CYCLIQ GROUP LTD — Capital/Financing Update 2008

Jul 24, 2008

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( 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

25 July 2008

Market Release (via electronic lodgement)

BULLSEYE PROSPECT: JUMONVILLE #1 PROGRESS REPORT

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

The Board of Golden Gate Petroleum (ASX Code: GGP) advises the drilling of the Jumonville #1 well (spudded on 28 April 2008) is due to recommence activity on 1 August 2008 following a delay in the moving of the Key Drilling rig # 88 to site.

All preparations are in place to begin immediate drilling operations once the rig is on site.

Our current plan is to drill ahead approximately 500ft to test the primary objective in the Miogyp and secondary Camerina sands followed by electric logs. Drill time is anticipated to be 3 days followed by a testing program of approximately 7 days.

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.