CYCLIQ GROUP LTD — Capital/Financing Update 2009

Jun 10, 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

11 June 2009

Market Release (via electronic lodgement)

TESTING CONTINUES AT BULLSEYE PROSPECT

Jumonville #2 Bullseye Prospect, Iberville Parish, Louisiana, Operator 33.25% WI

The Company advises that since perforating the lower Cib Haz interval, communications with the interval has been limited with only small amounts production fluid flow back. Shut in pressures are currently being monitored. A wireline will be run to determine if the full charge perforation array were discharged correctly and if a revised testing program should be put in place. The new testing program could include re-perforating the interval or other actions determined by the new well bore analysis. Following this review, the joint venture could either re-perforate the lower Cib Haz interval, consider other completion options or move to the upper Cib Haz interval for testing.

The lower Cib Haz interval that is being tested appears to have reservoir properties similar to those in an analogue well that produced from the Cib Haz interval at similar depths and pressures, approximately 8 miles from the Bullseye prospect. The electric log characteristics of the Cib Haz are similar to those in the Jumonville #2 well. Sidewall cores from both wells have comparable permeabilities and porosities in sandstones, siltstones and shales. A major difference between the two wells is that the producing interval in the analogue well is much less sand-rich than either of the two potential Cib Haz reservoirs in Jumonville #2.

Depending on the test results, the Jumonville # 2 well will either be put on immediate production from one of the two Cib Haz intervals or the known productive Miogyp sandstone which is about 20 feet thick in the Jumonville #2 well. Surface facilities have been finalized and connected to the already established sales line that currently handles the Jumonville #1 oil and gas production.

Partners in the Jumonville #2 well are:

Golden Gate Petroleum Ltd (ASX code: GGP)	33.25% WI
Modena Resources Limited (ASX code: MDA)	9.00% WI
Quest Petroleum NL (ASX code: QPN)	5.00% WI
Pantheon Resources PLC	11.25% WI
Eastern Advisors	12.00% WI
IB Daiwa Corporation	8.00% WI
Other partners	21.50% WI

On behalf of the Board of Directors

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For further information contact:

Steve Graves Managing Director Phone +1 805 469 4656

The information in this report has been reviewed and signed off by Mr Steve Barrett, (MSc. Geology), with over 30 years relevant experience within oil and gas sector.

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.