Colombia Update and Investor Presentations

For immediate release 23 February 2012

GOLD OIL PLC

("Gold Oil" or the "Company")

Colombia Update and Investor Presentations

Gold Oil, the AIM-listed oil and gas exploration and production company, (AIM: GOO), with a primary focus on opportunities in Latin America, is pleased to announce the following:

Colombia Update

The operator of the Azar Block located in the Putumayo Basin in Colombia has informed Gold Oil that the drilling of the La Vega Este -1 well on the block is due to commence in April, once the civil works have been finalised and the rig becomes available from its current drilling commitment. The La Vega Este -1 well will target primarily the Villetta formation with the Caballos as a secondary objective. Gold Oil is currently producing from the Villetta formation in its Nancy Burdine field.

Gold Oil has a 20% interest in the block (subject to ANH approval) but under a prior commercial agreement will only contribute 10% to the costs of the well. The well is expected to take 35 days excluding testing and completion.

Investor Presentations

Gold Oil has recently made presentations to a number of financial institutions and other parties and has posted those presentations on its website at www.goldoilplc.com

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

Gold Oil Plc

Richard Mew - CEO Tel: +44 (0) 20 3427 5089

Seymour Pierce Ltd (Nomad and Joint Broker):

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

Richard Redmayne / Jeremy Stephenson (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/Ben Romney/Helen Chan