Half-yearly report

1/29/2010, 8:01 AM (Source: GlobeNewswire)
29th January 2010


GOLD OIL plc
("Gold Oil" or "the Company")


Unaudited Interim Report
for the period 1 May 2009 to 31 October 2009


Gold Oil the AIM-listed oil and gas exploration and production company primarily
focused on opportunities in Latin America announces its unaudited interim
results for the six months ended 31 October 2009.

Highlights
* Continuing discussions with a number of parties to bring in additional
resources to the Company;
* Ongoing interpretation of Z34 seismic data, five leads identified with
substantial potential; application lodged for up to 250km of 2D seismic on
Block XXI Peru;
* Successful acquisition of data on the Azar Block; two wells and further
seismic acquisition planned as a result;
* Successful long term test of two Burdine wells; workovers planned;
* Profit on Ordinary Activities After Tax £62,000 (2008 Loss £1.48m)
* Profit Per Share £0.01p (2008 loss £0.31p)


CHAIRMAN'S STATEMENT
Introduction:
During the period under review,many junior oil & gas companies have suffered
from very limited access to the capital markets.  Indeed risk capital has been
scarce since the onset of the credit crunch back in 2008.  This has affected
Gold in two ways; direct access to fresh capital has been difficult and existing
companies in the sector who also have found new capital difficult to source have
also curtailed their operations.  As a direct consequence, there has been
considerably less interest in farming into high risk projects.  Even those
companies with healthy cash reserves have been less willing to take on
additional commitments until some confidence returned to the capital markets.
The good news is that with a recovering oil price we are seeing renewed interest
and confidence in the whole E&P sector.  Hence the management team of Gold has
been focused on restructuring the Company, concentrating on cost reductions and
asset consolidation. A major effort was made during the period to establish
relationships with potential investors and partners with a view to creating
additional resources for the Group and thereby allowing us to develop our assets
aggressively.  We are in negotiations with a number of parties concerning ways
in which to secure such additional resources and are confident that we will be
able to announce something in the near future.
Peru Highlights:
BlockZ34 Offshore

