Operational Update: Colombia

9/24/2009, 11:18 AM (Source: GlobeNewswire)
24 September 2009
For
immediate release
Gold Oil plc

Operational Update: Colombia

Gold Oil plc ("Gold" or "the Company") is pleased to announce the
following operational updates for its Blocks Rosa Blanca and Azar in
Colombia.

Gold is in the process of initiating the acquisition of a 60 km 2D
seismic survey in the southern portion of the Rosa Blanca Block,
located in the prolific Middle Magdalena Basin.

The seismic program will give additional structural information on
the structure tested by the RB-1 well which, when combined with
former seismic lines, rock samples and logs gathered from well RB-1,
could confirm structural and stratigraphic conditions for potential
hydrocarbon deposits as well as explain and help the Company
understand why the recently drilled RB-1, which had hydrocarbon shows
in cuttings and in the e-logs, but only tested water.

Prospective leads are identified to the south of well RB-1. The new
seismic and G&G studies may confirm that this southern lead enters
into the VMM1 Block to the south, owned and operated by Lewis Energy
Colombia. Interpretation of new seismic lines should be available by
the end of November.

Gold is also pleased to announce that its former partners in the Rosa
Blanca Block (Lewis Energy Colombia, Osage Exploration and
Development Inc. and Empesa SA) have signed an agreement in which
Gold recovers the interest formerly farmed out to Osage and takes
over the operatorship of the Block. Gold now has a 90% interest and
Empesa the remaining 10%. Lewis Energy, which owns and operates the
neighboring block to the south, VMM1, has an option to reenter the
Rosa Blanca Block for a 25% interest after the seismic acquisition
subject to paying back some of the past costs.

With regard to the Azar project in which Gold holds a 20% interest
(Gran Tierra 40% and operator, Lewis Energy 40%) the Company
announces that the 2D seismic program with 4 lines with a total of 51
kms has been successfully acquired. Processing has been completed
and interpretation will start immediately.

Furthermore the 3D 50km2 seismic program was completed last week and
data (SEG-D) will now be sent for processing. Data should be ready
for interpretation by end of October this year.

With the fulfillment of both seismic programs the partners have
fulfilled the work program for this third exploration phase as
required under the ANH contract. The next exploration phase, fourth,
of the Azar contract commences in November 2009 and the minimum work
program includes one exploration well, which the partners expect to
drill in Q2 2010.

The program to test the Burdine wells is continuing and a strategy to
put at least one of the wells on production is being evaluated.

The Chairman of Gold, Mark Pritchard, commented that "it is certainly
good news for Gold to have the opportunity at zero additional cost to
acquire a seismic program which will give new information on the
prospectivity of the Rosa Blanca Block. We are pleased to retain
Empesa as partners on the licence and welcome the opportunity for
Lewis Energy to partner with us in the future. I am also encouraged
by the progress of the seismic programme on Azar as with both
recently acquired seismic surveys the G&G information on Azar will be
very detailed and this combined with the information and knowledge
that Gran Tierra has from its main producing assets located to the
west of Azar we should have a higher probability of success for the
next main event on this block, which is an exploration well in 2010".

The technical information contained in this announcement has been
reviewed and approved by Mike Burchell, B.Sc., 69, member of the SPE
and with over 47 years experience in the oil and gas business.

Notes for 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.

The Rosa Blanca Block covers an area of approximately 45,000 hectares
and is surrounded by the nearby oil producing fields of Cristalina,
Santa Lucia, Tisquirania, Totumal, Baturama and the South Bolivar
Block.

The petroleum system within the Rosa Blanca Block has been proved in
nearby oil wells and fields which reduces the geological risk
significantly. Gold believes that the presence of the fractured
reservoir zones within the reservoir rock is the main operational
risk. Gold's clear objective is to find another Buturama oil field,
which by analogy, could give reserves of up to 30 MM STB and initial
production rates of 1,200 BOPD of 35 API gravity oil.

The Azar Block, which is located to the northeast of the Company's
existing Nancy, Burdine and Maxine oil fields and immediately to the
east of the Guayoyaco Block in which the Juanambu discovery well was
drilled in November 2007 with a flow rate of 1,410 bopd. The
Guayoyaco Block is operated by Gran Tierra Energy (TSX: GTE), who is
also the operator and 40% interest holder in the Azar Block.

The licence for the Azar Block was granted by Colombia's hydrocarbons
agency ANH in October 2006 for an area of 51,630 Ha (or 516.3sq.km).
The term of the licence is for a period of 24 years and includes a
royalty payable to the ANH of between 8% and 25% depending upon
levels of production. The oil and gas terms in Colombia are currently
one of the most favourable in Latin America.

About Osage Exploration and Development, Inc.
Based in San Diego, California with production offices in Oklahoma
City, Oklahoma, and executive offices in Bogota, Colombia, Osage
Exploration and Development, Inc. is an independent exploration and
production company with interests in the USA and Colombia.

About Lewis Energy Colombia
Lewis Energy Colombia is a subsidiary of Lewis Energy that is engaged
in oil and gas exploration, development, production, pipeline,
drilling and production services in Texas and Latin America.

About EMPESA, SA
Compania Petrolera de Servicios y Acesorias S.A. (EMPESA) is a
multi-disciplinary group of professionals with wide experience in the
petroleum industry in Colombia. EMPESA executes well design, well
planning, drilling programs, and engineering/geosciences studies for
customers in Colombia such as Occidental, Lukoil, Gulfsands, and
Ecopetrol.

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
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