Exercise of Warrants

Gold Oil PLC
15 December 2004



FOR IMMEDIATE RELEASE                                           15 December 2004


                   GOLD OIL PLC ('Gold Oil' or the 'Company')

                              EXERCISE OF WARRANTS


The Company have been advised that Notices of Exercise have been received for a
total of 6,750,000 ordinary shares of 0.025p each (the 'Shares').

The Registrars have been instructed to issue the appropriate number of Shares
and application will be made to the London Stock Exchange for the Shares to be
admitted to trading on AIM.



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