The acquisition of 2013 km of 2D seismic in our offshore block Z34 was the first
deep water exploration ever in Peruvian waters and as such was a significant
milestone.  The initial processing and interpretation of the data shows that our
'blue sky exploration block' definitely has potential.  Four priority areas for
further investigation have been identified so far. Three areas are based on the
feasibility of extending and improving the characteristics of the major oil
fields in the Talara basin. A fourth exploratory area is based on the symmetry
of the trapping models to those of the present fields. The seismic survey has
established the presence of typical deepwater turbidities, which normally have
high porosity, permeability and good lateral continuity. We have concentrated
our first interpretation on near shore leads in water depths ranging from 100 to
300m and we have identified five definitive leads all of which could have
substantial potential and when aggregated could represent a very significant
discovery.
Block Z34 covers 371,339 hectares and is bordered to the east by Block Z2B,
which is producing both oil and gas and is operated by Petrotech Peruana
Currently the main objective of the Company is to continue to improve and
analyze the acquired data and to continue the interpretation so as to increase
the geological understanding of the area. We believe that having acquired
interpreted and improved the data on the block it is now the optimal time to
start to step up the farm out of a portion of this asset.
Based on the initial interpretation of the seismic date, in August we filed for
an extension of the EIA permit in order to extend the existing 2D permit to give
us authorization to carry out a 3D survey. We believe this process is a much
simpler procedure than that which was necessary for the environmental impact
assessment and therefore approval is expected during the first quarter of 2010.
Block XXI Onshore:
The Companyhas been analyzing exploration information in the region in order to
define a seismic grid on Block XXI.  In August 2009 we applied for a 2D seismic
permit, and are hopeful that this will be granted in the first quarter of 2010.
 The Company has already informed PeruPetro that in this exploration period we
will be acquiring a 160 to 250 km 2D seismic survey and work will commence as
soon as the environmental license is granted. We are gearing up to acquire this
data in the first half of 2010 and are currently in negotiation with a number of
seismic contractors. The objective of this survey is to get a better regional
understanding of the block and also define one or more drill locations on the
San Alberto prospect.
Block XXI covers 303,000 hectares and is bordered by Olympics' producing oil &
gas fields on Block XIII.
Colombia Highlights:
Azar Block
On the Azar Block, two important exploration seismic surveys have been
completed, which we believe significantly enhance the value of the block.
Some 42 km of 2D seismic was acquired in the period and the data has confirmed
the potential of the northern section of the block.  As a result the partners in
the block have decided to acquire an additional 75km2 of 3D seismic over the La
Florida structure, which is located in the northern section of the bloc during
the current year. The La Florida lead has the potential for 15 to 25 MMbbl of
Standard Tank Oil Initially In Place ("STOIIP"). We will be able to confirm
these estimates after the 3D seismic survey is completed, which we expect to be
in the second quarter of 2010.
In addition, the acquisition of 50 km2 of 3D seismic confirmed two firm
prospects: La Vega South & La Vega East.  Both prospects have an identified
drill location and will be drilled in either the second or third quarter of
2010, as soon as the EIA permits are granted. La Vega East has resources net to
Gold estimated at 3.25MMbbl in the T and U sands, whilst the La Vega South
prospect has resources of 3.24MMbbl in both sands. Both structures are very
similar and are close together and will be drilled 'back to back'.  The operator
of the Block, Gran Terra Energy has considerable operating experience in the
Putumayo Basin, of which these prospects are very typical.
Gold has a 20% working interestin the Azar Block. Azar 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 also operated by Gran Tierra Energy tested at a flow rate of 1,410 bopd.
All three blocks are located in the prolific Putumayo basin in south Colombia.
Nancy-Burdine-Maxine:
In June 2009, the Company took over the operation of the Nancy-Burdine-Maxine
fields and hired an experienced Colombian Petroleum Engineer as Country Manager
and established a small office in Bogota.
In early July the workover programme of three wells, Burdine 1, 4 & 5, was
initiated. The first step was to open each of the three wells and check their
mechanical status and we found that all three wells are in good mechanical
condition. Consequently all three wells have been production tested. Burdine 1
was the first well to be tested and a mobile pumping unit was brought onto site
The production testing of the Burdine wells started early in October 2009.
Burdine 1's long term test was concluded in early December 2009 after producing
an average of 230 bopd of light crude (25.6o API) with 320 barrels of water from
the N and U sands. The objective of the test was to get more down-hole
information on the well to optimize the work-over programme for B-1 and B-5.
Burdine-5 produced 60 bopd of light crude on a short term test and a work-over
to chemically remove probable formation damage and increase production is being
planned.  Petrophysical analysis of B-4 shows unperforated oil reservoirs and
our intention is that during the work-over they will be perforated and brought
on stream.
As stated, the test of the Burdine wells gave us a sound data-base of
information about the mechanical condition and production potential of the
existing producing sands in order to define the overall development plan for the
NBM field.  For 2010 the Company plans to work over the three Burdine wells,
acquire a small amount of 3D seismic on the Nancy prospect and drill an
additional development well at the crest of the Nancy prospect.
Rosa Blanca:
The Company took back operatorship and increased its working interest to 90% in
Rosa Blanca: the balance of 10% rests with a local consulting & engineering
group Empesa.
During November-December we acquired 60 km of 2D seismic in the southern
portion of the Block. The Company has been granted an extension of the second
period until the end of February 2010, which will give us more time to evaluate
the three leads identified by the seismic and decide if to move them into the
next Exploration Period.
The Rosa Blanca Block covers an area of approximately 45,000 hectares. It is
located in the Middle Magdalena Valley and is surrounded by the nearby oil
producing fields of Cristalina, Santa Lucia, Tisquirania, Totumal, Baturama and
the South Bolivar Block.



Financial results

The unaudited financial results for the six months to 31 October 2009 record a
profit on ordinary activities after tax of £62,000 (31 October 2008 loss
£1.48m). The profit per share was £0.01p (31 October 2008 loss £0.31p). No
dividend is being declared.
Conclusion
I am confident that the portfolio of assets that we have remains an attractive
proposition.  In this regard the Company has demonstrated the significant
potential of Block Z34 and remains hopeful that we will be able to do the same
with Block XXI in Peru. In Colombia we are encouraged by the data acquired on
the Azar block and our efforts continue to unlock the substantial reserves and
resources in Nancy-Burdine-Maxine.  The main challenge for us is to attract the
necessary resources in the near term to allow us to develop the Company.

