CYCLIQ GROUP LTD — Capital/Financing Update 2008

Jun 9, 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

10 June 2008

MANZANO SHALLOW 1 & 2 FLOW AT COMBINED 2.5 MMCFD

Manzano Shallow (St TRACT 991 #1) BNP Turnkey Operator, GGP WI Prospect 35%

The Board is pleased to announce that the Manzano Shallow well has successfully recommenced production.

The well is presently on production with an initial production rate of 1 million cubic feet per day of gas from two 4 foot intervals perforated in the Marg Frio formation. The Manzano well had originally tested a deeper Marg Tex interval. Further examination of the deeper interval determined that it would not be productive beyond its very short initial production.

Manzano Shallow Development well – (Dunn McCampbell 11A) BNP Operator, GGP WI Prospect 35%

The Second Manzano Well (Dunn McCampbell 11A) was spudded on 5 April 2008 (Texas, USA).

The Board is pleased to announce that the Dunn McCampbell well has successfully flowed gas and has been brought into immediate commercial production.

The well has been tied directly into the sales grid along with GGP’s other producing wells and has been producing at a rate of 1.5 million cubic feet per day of gas from a perforated 8 ft interval over an extended production testing period.

Partners in the ST991#1 & Dunn McCampbell 11A wells are:

Golden Gate Petroleum Ltd (ASX: GGP) 35.00% WI Modena Resources Limited (ASX: MDA) 15.00% WI BNP et al 50.00% WI

Comments

The Company continues to be pleased with the exploration success achieved in the past 12 months. With the addition of DM#11A the Company is generating strong production at a time when US gas prices are at prices over US$12 mcf.

For further information contact:

Steve Graves Mark Freeman Managing Director Director Phone +1 805 469 4656 Phone +61 8 9324 1177

This report has been reviewed and signed off by Mr Sam Russotti, (BSc Geology) with over 30 years experience in the oil and gas sector.

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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.