BOIL.L Regulatory News (BOIL)

28 December 2012

GOLD OIL plc

("Gold Oil" or "the Company")

Update

Gold Oil, the AIM-listed Oil and Gas Exploration & Production company, is pleased to provide the following update on progress made towards lifting the suspension of trading in the Company's shares on AIM.

As reported in the Interim Results for the six months ended 30 June 2012, the Directors believe that the Company owns attractive assets in Colombia and Peru. However, they consider the Company is undercapitalized and cannot develop the full potential of its assets without additional funds.

The Directors have substantially progressed on plans to raise additional capital and expect to report to shareholders further in this regard early in 2013.

In addition, as previously reported, the current board, which comprises of two directors, is not considered appropriate for a company admitted to trading on a UK public market.

The Company is pleased to report that the Directors are in ongoing discussions with a number of suitable candidates to remedy this situation and anticipates that one or more appointments will be made in early 2013 to re-establish a Board of directors, suitable for a publicly listed company.

For further information:

Gold Oil Plc

Rudolph Berends (Chairman & CEO) Tel: +44 (0) 203 427 5089

Seymour Pierce Ltd (Nomad and Joint Broker):

Jonathan Wright / Stewart Dickson (Corporate Finance) Tel: +44 (0) 20 7107 8000

Richard Redmayne / David Banks (Corporate Finance)

FirstEnergy Capital LLP (Joint Broker):

Hugh Sanderson / Travis Inlow Tel: + 44 (0) 20 7448 0200