Excellent.Final Phase of Drilling Program is Well UnderwayGulfX...

Excellent.

Final Phase of Drilling Program is Well Underway
GulfX Limited (ASX: GLX) incorporating Syngas Energy Limited is pleased to announce that the third and final phase of our 3,700 m Prioritised Drilling Program for the Syngas Project is well underway at Beaufort. Drilling has already been completed at Whitwarta and Clinton.
A total of approximately 2,250 metres of drilling has been completed for the program including the completion of seven drill holes at Beaufort. All site preparations for drilling at the remaining 11 drill holes are well advanced.

The completed drill holes at Beaufort have intersected multiple coal/lignite seams in line with geological information the company has gathered from past drilling work in the area. Seams have been intersected between depths from surface of approximately 52-90 metres. These have varied in thickness by up to 3 metres.

Lignite core sample recovery has been excellent throughout the drilling program with Beaufort no exception. Sample results (moisture, ash and full analysis including calorific value) continue to be received by the company.

All Clinton area drill hole samples have now been fully analysed and are with our consulting Geologist for interpretation as part of JORC Compliant Resource estimation. The company is targeting the release of this information shortly.

All Whitwarta area samples are currently undergoing analysis at our laboratory and will be provided to our Geologist for interpretation as part of JORC Compliant Resource estimation.

Our final drill hole in the Beaufort area will be jointly drilled with Torrens Energy Limited (Torrens), under the Co-operative Exploration Agreement struck in March 2008 between GulfX and Torrens. Torrens will extend the company’s lignite drill hole to greater depths as part of their geothermal exploration program in the area.

The drilling program remains on track for completion in Mid September 2008.