Mark Pritchard
Chairman

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

Gold Oil
Mark Pritchard, Chairman                                         Tel:
020 8332 6882

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



Gold Oil plc


--------------------------------------------------------------------------------


Consolidated Income Statement

for the six months ended 31 October 2009

    6 months to   6 months to   Year to

    31 October   31 October   30 April

    2009   2008   2009

  Note Unaudited   Unaudited   Audited

    £'000   £'000   £'000




Revenue     696     629   1,004

Cost of sales   (557)   (219)   (925)


------------------ ----------------- ---------------
Gross profit   139   410   79



Development
expenditure written
off 5 (30)   (1,253)   (1,932)

Administrative
expenses   (440)   (564)   (1,321)


Other operating income 6 320          -            -


------------------ ----------------- ---------------
Operating loss   (11)   (1,407)   (3,174)



Finance income   5   71   101


------------------ ----------------- ---------------
Loss on ordinary
activities before   (6)   (1,336)   (3,073)
taxation



Income tax expense 7 68   (146)   34


------------------ ----------------- ---------------
Profit/(loss) on
ordinary activities   62   (1,482)   (3,039)
after taxation




Dividends          -          -            -


------------------ ----------------- ---------------
Profit/(loss)
attributable to equity   62   (1,482)   (3,039)
holders



Earnings/(loss) per 8 0.01p   (0.31)p   (0.62)p
share: basic



Diluted 8 0.01p   (0.31)p   (0.62)p



The group's revenue and profit/(loss) arise from continuing operations.







Gold Oil plc


--------------------------------------------------------------------------------


Consolidated Statement of Comprehensive Income

for the six months ended 31 October 2009

    6 months to   6 months to   Year to

    31 October   31 October   30 April

    2009   2008   2009

  Note Unaudited   Unaudited   Audited

    £'000   £'000   £'000



Profit/(loss) for
the period     62     (1,482)   (3,073)



Other comprehensive
income

Currency
 translation
differences   (235)   629   876
------------------ ------------------ ----------------
Total comprehensive
income for the   173   (853)   (2,197)
period


------------------ ------------------ ----------------


Total comprehensive
income attributable
to :

- Owners of the   173   (853)   (2,197)
company









Gold Oil plc


--------------------------------------------------------------------------------


Consolidated Statement of Financial Position

as at 31 October 2009

    As at   As at   As at

    31 October   31 October   30 April

    2009   2008   2008

    Unaudited   Unaudited   Audited

  Notes £'000   £'000   £'000

Non-current assets

Property, plant and
equipment   106   229   158

Intangibles   5,631   4,437   2,399


Goodwill   1,960          -   1,862


----------------- ----------------- ---------------
    7,697   4,666   4,419
----------------- ----------------- ---------------
Current assets

Inventories   98   226   123

Receivables   1,994   2,011   2,696

Cash and cash
equivalents   1,857   4,615   2,179


----------------- ----------------- ---------------
    3,949   6,852   4,998
----------------- ----------------- ---------------

----------------- ----------------- ---------------
Total assets   11,646   11,518   9,417






Equity and liabilities



Capital and reserves

Called up share
capital 9 125   121   125

Share premium account   10,765   10,157   10,752

Foreign exchange
translation reserve   641   -   876

Retained earnings   (4,621)   (2,447)   (4,683)


----------------- ----------------- ---------------
Total equity   6,910   7,831   7,070
----------------- ----------------- ---------------


Current liabilities

Trade and other
payables   4,736   3,687   2,347


----------------- ----------------- ---------------



----------------- ----------------- ---------------
Total equity and   11,646   11,518   9,417
liabilities







Gold Oil plc


--------------------------------------------------------------------------------


Consolidated Statement of Cash Flows

for the six months ended 31 October 2009

    6 months to   6 months to   Year to

    31 October   31 October   30 April

    2009   2008   2008

    Unaudited   Unaudited   Audited

    £'000   £'000   £'000



Operating activities   2,946   163   (2,476)


----------------- ----------------- ---------------


Investing activities

Return from investment
and servicing of
finance   5   71   101

Sale of investment
assets          -   1,747            -

Acquisition of
investment assets          -          -            -

Acquisition of
goodwill   (98)       (1,698)

