Gold Oil plc

1
Gold Oil plc Background Information By Michael
Burchell Chairman 11th December 2007
2
Management Team
Chairman Michael Burchell, over 45 years
intern. EP experience. as petroleum engineer,
economist and board level MD Managing Director
Gary Moore, over 35 years intern. EP experience
as petroleum engineer, negotiator and board level
director Financial Director Pat Mahony, over 29
years intern. EP experience as an accountant and
board level FD. Peru Country Manager Thomas
Tidow, over 25 years international EP experience
as a mechanical engineer and in business
development. All services contracted out
3
Some Basic Facts Forecasts

• Funds raised 8,546,000
• Funds spent 1,380,000
• Investor Funds left 7,166,000
• (Z34 and Rosa Blanca Carry worth 1,700,000
• so actual funds spent 320,000)
• Revenue less Overhead 2007 465,000
• Expected Revenue less Overhead 2008
  3,500,000

4
Statistics
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Significant shareholdings
Name Shares (million) of Company
JIM Nominees Limited 64.7 13.6
Mark Pritchard 42.8 9.2
Clachan Nominees Limited 37.0 8.0
Ben Anderson 27.5 5.9
John Gary Moore 23.5 5.4
MAN Financial 19.5 4.2
TD Waterhouse Nominees () 19.1 4.1
Barclayshare Nominees Limited 14.9 3.2

Total 247.3 52.0

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Directors Interests
Million
Ordinary Ordinary Warrants
Shares of 0.01 of 0.09 M N
Burchell 6.15 1.15 5.4 J G
Moore 23.45 4.6 10.0 P G Mahony
0.0 1.15 0.0
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GOO Share Price
(2005 07)
475,653,909 _at_ 11.75 p/share 60 million Mkt Cap
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A busy 3 years
July 2004 AIM October 2004 Promotion Licence
Block XI Peru February 2005 Promotion Licence
Block Z34 Peru October 2005 Bought Ayoluengo
from Northern Petr. March 2006 Placement 3.6
MM March 2006 Nancy-Burdine-Maxine
Colombia April 2006 Plectrum F.I. Z34
50 May2006 Exploration Licence Block XXI
Peru June 2006 Placement 2.5 MM warrants July
2006 Spud SA-1X September 2006 Start production
N-B-M Colombia February 2007 Exploration Licence
Block Z34 Peru February 2007 Acquired interest in
Minmet April 2007 Recognised as Operator
Cuba June 2007 Rosa Blanca exploration licence
October 2007 Minmet unravelled
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Gold Oils Strategic Plans

• Oil
• High Risk-High Reward Exploration
• XXI, Z34, Rosa Blanca, Cuba
• Low Risk Production with Appraisal Upside
• Nancy-Burdine-Maxine)
• Gas
• Short term
• Peru Duke power generation
• Long term
• MAN-Ferrostaal petrochemicals (MoU renewed)
• Difficulties
• U.S. silly money now arriving in Peru Colombia
• Severe lack of equipment competent people,
  despite the price paid

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The Regional Dichotomy
Regional Competitiveness (for crude only)
60





Perú
Attractive
Colombia
50
Bolivia
Brazil
40
Contractor Take ()
Ecuador
TT
Argentina
30
20
Not Attractive
Venezuela
10
0.20
0.60
1.00
1.40
1.80
2.20
Effective Prospectivity (bo/US) net (WI)
risked reserves / exploration capex
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PERU
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PERU Block XXI

• Huge Block (14 N Sea)with little
  information.
• Seismic expensive, slow no info on
  Palaeozoic made aeromagnetic survey
• Drilled stratigraphic well on aeromagnetic
  high.
• San Alberto 1X targeted Verdun (Olympic
  Gas) Palaeozoic at (San Pedro Oil Field)
• Well TD 5,113 ft logged h/c
• 315ft gross in Verdun
• 250ft gross in Palaeozoic
• Test inconclusive due to very saline water
  from base of well
• New geophysical surveys encouraging

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Block XXI Logs-Verdun (Conex)
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Schlumberger Middle Paleozoic
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Conex Lower Palaeozoic
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Peru Block XXI DNME Survey

