Placing

Gold Oil PLC 02 June 2006 FOR IMMEDIATE RELEASE 2nd June 2006 GOLD OIL PLC ('Gold Oil' or 'the Company') Placing PLACING Gold Oil announces that it has placed forty seven million (47,000,000) new Ordinary Shares of 0.025p at a price of 5.5p each, together with a one for two share warrant exercisable before December 31 2006 at a strike price of 7.5p each. The new Ordinary Shares will, on issue, rank pari passu with the existing Ordinary Shares in issue and application will be made to the London Stock Exchange for these shares to be traded on AIM. It is expected that dealings in the Placing Shares will commence on 9th June 2006. The Placing will raise £2.5 million ($US 4.8 million), before expenses, for the continuing working capital requirements of the Company. The Company has a number of projects that now require investment to progress them as well as a number under review. The proceeds of the Placing will enable the Company to continue studies, shoot selected seismic and drill on prospects identified. The Board also believe that having a reasonable cash balance readily to hand is necessary to assure government authorities that it is capable of meeting its work obligations under the various licences and applications as well as enhancing its ability to move quickly in respect of suitable opportunities that the Company has identified to increase the Company's asset base. Enquiries: Gary Moore Managing Director Tel: +44 (0)1737833597 Michael Burchell Chairman Tel. +44 (0) 1372361772 Roland Cornish Nominated Adviser Beaumont Cornish Limited Tel. +44 (0) 207 628 3396 This information is provided by RNS The company news service from the London Stock Exchange