CYCLIQ GROUP LTD — Capital/Financing Update 2008

Aug 4, 2008

==> picture [363 x 67] intentionally omitted <==

==> picture [64 x 64] intentionally omitted <==

( A B N 3 4 0 9 0 0 7 4 7 8 5 )

1[st] Floor, 8 Colin Street West Perth WA Australia 6005

Telephone: +61 8 9324 1177 Facsimile: +61 8 9324 2171

PO Box 453 West Perth WA Australia 6872

Email: admin@ggpl.com.au Website: www.ggpl.com.au

5 August 2008

Market Release (via electronic lodgement)

BULLSEYE PROSPECT: JUMONVILLE #1 PROGRESS REPORT

Jumonville #1 Bullseye Prospect, Iberville Parish, Louisiana, Operator 43.33% WI

The Company advises that the new drilling rig contracted to continue deepening the Jumonville # 1 well to the targeted intervals is currently rigging down from its present location and is expected to start arriving at our drill site on Thursday, 7th August. It is expected to begin open hole drilling early next week. Drill and testing is expected to be approximately 7 days.

The delays in starting this phase of the Jumonville well have been caused by the tight rig market and existing operator not releasing the rig until now.

Partners in the Jumonville #1 well* are:

Golden Gate Petroleum Ltd (ASX code: GGP) 43.33% WI Modena Resources Limited (ASX code: MDA) 15.00% WI Pantheon Resources PLC 15.00% WI Eastern Advisors 20.00% WI Nuenco NL (ASX code: NEO) 6.67% WI

• Working Interests are reflected prior to back-in rights of project vendor.

On behalf of the Board of Directors

For further information contact:

Steve Graves Jeff Copley Managing Director VP Operations Phone +1 805 469 4656 Phone +1 713 334 0986

Golden Gate is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. Its focus of operations is onshore Texas and Louisiana Gulf Coast region of the USA.