BULLSEYE PROSPECT: JUMONVILLE #1 PROGRESS REPORT

The Board of Golden Gate Petroleum (ASX Code: GGP) advises the drilling of the Jumonville #1 well (spudded on 28 April 2008) is due to recommence activity on 1 August 2008 following a delay in the moving of the Key Drilling rig # 88 to site.

All preparations are in place to begin immediate drilling operations once the rig is on site.

Our current plan is to drill ahead approximately 500ft to test the primary objective in the Miogyp and secondary Camerina sands followed by electric logs. Drill time is anticipated to be 3 days followed by a testing program of approximately 7 days.

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.

To view the full announcement, as well as additional information on the Company, please click on the link below:

http://www.ggpl.com.au

For further information contact:

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.