DIGITALX LIMITED — Capital/Financing Update 2011

Jun 13, 2011

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

566 Elizabeth Street, Melbourne 3000 Victoria Australia

Telephone: +61 3 9349 1488 Facsimile: +61 3 9349 1186

PO Box 12883 A’Beckett Street Post Office Melbourne 8006 Victoria Australia

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

14 June 2011

Market Release (via electronic lodgement)

FAUSSE POINT UPDATE— NEW SIDE TRACK WELL TO BE DRILLED

The Board of Golden Gate Petroleum Ltd (ASX:GGP) is pleased to provide the following update on the Fausse Point project, which is located onshore Louisiana, approximately 140 km west of New Orleans.

An appraisal well is to be drilled at Fausse Point as a side track to the TGR # 1 well targeting a potential 200 acre hydrocarbon accumulation over two primary intervals up dip from the original well. The fault block to be drilled has no previous penetrations of the targeted pay interval and is estimated to contain up to 20 BCF (3.5 mmBOE) of recoverable gas on an unrisked basis.

The new well will be drilled as a deviated well from the exiting pad to approximately 9,950 ft with the targeted intervals being approximately 920 ft from the TGR # 1 Well. The side track will utilise the existing wellbore and will require approximately 2,300 ft of new wellbore to be drilled at a maximum deviation of 37 degrees. Subject to rig availability and normal logistics, we expect to commence the side track in early August 2011.

Seismic data suggests the new targeted interval is a sand shale sequence with multiple sands in an upthrown fault block that closes against salt with the updip part of the trap believed to be below a salt wing where the reservoir sands are “stray” channel sands. At least one of the new targets ties back to a nearby producing well. The pay found in the TGR 1 well proves hydrocarbon charge and sand presence below the unconformity and the salt wing.

A detailed drilling proposal which includes a well drilling cost estimate is being prepared, a suitable rig to drill the well is being sourced and new drilling permits are being filed. The surface facilities including production equipment and gas pipeline remain in place. Additional leasing to cover the new targeted structure has been arranged.

Given the new target will be accessible from the existing TGR # 1 location with a sidetrack from the original wellbore and all surface and production equipment is in place, the drilling costs are expected to be significantly less than drilling and completing a new well to a similar depth.

The TGR # 1 drillsite remains in good condition and has not been impacted by the Mississippi River flooding in the vicinity.

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Comments

The original TGR # 1 well at Fausse Point had been extremely encouraging in that it discovered hydrocarbons over multiple levels. However, patience and some very time consuming detailed technical work has been required to fully understand each of these zones so as to optimise any appraisal drilling operation.

Based on the significance of the test results of the TGR # 1 discovery well, the commitment was made by the partners to acquire more 3-D seismic, reprocess the data and complete the interpretational work.

This has been an expensive and time consuming process and is now almost 100% complete, however from the re-interpretation and information developed it appears the time and effort has paid off with new significant targets which can be drilled at low cost.

Partners in the Fausse Point Project are:

Golden Gate Petroleum Ltd (ASX code: GGP) 18.00% WI (Operator) Verus Investments Limited (ASX code: VIL) 72.00% WI Other Partners 10.00% WI

For further information contact:

Chris Ritchie Financial Controller Phone +61 3 9349 1488 investor.relations@ggpl.com.au

About Golden Gate: Golden Gate is an independent oil and gas exploration and production company listed on the Australian Securities Exchange. Its focus of operations is onshore Texas and Louisiana Gulf Coast region and the Permian Basin region of the USA.

COMPETENT PERSONS STATEMENT: The information in this report has been reviewed and signed off by Mr Mark Decker, Geologist (BS. Geology), with over 34 years respective relevant experience within the oil and gas sector.

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.