Net cash acquired from
subsidiary          -          -            -

Purchase of intangible
assets   (3,188)   (2,332)   (294)

Purchase of tangible
assets          -   (218)   (143)

Received on
acquisition of
subsidiary          -          -   906


----------------- ----------------- ---------------
    (3,281)   (732)   (1,128)
----------------- ----------------- ---------------
Financing actvities

Proceeds from issue of
share capital   13   34   633


----------------- ----------------- ---------------
Net cash   (322)   (535)   (2,971)
inflow/(outflow)

Cash and cash
equivalents at the
beginning of the
period   2,179   5,150   5,150


----------------- ----------------- ---------------
Cash and cash
equivalents at the end 1,857   4,615   2,179
of the period





Consolidated Statement of Changes in Equity

    £'000   £'000   £'000

Profit/(loss) for the
period   62   (1,482)   (3,039)

Shares issued   13   34   633

Foreign exchange
translation   (235)   629   876


----------------- ----------------- ---------------
    (160)   (819)   (1,530)



Opening shareholders'
funds   7,070   8,600   8,600


----------------- ----------------- ---------------
Closing shareholders'   6,910   7,781   7,070
funds



Gold Oil plc


--------------------------------------------------------------------------------

Notes to the Interim Financial Information

1. General Information

Gold Oil Plc is a company incorporated in England and Wales and quoted on the
Alternative Investment Market of the London Stock Exchange. The registered
office address is Finsgate, 5-7 Cranwood Street, London Ec1V 9EE.

The principal activity of the Group is that of oil and gas exploration and
production..
These financial statements are a condensed set of financial statements and are
prepared in accordance with the requirements of IAS 34 and do not include all
the information and disclosures required in annual financial statements and
should be read in conjunction with the Group's annual financial statements as at
30 April 2009. The financial statements for the half year ended 31 October 2009
are unaudited and do not comprise statutory accounts within the meaning of
Section 435 of the Companies Act 2006.

Statutory accounts for the year ended 30 April 2009, prepared under IFRS, were
approved by the Board of Directors on 29 October 2009 and delivered to the
Registrar of Companies.

2. Basis of Preparation

These consolidated interim financial information have been prepared in
accordance with International Financial Reporting Standards ("IFRS") as adopted
by the European Union and on the historical cost basis, using the accounting
policies which are consistent with those set out in the Company's Annual Report
and Accounts for the year ended 30 April 2009. This interim financial
information for the six months to 31 October 2009, which complies with IAS 34
'Interim Financial Reporting', was approved by the Board on 29 January 2010.


3. Accounting Policies



Except as described below, the accounting policies applied are consistent with
those of the annual financial statements for the year ended 30 April 2009, as
described in those annual financial statements.


The following new standards and amendments to standards are mandatory for the
first time for the financial year beginning 1 May 2009.
IAS 1 (revised), 'Presentation of financial statements'.
The revised standard prohibits the presentation of items of income and expenses
(that is 'non-owner changes in equity') in the statement of changes in equity,
requiring 'non-owner changes in equity' to be presented separately from owner
changes in equity. All 'non-owner changes in equity' are required to be shown in
a performance statement.

Entities can choose whether to present one performance statement (the statement
of comprehensive income) or two statements (the income statement and statement
of comprehensive income).

The group has elected to present two statements: an income statement and a
statement of comprehensive income. The interim financial statements have been
prepared under the revised disclosure requirements.


Gold Oil plc


------------------------------------

Notes to the Interim Financial Information (continued)


IFRS 8, 'Operating segments'. IFRS 8 replaces IAS 14, 'Segment reporting'.
It requires a 'management approach' under which segment information is presented
on the same basis as that used for internal reporting purposes.

Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker has been identified as the steering committee that makes strategic
decisions.

Goodwill is allocated by management to groups of cash-generating units on a
segment level. The change in reportable segments has not resulted in any
additional goodwill impairment. There has been no further impact on the
measurement of the group's assets and liabilities. Comparatives for 2009 have
not been restated.

Adoption of this Standard did not have any effect on the financial position or
performance of the Group. The Group determined that the operating segments were
the same as the business segments previously identified under IAS 14 Segment
Reporting. Additional disclosures about each of these segments are shown in Note
4.

