Gold Oil PLC (AIM: GOO) reported what it called “considerable progress” across all of its assets in Colombia and Peru in an operational update. All permits for the 42 kilometre of 2D seismic and the 53 square kilometres of 3D seismic survey at the 20 percent-owned Azar block in Colombia have finally been granted and the operator of the block, Gran Tierra Energy, is expected to start the acquisition of the 3D in mid-June. At the Nancy Burdine Maxine block in Colombia, where the company has taken over as operator on June 1 2009, Gold Oil has begun the long expected process of increasing production from these fields. In July, the company expects to start a 5 day production test on each of the Burdine wells as the first step towards deciding which of the Burdine wells will be worked over and put on long term production. The total estimated remaining proved reserves in Nancy-1 as of July 2008 were 184,306 barrels of oil. It is estimated that, without stimulation, 2009 total production will reach 82,706 barrels and gross revenues will reach US$3.3million, US$0.8 million net to Gold based on an average price of US$40 per barrel. The operating group at Rosa Blanca, Colombia, in which Gold Oil has a 40 percent stake, is now well into the process of defining the second phase exploration program which is a 60 km 2D seismic acquisition over the previously indentified prospects of the 45,000 hectare concession. PeruPetro has granted the company a 6 month extension at Block Z34 and Block XXI in Peru which gives the company enough time to process and interpret the recently acquired 2,013 km of 2D seismic. Gold Oil has started the extension of its EIA studies for the 3D survey in block Z34 which is the commitment for phase 2 of the exploration contract and for the 2D seismic programme which is planned for phase 3 of the exploration contract on Block XXI.

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