CYCLIQ GROUP LTD — Capital/Financing Update 2008

Mar 10, 2008

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11 March 2008

Manager of Company Announcements ASX Limited Level 6, 20 Bridge Street SYDNEY NSW 2000

Participation Agreement – Shallow Gas Prospects

The Board of Modena Resources Limited (Modena) is pleased to announce it has entered into agreement with Seisgen Exploration Inc (Seisgen) to carry out drilling on three of their shallow gas prospects located in the Jackson County of Texas.

The three prospects are named the “Sandy Prospect”, “Slazenger Prospect” and “Wagner Prospect”.

Modena has entered into a Participation Agreement to acquire an undivided sixty percent (60%) of 87.5% of Seisgen’s leasehold estate and working interest in and to the lands and leases covering the above mentioned shallow gas prospects located in Jackson County, Texas, with Seisgen retaining a 7.5% carried working interest.

Simultaneous with Modena entering into the agreement, Seisgen is selling to Mr Paul Black of BNP Petroleum an undivided forty percent (40%) of 87.5% over the same shallow gas prospects, with Seisgen retaining a 5.0% carried working interest.

BNP Petroleum Corporation will be the Operator for the drilling campaign and has informed Modena that they anticipate drilling to commence during April 2008. Weather permitting.

Consideration Terms

Modena will pay 60% of US$327,839 to Seisgen which constitutes Seisgen’s proportion of the cost of seismic, geophysical, acreage, lease, legal and administrative overhead costs associated with the properties which were incurred prior to the date of the agreement.

Modena will also pay 60% of all cost associated with the drilling (as defined) of all three test wells. Thereafter, Modena is responsible for 52.5% of all costs.

Target Areas

The contract depths are for shallow wells between 3300 feet and 4400 feet. For the Sandy Prospect 3300 feet to test the Miocene Catahoula formation. The Slazenger prospect will test the Frio Miocene formation seismic amplitude anomaly and the Wagner prospect will target 4400 feet to test the Frio formation seismic amplitude anomaly.

Modena will inform the market of the actual spud date once the operator has completed its preliminary site works.

Yours Faithfully

Craig Willis Director

Suite B 150 Hay Street Subiaco Western Australia 6008 Phone 08 9388 8439 Fax 08 9388 8450