Board change

31 May 2012

GOLD OIL PLC

("Gold Oil" or the "Company")

Board change

Richard Mew, CEO of Gold Oil, has informed the Board of his intention to step down from his position, effective immediately, to pursue other business interests.

John Bell, Non-Executive Chairman, will act as interim CEO and continue his active involvement in the farm-out process of Block Z34 and drilling planning. Together with Exploration Director, Ian Reid, the team will take these discussions through to conclusion.

For further information on the Company, visit www.goldoilplc.com or contact:

Gold Oil Plc

John Bell - Chairman Tel: +44 (0) 20 7466 5000

Seymour Pierce Ltd (Nomad and Joint Broker):

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

Richard Redmayne (Corporate Broking)

FirstEnergy Capital LLP (Joint Broker):

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

Buchanan (Financial PR) Tel: + 44 (0) 20 7466 5000

Tim Thompson/Helen Chan/Ben Romney