IFRS 2 (amendment), 'Share-based payment' (effective from 1 January 2009).
The amendment to the standard is still subject to endorsement by the EU. It
deals with vesting conditions and cancellations. It clarifies that vesting
conditions are service conditions and performance conditions only. Other
features of a share-based payment are not vesting conditions. These features
would need to be included in the grant date fair value for transactions with
employees and others providing similar services; they would not impact the
number of awards expected to vest or valuation there of subsequent to grant
date. All cancellations , whether by the entity or by other parties, should
receive the same accounting treatment. The group and company will apply IFRS 2
(amendment) from 1 May 2009, subject to endorsement by the EU. It is not
expected to have a material impact on the group or company's financial
statements.

The following new standards, amendments to standards and interpretations are
mandatory for the first time for the financial year beginning 1 May 2009, but
are not currently relevant for the Group:

IAS 23 (amendment) 'Borrowing Costs'
IAS 32 (amendment) 'Financial Instruments: Presentation'
IFRIC 13 'Customer loyalty programmes'
IFRIC 15 'Agreements for the construction of real estate'
IFRIC 16 'Hedges of a net investment in a foreign operation'
IAS 39 (amendment) 'Financial instruments: Recognition and measurement'
The preparation of financial statements requires management to make estimates
and assumptions that affect the amounts reported for assets and liabilities as
at the balance sheet date and the amounts reported for revenues and expenses
during the year. The nature of estimation means that actual outcomes could
differ from those estimates. Estimates and assumptions used in the preparation
of the financial statements are continually reviewed and revised as necessary.
Whilst every effort is made to ensure that such estimates and assumptions are
reasonable, by their nature they are uncertain, and as such, changes in
estimates and assumptions may have a material impact in the financial
statements.

i) Carrying value of property, plant and equipment  and  of intangible
exploration and evaluation fixed assets.
Valuation of petroleum and natural gas properties: consideration of impairment
includes estimates relating to oil and gas reserves, future production rates,
overall costs, oil and natural gas prices which impact future cash flows. In
addition, the timing of regulatory approval, the general economic environment
and the ability to finance future activities through the issuance of debt or
equity also impact the impairment analysis. All these factors may impact the
viability of future commercial production from developed and unproved
properties, including major development projects, and therefore the need to
recognise impairment.


Gold Oil plc


------------------------------------

Notes to the Interim Financial Information (continued)

ii) Commercial reserves estimates
Oil and gas reserve estimates: estimation of recoverable reserves include
assumptions regarding commodity prices, exchange rates, discount rates,
production and transportation costs all of which impact future cashflows. It
also requires the interpretation of complex geological and geophysical models in
order to make an assessment of the size, shape, depth and quality of reservoirs
and their anticipated recoveries. The economic, geological and technical factors
used to estimate reserves may change from period to period. Changes in estimated
reserves can impact developed and undeveloped property carrying values, asset
retirement costs and the recognition of income tax assets, due to changes in
expected future cash flows. Reserve estimates are also integral to the amount of
depletion and depreciation charged to income.

iii) Decommissioning costs;
Asset retirement obligations: the amounts recorded for asset retirement
obligations are based on each field's operator's best estimate of future costs
and the remaining time to abandonment of oil and gas properties, which may also
depend on commodity prices. The directors are in the opinion that the
decommissioning costs are immaterial to be included in the accounts.

iv) Share based payments
The fair value of share-based payments recognised in the income statement is
measured by use of the Black-Scholes model, which takes into account conditions
attached to the vesting and exercise of the equity instruments. The expected
life used in the model is adjusted; based on management's best estimate, for the
effects of non-transferability, exercise restrictions and behavioural
considerations. The share price volatility percentage factor used in the
calculation is based on management's best estimate of future share price
behaviour and is selected based on past experience, future expectations and
benchmarked against peer companies n the industry.


4. Segmental Information
In the opinion of the Directors the Group has once class of business, being the
exploration for, and development and production of, oil and gas reserves, and
other related activities.

The Group's primary reporting format is determined to be the geographical
segment according to the location of theoil and gas asset. There are currently
three geographic reporting segments: South America and Spain, which are involved
in production, development and exploration activity, and the United Kingdom
being the head office.


