announcement out, page-2

24 January 2012         
Market Release (via electronic lodgement

PERMIAN BASIN PROJECT UPDATE

SRH-1 (6H) WELL HAS GAS PIPELINE INSTALLED PLUS ADDING PERFORATIONS. EXPECTED TO GO ON PRODUCTION THIS WEEK. CONDENSATE RICH GAS SELLS FOR OVER US$ 7 PER
MCF.

SRH-2 (8A) WELL UNLOADING FRAC FLUID. OIL HAS BROKEN THRU. CURRENTLY PRODUCING OIL AT A 109 BBL PER DAY RATE AND INCREASING. GAS PIPELINE BEING INSTALLED THIS WEEK
SRH-3 (9M) WELL SUCCESSFULLY COMPLETED TO A DEPTH OF 9,454 FEET. CONDUCTING REMEDIAL CEMENT WORK IN PREPARATION FOR FRACTURE STIMULATION AT MONTH END (SOME DELAY IN FRACING DUE TO SEVERE WEATHER)

SRH-4 (9E) WELL HAS BEEN SUCCESSFULLY COMPLETED TO A DEPTH OF 9,454 FEET. A NEW BOTTOM HOLE INTERVAL (STRAWN) WILL BE TESTED IN THIS UP DIP WELL PRIOR TO FRACTURE STIMULATION
SRH-5H WELL, OUR FIRST HORIZONTAL WELL IS COMPLETING PLANNING PHASE. LOCATIONS AND RIG HAVE BEEN IDENTIFIED. NEW “SLEEVE” FRACTURE STIMULATION PROGRAM BEING REVIEWED WITH HALLIBURTON. SPUD DATE EXPECTED LATE FEBRUARY

Golden Gate Petroleum Ltd (ASX: GGP) is pleased to provide an update of operational activities in our
Permian Basin Project located in Reagan County, Texas.
The first oil and gas discovery at the SRH-1 (C # 6H) well has had its permanent surface equipment
installed and a gas pipeline constructed and installed.

Before putting the well back on production, we
are adding perforations across the fractured intervals as part of our normal follow up subsequent to
the “limited entry” fracture stimulation program (few perforations to gain maximum penetration).

The second oil and gas discovery at the SRH-2 (A # 8A) well has successfully undergone fracturing by
Halliburton. A pumping unit has been installed and is currently pumping off frac fluid. Oil has broken
thru and is currently increasing. The well is currently producing 109 bbl of oil per day with the oil
production increasing. A gas pipeline is scheduled to be installed this coming week. The condensate
rich and high BTU gas from the Permian wells sells for over US$ 7 per mcf which is double the current
dry gas prices.

The third well, SRH-3 (A # 9M), was successfully completed to a depth of 9,454 feet. Some remedial
cement work is being conducted this week in preparation for fracture stimulation by Halliburton at
month end. Severe weather conditions including snow accumulations have temporarily delayed some
of the earlier announced planned events.

The fourth well, SRH-4 (C # 9E) was successfully completed to a depth of 9,452 feet. This well is up
dip to the earlier wells and has drilled thru a new interval (Strawn) not tested in the first three wells.
Current plan is to separately test the Strawn interval prior to Fracture Stimulation at month end along
with the SRH-3 well.

The fifth well, SRH-5H is our first horizontal well which is expected to have up to a 30 stage fracture
stimulation program (versus 6 or 7 stages for the vertical wells). The planning phase is being
completed with locations and rig identified. Spud date for this well is planned for the end of February.

We are currently reviewing the possibility of utilizing the new “sleeve” technology for fracture
stimulation. The new technology significantly reduces the time sequences between each frac stage.
With up to 30 stages in a horizontal well, this new equipment can make a significant difference in
costs and eventual payouts.