shares in Gold are quoted on
the AIM market of the London Stock Exchange (AIM:GOO).
 The Company is seeking to maintain a balanced portfolio of high-risk high
reward and low risk cash flow projects by establishing significant licence
positions concentrated in a few geographic areas. The Company currently has
significant acreage and is recognised as an operator for both onshore and
offshore Peru, and is an operator with exploration and production licences
onshore Colombia.
The Company's objective is to deliver shareholder value through capital
appreciation.


[HUG#1467287]








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Source: Gold Oil PLC via Thomson Reuters ONE