CYCLIQ GROUP LTD — Capital/Financing Update 2008

May 15, 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

16 May 2008

Market Release (via electronic lodgement)

BULLSEYE PROSPECT: JUMONVILLE #1 AT 10,200 FT

Jumonville #1 Bullseye Prospect, Iberville Parish, Louisiana, Operator 41.25% WI

The Board of Golden Gate Petroleum (ASX Code: GGP) is pleased to update the market regarding the drilling of the Jumonville #1 well which spudded on 28 April 2008.

Highlights

• Jumonville # 1 well is currently drilling below 10,200ft measured depth (MD) and ahead of planned drilling schedule.

• GGP retains a 41.25% working interest after completion resulting in a net revenue interest to the Company of 31%, after leasehold royalties.

• Analog producing well rates from surrounding fields show production levels of 500-1,000 barrels per day with 4-10 million cubic feet of gas per day.

• High production rate reservoirs, close infrastructure and current high oil/gas prices will provide a high rate of return with well cost recovery in less than 4 months.

Jumonville # 1 Well

The Jumonville well is currently drilling below 10,200ft MD, with progress approximately 4 days ahead of schedule. Intermediate casing will be run in the next few days at a depth of 10,900ft TVD.

The well has a planned total depth of 14,200ft MD. Drilling is expected to take approximately 56 days from spud. Helmrich & Payne, a premier drilling contractor, has been contracted by the Company to use their Rig #72 (3,000hp). As targets within the geo-pressured section can present drilling challenges, additional consulting expertise with a track record of drilling similar wells on time and on budget has been contracted to enhance the Company’s prudent operating philosophy.

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.

~ 2 ~

Bullseye Prospect

Total reserves for the Bullseye prospect were estimated to be 12.5 million barrels of oil and 33 BCF of gas, using conservative minimal reservoir parameters (area & pay thickness). The initial well targets what the Company now identifies as three objectives: Camerina, Miogyp and Cib Haz. Each of these is found to be productive in the local area. In this prospect each of these zones is in an independent trap defined by new, proprietary 3D and local well control. The areal extent of the primary reservoirs, the Miogyp and Cib Haz sands, are clearly delineated by the seismic data at thicknesses in excess of 20 feet, with higher amplitudes indicating sands of 30-50 feet in thickness (see Figure 1 below).

Both the Miogyp and Cib Haz sands are high quality reservoirs with porosity ranging from 24-30% and permeability of 300-1,000mD. This results in analog producing well rates observed in surrounding fields of 500-1,000 barrels per day with 4-10 million cubic feet of gas per day. These high rate wells provide an excellent economic return. Both of the primary reservoirs have an average recovery of 800 bo/ac-ft. As 80% of the estimated reserves are oil the project will benefit greatly from high near-term product prices. The Company’s current oil sales contract for the area has a $2.55 per barrel premium to West Texas Intermediate prices, due to the high quality of the liquids.

The Company has put in place a well configured and permanent location pad with excellent access which will allow for accelerated development in the event of success. Furthermore, prospect success may prove up a significant local play area with follow-up potential.

After all reversionary interests occur at completion point, the Company will retain a WI of 41.25% in the prospect area and a net revenue interest of approximately 31%.

On behalf of the Board of Directors

For further information contact:

Steve Graves Jeff Copley Mark Freeman Managing Director VP Operations Director Phone +1 805 469 4656 Houston, Texas Phone +61 8 9324 1177 Phone +1 713 334 0986

The information in this report has been reviewed and signed off by both Mr Sam Russotti, CEO, (BSc Geology) and Mr. Jeff Copley, VP Operations (MSc. Geophysics), both with over 30 years relevant experience within oil and gas sector.

Forward Looking Statements

This announcement contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

~ 3 ~

==> picture [495 x 325] intentionally omitted <==

Figure 1: Seismic Profile