INVESTOR UPDATE:  FUNDRAISING COMPLETED

 14 March 2008                                                                                                       

Golden Gate Petroleum Ltd (ASX Code: GGP) is pleased to announce it has issued 23,986,390 shares at 21 cents each to raise A$5,022,000 as advised to the Market on 5th March 2008. 

The Company will seek shareholder approval to issue the remaining 850,000 shares as these securities are being subscribed for by directors. A notice of meeting will be forwarded to shareholders shortly.

The completion of this placement gives certainty to the Company having adequate funds together with its current production revenue to move forward with its immediate drilling objectives.  In particular these funds will underpin the drilling of Bullseye to commence in early April. Bullseye total reserves are estimated (P50) to be 12.5 million barrels of oil and 33 BCF of gas.  

The Company’s current drilling and testing programs are as detailed below:

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

http://www.ggpl.com.au