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24 July 2008 Update on Azar, Onshore Colombia Further to an operational update announcement made on 8 July 2008, Gold is pleased to announce that on the Azar Block, in which the Company has an interest of 18.4% NRI, the operator has now completed perforating and testing the N Sand zone in Palmera-1. In 1996 the State Oil Company abandoned the well without testing the N sand. Following re-entry operations in Palmera-1, the well was tested and on natural flow the well flowed heavy oil, circa 15oAPI, at an average rate of 45 barrels of oil per day ('bopd') over a period of 32 hours. The operator has completed the well as a potential producer on the N Sand. The Company also announces that the oil has been sent for laboratory analysis, and the pressure data is being interpreted. The rig has moved off location. The technical information contained in this announcement has been reviewed and approved by Mike Burchell, B.Sc., member of the SPE and with over 45 years experience in the oil and gas industry. For further information: Gold oil plc Beaumont Cornish Limited Blue Oar Securities Conduit PR
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