CYCLIQ GROUP LTD — Capital/Financing Update 2010

Sep 23, 2010

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24[th] September 2010

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

MANZANO DEEP PROSPECT

Modena Resources Limited (ASX: MDA, the Company) is pleased to announce that the Company’s technical team have developed the next target at The Manzano Deep Prospect with a gross P50 reserve potential estimated to be around 337 Billion cubic feet of gas “BCF” and an upside P10 potential of 816 BCF within the company’s project exploration portfolio.

Modena has based its assessment on mapping and analysis over our entire leasehold position on Padre Island performed by predecessor operators to develop a planned program to test the deep Mid Frio sands on several structural features at drilling depths up to 16,000 ft. This program was never initiated by the previous operator; however, data and information acquired by Modena provided both geophysical and technical data as well as offset drilling and production results which confirm the validity of these prospects.

Manzano is an upthrown three-way closure developed against a large, regional down-to-the-basin fault which traps a series of deeper Mid Frio sands. This same fault system is the dominant trapping feature which sets up the North Murdock Pass Field directly overlying the Manzano Deep Prospect. This feature has produced over 46BCF from the shallower Marg Frio and Cib Haz sands. High quality 3D seismic data provides the basis for excellent mapping of the prospective structure.

Modena now has two targets of high priority with its recently announced Dunn Deep Prospect to assess and determine the best options for development of the deep potential on Padre Island. Both Manzano Deep and Dunn Deep are potentially two of the largest prospects identified on Padre Island, South Texas which is a proven hydrocarbon area and could provide Modena with two World Class prospects to complement its increasing production profile.

1186 Hay Street • West Perth • Western Australia • 6005 PO Box 8 • West Perth • Western Australia • 6872

T: +61 (0) 8 9226 1247 F: +61 (0) 8 9226 1257

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The company is currently in discussions with interested parties to participate in the Manzano Deep and Dunn Deep Prospects, which would reduce the risk associated with testing and developing these world class prospects.

The company will target the first quarter, 2011 to commence a program on the Manzano Deep Prospect while remaining focused on production from its existing 24 well program.

Yours sincerely

A R HAMILTON Chairman

The information in this announcement has been reviewed and signed off by Mr David Gibbs, a consultant to Modena Resources Ltd. Mr Gibbs received a Bachelor of Mechanical Engineering from the Georgia Institute of Technology in 1975 and an Offshore Operators Certification from the University of South Western Louisiana in 1979 and has more than 35 years relevant petroleum experience within the oil and gas sector Internationally.

1186 Hay Street • West Perth • Western Australia • 6005 PO Box 8 • West Perth • Western Australia • 6872

T: +61 (0) 8 9226 1247 F: +61 (0) 8 9226 1257