Operational Update

3/23/2009, 1:14 PM (Source: GlobeNewswire)
23rd March
2009
Gold Oil plc

Operational Update on Rosa Blanca 1
Update on Nancy Burdine Maxine Fields
Man Ferrostaal MOU Extension


Rosa Blanca 1

Gold Oil plc ("Gold Oil" or the "Company") announces that testing
operations have been completed on the Rosa Blanca 1 well and that no
hydrocarbons were produced from the four zones that were tested. As
previously announced on 2nd March 2009, the bottom formation did not
flow any hydrocarbons. The work over rig which was brought on to
site earlier this week allowed the testing of the middle formation to
be completed and the upper section was then perforated and swabbing
operations carried out. No hydrocarbons flowed.

The Rosa Blanca operating group, in which Gold Oil has a 40% stake,
will review the data recovered from the well. Despite the
disappointing results from this operation, the 45,000 hectare block
still has a number of other prospects on the licence and these will
now be assessed after the data analysis has been completed. The next
stage of the work programme will be to conduct a 2D seismic survey
later this year.

Nancy Burdine Maxine Fields ("NBM")

The Company is preparing to take management control of NBM. A
programme of cost cutting has already been implemented and further
reviews will be made to ensure that our operations are run as
efficiently as possible.
Testing and a reactivation programme of the Burdine field commenced
this week and 2 out of 3 of the Burdine wells have natural flow
producing capacity. The Burdine 1 well has produced 96.2 Bbls of oil
in 10 hrs on a natural flow test and Burdine 5 will proceed next
week.
The Company is now moving a wire line unit to the Burdine locations
to check the mechanical status of the wells, pressure test them and
define the necessary work over program in order to put them on
production. The behaviour of the Burdine wells has been similar to
the producing well on Nancy and the Directors therefore believe it is
possible to significantly increase production output from those
wells.

MAN Ferrostaal

Gold Oil has signed a further one year extension to its existing MOU
with MAN Ferrostaal of Essen, Germany to evaluate the feasibility of
developing a petrochemical plant in Northern Peru. As previously
announced, under the terms of the MOU which was first signed in 2004,
MAN Ferrostaal is responsible for evaluating the petrochemical plant
and Gold Oil is responsible for evaluating the gas supplies and
pipeline transportation options.

The MOU envisages several phases of development with Gold Oil having
an option to participate in the petrochemical plant and MAN
Ferrostaal an option to participate in the upstream gas supply.

Ends

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

Gold Oil
Mark Pritchard, Chairman Tel: 07802
827 846

Seymour Pierce
Jonathan Wright / Richard Redmayne Tel: 020 7107 8000

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 Peru and onshore Colombia.
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