Seismic Data Contract Signed

4/30/2009, 8:00 AM (Source: GlobeNewswire)
30 April 2009
Gold Oil plc
Contract Signed to Acquire Seismic Data on Block Z34


On 20th April 2009 Gold Oil plc ("Gold" or "the Company") announced
that it had entered into a Letter of Intent with SCAN Geophysical ASA
("SCAN") to acquire 2,000 km of 2D data over Block Z-34 offshore
Northern Peru.
The Company is now pleased to announce that a contract has been
signed with SCAN and that operations will commence in the next few
days. It is expected that the data acquisition phase will take
approximately 4 weeks.
Block Z-34 covers 371,339 hectares and is bordered to the east by
Block Z2B which is operated by Petrotech Peruana, producing both oil
and gas.
Thomas Tidow, Gold Oil's Operations Director, said: "Block Z34 has
the potential for typical deepwater turbidities, which normally have
high porosities and permeabilities, In addition there are possible
extensions of the prolific structural traps in the neighbouring Block
Z2B, and, further east, the onshore fields of the Talara Basin, where
the cumulative production is in the order of 1.6 billion bbl of crude
oil."
Four priority areas for exploration programmes in Block Z34 have been
identified. Three areas are based on the feasibility to extend and
project, towards the west, analogues of the major oil fields in the
Talara Basin. A fourth exploratory area is based on symmetry with
the trapping models of the present fields.
Mark Pritchard, Chairman of Gold Oil said that "This 2D seismic
programme is the first step in quantifying the huge potential of this
strategically located, and vast, block"

Ends

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

Gold Oil
Mark Pritchard, Chairman Tel: 0208
332 6882

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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