Warrants Issue and Dealings

Gold Oil PLC
09 October 2006


FOR IMMEDIATE RELEASE                                           9th October 2006


                                  Gold Oil plc

                    Issue of Warrants to Directors and Staff

                              Directors' Dealings

Gold Oil Plc ('The Company') announces the issue to its Directors and staff
twenty two (22) million warrants to purchase 0.025p Ordinary Shares of the
Company.

The warrants are distributed as follows:

                    +-------------------------+------------+
                    |Michael Norman Burchell  |   5,400,000|
                    +-------------------------+------------+
                    |John Gary Moore          |  10,000,000|
                    +-------------------------+------------+
                    |Staff                    |   6,600,000|
                    +-------------------------+------------+

The warrants are open to exercise on or before 6th October 2009 at a
subscription price of 9.00p per share. The warrants have been issued as a
continuation of the Board's policy of providing performance based incentives.

Following the recent exercise of warrants, Mr. Gary Moore has disposed of
1,150,000 shares to leave the net increase in his holding of 1,150,000 shares.
Mr. Moore's shareholding has increased to 21,150,000 shares, representing a
holding of 5.05% of the Company's issued share capital.

In addition, Non Executive Director Mr. Pat Mahony has disposed of 575,000
shares following exercise of warrants and no longer has holding in the Company's
issued share capital.


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]


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