  United Kingdom Spain South America Total

  £000 £000 £000 £000

Six months ended 31 October 2009

Unaudited



Revenue

Sales to external customers - - 696 696

Inter-segment sales - - - -

  _______ _______ _______ _______

Segment revenue - - 696 696

  ═════ ═════ ═════ ═════

Results

Segment result (198) - 260 62

Segment result (excluding
exceptional items)

  ═════ ═════ ═════ ═════



Total assets 1,396 112 10,138 11,646

  ═════ ═════ ═════ ═════




Gold Oil plc


--------------------------------

Notes to the Interim Financial Information (continued)


  United Kingdom Spain South America Total

  £000 £000 £000 £000

Six months ended 31 October 2008

Unaudited



Revenue

Sales to external customers - - 629 629

Inter-segment sales - - - -

  _______ _______ _______ _______

Segment revenue - - 629 629

  ═════ ═════ ═════ ═════

Results

Segment result (501) (41) (940) (1,482)

Segment result (excluding
exceptional items)

  ═════ ═════ ═════ ═════



Total assets 2,203 182 9,133 11,518

  ═════ ═════ ═════ ═════



  United Kingdom Spain South America Total

  £000 £000 £000 £000

Six months ended 30 April 2009

Unaudited



Revenue

Sales to external customers - - 1,309 1,309

Inter-segment sales - - - -

  _______ _______ _______ _______

Segment revenue - - 1,309 1,309

  ═════ ═════ ═════ ═════

Results

Segment result (715) (41) (2,283) (3,039)

Segment result (excluding (715) (41) (2,283) (3,039)
exceptional items)

  ═════ ═════ ═════ ═════



Total assets 1,866 130 7,421 9,417

  ═════ ═════ ═════ ═════



5. Development expenditure write off
The development expenditure written  off in the period relates to general
exploration costs incurred in the UK in relation to exploration activities in
South America. There have been no write offs in this period of development
expenditure relating to unsuccessful drilling operations.

6. Other operating income
The other operating income consists of compensation payments received from
partners withdrawing from the licence group for the Rosa Blanca block in
Colombia.


7. Income tax expense
The income tax income relates to a reduction in the provision for corporate
taxes payable in South America.



Gold Oil plc


--------------------------------

Notes to the Interim Financial Information (continued)

8. Earnings/(loss) per Share


  6 months to   6 months to   Year to

  31 October   31 October   30 April

  2009   2008   2009

  Unaudited   Unaudited   Audited

Pence Pence Pence


Earnings/(loss) per ordinary share

Basic 0.01   (0.31)   (0.62)

Diluted 0.01   (0.31)   (0.62)

  ═════   ═════   ═════



The earnings/(loss) per ordinary share is based on the Group's profit for the
period of £62,000 (30 April 2009 - loss of £3,039,000; 31 October 2008 - loss of
£1,482,000) and a weighted average number of shares in issue of 500,757,759 (30
April 2009 - 488,567,333; 31 October 2008 - 483,960,764).

The potentially dilutive warrants issued were nil (30 April 2009- nil; 31
October 2008 - nil).

9. Called up Share Capital

During the period, the company issued 328,850 new ordinary shares for a total
value of £13,154.


10. Reconciliation of operating loss to net cash outflow from operating
activities


  6 months to   6 months to   Year to

  31 October   31 October   30 April

  2009   2008   2009

  Unaudited   Unaudited   Audited

  £'000   £'000   £'000

Operating loss for the period (11)   (1,407)   (3,174)

Depreciation and amortisation 8   196   21

Tax paid (141)   -   (47)

Foreign currency translation (235)   672   876

Inventories 25   (12)   91

Receivables 702   (571)   491

Payables 2,598   1,285   (1,361)

Short term loans received -   -   627

  ___ ___   _______   _______

  2,946   163   (2,476)

  ═════   ═════   ═════




Gold Oil plc


-----------------------------

Notes to the Interim Financial Information (continued)



11. Financial information

The unaudited interim financial information for period ended 31 October 2009 do
not constitute statutory financial statements within the meaning of Section 435
of the Companies Act 2006.The comparative figures for the year ended 30 April
2009 are extracted from the statutory financial statements which have been filed
with the Registrar of Companies and which contain an unqualified audit report
and did not contain statements under Section 498 to 502 of the Companies Act
2006.
The interim financial information document is available on the Company's
websitewww.goldoilplc.com.



[HUG#1378425]







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