Update on Placing

2/20/2009, 12:25 PM (Source: GlobeNewswire)
FOR IMMEDIATE RELEASE
20 February 2009



Gold Oil Plc (AIM: GOO)
("Gold Oil" or the "Company")

Update on Placing


Further to the announcement made on 2 February 2009 regarding
settlement of the recent placing proceeds, as at today's date, the
Company is in receipt of £371,312.50 (after expenses).
The Company has been advised by its Placing Agent that one of the
placees to the Placing is in default of payment of its subscription
monies. Gold Oil will be pursuing such defaulting placee vigorously
for the immediate settlement of the outstanding balance together with
any applicable legal expenses incurred as a result of such action.
For further information on the Company, visit: www.goldoilplc.com or
contact:

Michael Burchell Chairman Tel: 01372 361 772
Roland Cornish Beaumont Cornish Limited Tel: 020 7628 3396
Daniel Fox Davies Fox Davies Capital Tel 020 7936 5230




Notes to Editors

Gold Oil is an AIM-listed oil and gas exploration and production
company primarily focused on opportunities in Latin America. It has
oil production in Colombia and significant exploration acreage and
licences both onshore and offshore in Colombia and Peru.
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