• SA-1x has porosity, permeability, pressure
  and hydrocarbons on logs
• SA alone is 25,000 acres with potential oil
  in place of 520 MMbbl
• Russian company acquired 210kms over
  structure. Results look good
• Drill one or two appraisal wells early next
  year (1.5 MM)
• Farm out two or more exploration wells on
  other structures in the southern part of block
  for 50
• EIA may cause delay to exploration wells

Proposed New Well
SA-1X
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PERU Block Z34

• 371,000 ha 17 N Sea blocks
• Totally unexplored with four major oil
  fields in shallower water to the East (335
  MMbbl produced)
• Water depth varies from less than 400 ft to
  over 10,000 ft, but over 70 of the block
  reachable with long reach wells from 400ft
  contour
• Seismic (Q1,2008) (2 MM) needed to define
  resource potential
• extensions of existing fields
• deep water turbidites
• fault traps
• Potential could be Mega (17 N Sea blocks,
  Forties 1 block).
• Lots of interest in the area

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Nancy, Burdine Maxine

• Gold took 40 stake (18.88 net) from local
  Operator for 550,000
• Work over wells left by Texaco
• Production averaging 700 bopd. Gold NCF
  _at_200,000 per month.
• Pressure test shows 850 1,000 bopd
  possible after pumps upgraded Q2 08
• Waiting EIA approval to re-enter 5 Burdine
  wells (Q1-2 08) (0.6MM) P50 potential
  600,000 bbl to Gold.
• All development costs from cash flow
• Finance partners against reserves?
• Nancy reserves Golds P50 were 131,000 bbl,
  now double that, with exploration potential of
  4.8 MMbbl

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Colombia Rosa Blanca

• ANH contract, 8 royalty Ready to drill
• API 36o P50 STOOIP 113 P50 Resource 26 MMbbl
• Farmed out 50 to Osage for carry first well
  testing
• Well due May 08, waiting EIA
• Osage lots of data see 3 other large
  structures

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Cuba

• Oil discovered many years ago but operator
  pulled out
• 28 shallow prospects identified with top 4
  potential resources of over 2 billion bbls
  light oil.
• 3 prospects ready to drill without seismic
• Excellent potential for company maker
• Progress to PSA very very slow

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Summary of Where We Are

• Waiting for
• Block XXI EIA for 2 Exploration wells
• Z 34 EIA for 2,000Km seismic programme
• Burdine EIA for 5 re-entries and work overs
• Rosa Blanca EIA for 1 Exploration well
• Cuba Government approval
• Block XXI Technical analysis (For appraisal
  well)
• Nancy Technical analysis (For seismic and
  development well)

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How are we doing? Tangible Value of P50 Reserves
only

Country Reserves barrels Production barrels oil per day P50 Reserves _at_27/bbl Production _at_ 60,000 per bopd
Spain 66,000 12.4 1,870,000 745,000
Colombia 82,000 120.0 2,215,000 7,200,000
Total 148,000 142.4 4,085,000 7,945,000
(CPR has not seen the new mapping as
yet) Carry by Plectrum (Cairn) on Z34
1,700,000 Carry by Osage on Rosa Blanca
1,700,000 Returnable Guarantees
1,360,000 Cash at hand
13,683,122 Total 22,500,000 - 26,300,000 at
cost Commitments 2008 one well in Peru 1.2MM
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How are we doing? Intangible Value of Resource
barrels

Project Risked Resource MM bbl Value _at_ 0.5/bbl MM
Peru XXI 250 125
Peru Z34 500 250
Colombia N-B-M 3.2 1.6
Colombia Rosa Blanca 8.6 4.3
Cuba 1,000 500
Total 1,761.8 880.9
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Some Basic Facts Forecasts

• Funds raised 8,546,000
• Funds spent 1,380,000
• Investor Funds left 7,166,000
• (Z34 and Rosa Blanca Carry worth 1,700,000, so
  actual funds spent 320,000)
• Revenue less Overhead 2007 465,000
• Expected Revenue less Overhead 2008 3,500,000
• Value Going Forward?
• Tangible Value of Reserves 4 to 8 million
• Cash and Carries 14 million
• Intangible Resources 880 million
• Total 900 million
• Current Market Cap Share Price 47.5 million
  _at_ 10p/share
• Future Market Cap Share Price (undiluted) 500
  million 0.95/share