CYCLIQ GROUP LTD — Board/Management Information 2012

Apr 12, 2012

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13 April 2012

ASX Market Announcements ASX Limited 20 Bridge Street Sydney NSW 2000

SPRINT STRENGTHENS BOARD

Sprint Energy Ltd (“Sprint”) (ASX Code: SPS) wishes to advise that it has strengthened the Board with the appointment of a new Managing Director, Mr Brad Boyle.

Mr Boyle is a qualified and practicing lawyer and Chartered Company Secretary having obtained a Graduate Diploma in Corporate Governance. Mr Boyle has extensive experience in providing legal and corporate compliance services to a number of listed companies and unlisted companies, having a major focus on the resource sector. Mr Boyle also is the founder of Monolithic Corporate Group which is a Legal and Corporate Compliance service company based in West Perth.

Previously, Mr. Boyle acquired a diverse range of corporate and private practice legal experience acting for mining, commercial and government clients across a broad range of sectors, including acting for the Australian Government Solicitor and Commonwealth Director of Public Prosecutions. He also has extensive litigation experience including representing clients in mediations as well as appearing in the Federal Court, Supreme Court, District Court, Lower courts and tribunals.

Mr. Boyle is also Director on two Not-For-Profit organizations. As a Chartered Company Secretary, Mr Boyle is a regular lecturer with Charactered Secretaries Australia and is a member of the Australian Institute of Company Directors.

Key Terms of Managing Directors Contract

The Board has executed an Employment Contract with Mr Boyle and he will receive a remuneration level of $250,000 (plus additional statutory superannuation contributions - $22,500). The salary is to be reviewed annually without any obligation to provide an increase and the executive’s performance will be reviewed within 3 months for payment of a performance bonus/right.

The Employment Agreement may be terminated in circumstances described below with the remuneration consequences as noted to the extent permitted by the Corporations Act and Listing Rules:

Sprint Energy Ltd Suite 304, 22 St Kilda Road St Kilda Victoria 3182 P +61 3 9692 7222

+61 3 9529 8057 www.sprintenergy.com.au

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1. Resignation period by the Managing Director is three (3) month’s notice.

2. Termination by the company giving three (3) months notice in writing or payment in lieu thereof, or a combination of notice and payment in lieu.

3. The Company can immediately terminate Mr Boyle’s employment with cause, in a number of circumstances, including where there is a serious breach of the Employment Agreement, serious misconduct, bankruptcy or conviction of any criminal offence.

Notwithstanding any provision of the Employment Agreement, the maximum amount payable by the Company to Mr Boyle in connection with his employment ceasing is limited to the maximum amount permitted to be paid under section 200F of the Corporations Act.

Appointment of Non-Executive Chairman

The Board are pleased to advise that Dr Jaap Poll has been appointed as Non-Executive Chairman of the Board.

Resignation of Director

The Board advise that Mr Gary Roper has tendered his resignation as Director effective immediately.

On behalf of the Board I would like to thank Mr Roper for his contributions to the Board and also welcome Mr Boyle as Managing Director of the Company.

Yours sincerely Sprint Energy Ltd

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Dr Jaap Poll Non-executive Chairman

Phone: +61 3 9692 7222 Mobile: +61 419 859 472 Email: jaap.poll@sprintenergy.com.au

About Sprint Energy Ltd: Sprint Energy Ltd is an independent oil and gas exploration and production Company, listed on the Australian Stock Exchange (ASX Code: SPS). Its primary focus of operations is Gulf Coast, USA.

www.sprintenergy.com.au

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