Exploration Update

Gold Oil PLC
02 June 2005


Gold Oil PLC
2nd June, 2005

FOR IMMEDIATE RELEASE

            GOLD OIL COMPLETES FIRST PHASE OF GEOPHYSICAL OPERATIONS
                         ON BLOCK XI, NORTHWESTERN PERU

OPERATIONS IN NORTHERN PERU

Gold Oil Plc ('Gold Oil' or the 'Company'), the London-based oil exploration
company focused on South America and the Caribbean, announces that it has now
completed the acquisition, processing and interpretation of its aeromagnetic
survey over the entire extent of Block XI. This block covers some 303,000
hectares of the Sechura Desert of northwestern Peru, immediately adjacent to
blocks with proven producing reserves.

The survey, completed on schedule, comprised 5,200 kilometers of airborne
profiles almost exclusively over Block XI, acquired and processed by Fugro
Airborne Surveys, and interpreted by Dr Eric Sutton, a UK-based consultant of
international standing.

The results of the survey demonstrate that Block XI is located such that it
could receive sub-surface hydrocarbon charges from both the west and south.
Potential hydrocarbon traps of the type known in Viru-La Casita Gas Field in
Block XIII, immediately to the west, clearly pass north-eastwards into Block XI.
The rest of Block XIII is currently still under appraisal, but natural gas has
been found in all of the ten wells drilled to date. The gas from the Viru-La
Casita Gas Field is currently being sold to local industry and there are reports
of gas reserves of over 350 billion cubic feet.

Detailed survey findings are now being used to design the optimal seismic survey
on Block XI, for which planning is advanced.

Under the terms of the promotion agreement with Perupetro, Gold Oil has
exclusive rights over Block XI until October 2006. The completion of this first
geophysical phase has advanced significantly the subsurface evaluation of the
block, and increased its value.

Commenting on today's announcement, Mike Burchell, Chairman of Gold Oil, stated:
'The completion of this first phase of geophysical operations in northwestern
Peru marks the transition of Gold Oil into a fully fledged oil operating
company. We continue to advance the timely evaluation of the hydrocarbon
potential of Block XI.'



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]

NOTE TO EDITORS

The Acreage

The area of Block XI is equivalent to just less than 14 UK North Sea blocks. The
target reservoirs are mostly at shallow depths of +/-5,000 feet. Rig and
drilling costs enable wells here to be drilled typically for around US$500,000.
The block lies in a desert area, next to the city of Piura, and to the east of
an existing producing gas field. Both lie within the Sechura Basin, which is
adjacent to, and is believed to be a sub-basin of the prolific Talara Basin.

The Talara Basin to the north and west has produced over 1.6 billion barrels of
oil over a period of 100 years. Independent assessments put the reserves
remaining to be discovered at 2.2 billion barrels and 5.8 trillion cubic feet of
gas. Gold Oil also holds exclusive rights over a second area here, Block Z-34,
in the offshore sector of the Talara Basin, also immediately offset from
producing fields.




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