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Sift together the powdered sugar and cocoa powder in a small bowl to remove any lumps.
In a medium saucepan, warm the chocolate and olive oil over low heat, stirring it frequently, just until the chocolate is melted. Remove from heat and use a whisk to stir in the cocoa powder mixture, until smooth.
Scrape the chocolate spread into a small bowl and refrigerate until it's spreadable, which can take up to 2 to 3 hours. Check it every 15-20 minutes to see how it's going. Once it's as firm as runny chocolate pudding, scrape the spread into a jar and store it at room temperature until ready to serve.
The spread can be stored at room temperature for up to two weeks, or refrigerated up to one month. If refrigerated, let come to room temperature before serving.