Block Z-34 Update

Gold Oil plc Block Z-34 Update Gold Oil plc ("Gold Oil" or the "Company") announces the following update in relation to Block Z34, located in the offshore Talara Basin, Peru. The Company continues to be in discussions with potentially interested farm-in partners and has received interest from a number of international oil companies.   The Company continues to evaluate historic 2D seismic data and proposes to acquire 3D in 2011 with its chosen farm-in partner(s). The Company notes some recent speculation about the status of the licence and confirms that Gold continues to meet the contractual obligations of the licence and retains its 100% interest. Gold Oil Peru SAC received notification from the DGAAE (department for environmental and social permits within the Ministry of Energy and Mines) that the latest set of requests from the regional governmental institutions needed to be answered in order to finalise its PMA (environmental management plan approval) process.   Gold requested additional time to get the replies back to the regional institutions, but this request was denied by the ministry. For further information on the Company, visit www.goldoilplc.com or contact: Gold Oil PLC John Bell - Chairman                Tel: +61 3 8610 3000 Richard Mew - CEO                                Tel: +44 (0) 1483 282759 Seymour Pierce Ltd Jonathan Wright/Stewart Dickson             Tel: +44 (0) 207 107 8000 (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#1455562] This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Gold Oil PLC via Thomson Reuters ONE