Z34 50% acquisition and operational update

PRESS RELEASE
               For immediate release: 13 October 2008

               Gold Oil plc ("Gold", or "The Company")

  Gold acquires remaining 50% interest in exploration contract Z34,
                            offshore Peru

Gold is pleased to announce  that it's wholly owned subsidiary,  Gold
Oil Caribbean Limited, has entered into a Sale and Purchase Agreement
with Capricorn Oil and Gas Limited for the acquisition of all of  the
issued shares in Plectrum Petroleum Limited ("Plectrum").

Plectrum is a UK registered company that has a Peruvian branch  which
holds a  50% working  interest in  the Z34  offshore exploration  and
exploitation contract in  Peru.  Gold  had a  "carry" from  Plectrum,
whereby all Gold's costs  would be paid for  by Plectrum through  the
first phase work programme under the licence for up to 2,550 km of 2D
seismic plus processing.

Under the terms of the agreement, Gold will receive USD $1,500,000 in
compensation for the
loss of the benefit of the "carry" and additional 50% interest in the
licence.

This transaction brings Gold's working  interest in the Z34 block  to
100%.

PeruPetro approved the  30 year  oil and 40  year gas  contract on  6
December 2006  and  the  Minister  of Energy  and  Mines  signed  the
contract in  February  2007.  The  terms  of  the  licence  are  very
attractive with a royalty rate of 5%  rising to a maximum of 20%,  if
and when production reaches 100,000 bopd.

The Environmental Impact  Assessment for  the block  was obtained  in
September 2008 and Gold is now actively preparing for the 2D  seismic
survey for later this year.

Gary Moore, Gold's CEO, said: "We are delighted to have secured  this
interest, particularly given  the recent gas  discovery to the  south
and Shell's $300 million farm-in to the north of the block."

Operational Update

The Company has now employed a new Country Manager for Colombia whose
main  responsibility  is  initially   to  drive  the  Nancy   Burdine
development when we assume operatorship of the fields in November  of
this year.

The Company  expects that  the exploration  well on  the Rosa  Blanca
field in  Colombia  will spud  in  early December  2008.  Whilst  the
Company recently received an initial offer from an undisclosed party,
this offer was subject to 90 days due diligence. The board felt  that
this offer was not  in the best interests  of shareholders as it  did
not recognise that the results of Rosa Blanca would occur during  the
option period which your Directors hope will be a significant find.

Peru Block XXI: Seismic  and a three well  programme are planned  for
2009 in Peru.

A reserves report is being prepared  for the Annual Report and it  is
expected that current proven reserves in Nancy of 27,000 barrels will
increase. We  believe that the  current share  price undervalues  the
Company.

The technical  information contained  in this  announcement has  been
reviewed and approved by the Chairman of the board, Michael Burchell,
B.Sc., 68, member of the SPE and with over 46 years experience in the
oil and gas business.


For further information, please contact:
Gold Oil plc
Michael Burchell, Director
Tel: [phone]

Beaumont Cornish Limited
Roland Cornish
Tel: [phone]

Blue Oar Securities
Jerry Keen
Tel: [phone]

Conduit PR
Jonathan Charles
Tel: [phone]


Notes to editors:

Block Z-34 sits in  the prolific Talara Basin  which has produced  to
date in excess of  1.7 billion barrels of  oil and 340 billion  cubic
feet of gas. The 3,713 km² block (equivalent to 14 North Sea  Blocks)
sits adjacent to  existing producing concessions  in water depths  of
100-3000m, yet  has a  sparse existing  data set  of just  500 km  2D
seismic. The initial work programme will be to acquire a conventional
modern 2D seismic grid and  enhance these data with  Electro-Magnetic
(EM) studies.

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