CYCLIQ GROUP LTD — Capital/Financing Update 2009

Dec 20, 2009

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

Level 21, Allendale Square 77 St Georges Terrace Perth WA 6000 Australia

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

PO Box Z5184 Perth WA Australia 6831

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

21 December 2009

Market Release (via electronic lodgement)

GGP ACQUIRES 9% IN BULLSEYE

Golden Gate Petroleum (ASX Code: GGP) is pleased to announce that it has signed an agreement with Modena Resources Ltd (“Modena”) (ASX Code: MDA) to acquire their 9% working interest in the Bullseye Project including the existing wells and associated facilities. Golden Gate currently holds a 33.25% working interest in Bullseye and this acquisition increases its holding to 42.25%. In addition GGP has also acquired Modena’s 10% interest in Wilson.

In consideration Golden Gate will issue 16,000,000 listed ordinary fully paid shares, A$300,000 in cash plus cancelling the current outstanding billings and receivables of approximately US$159,000 to Modena.

The Company has agreed to place 16,000,000 shares to sophisticated investors, through a private placement raising the sum of $560,000 to fund the Bullseye acquisition. The shares will be issued at a price of 3.5c each together with a 1 for 1 free attaching option exercisable at 8 cents on or before 31 August 2012. The securities will be issued to clients of Novus Capital Ltd.

The purchase represents a 27% increase in the Company’s operating cash flow from existing production in the Jumonville #1 and #2 wells and in addition the upside associated with further development of the Miogyp interval and testing of the large Camerina section across the prospect as well as other intervals presently under review.

On behalf of the Board of Directors

For further information contact:

Steve Graves Managing Director Phone +1 805 469 4656

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.

This report contains forward looking statements that are subject to risk factors associated with resources 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.