CYCLIQ GROUP LTD — Capital/Financing Update 2010

Sep 13, 2010

==> picture [169 x 76] intentionally omitted <==

14 September 2010

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

2000 MCFPD PRODUCTION TARGET

Further to Modena Resources Limited (ASX: MDA, the Company) announcement on 26 August 2010, a second production target for immediate development has been identified by the Company in its Dunn Peach 7 wellbore. The Company’s technical team is continuing to research a number of existing wellbores including the Dunn Peach 7 which were originally designed to test the Marg Tex series of sands on its Padre Island project. The Dunn Peach 7 was drilled and completed in August 2008. The well has produced a total of 2.0 BCF from three previous Marg Tex intervals (the “30, 29 and 28 Sands”) at rates in excess of 4,000 mcfd. Petrophyisical analysis indicates a fourth Marg Tex interval (the “27 Sand”) at 11,122 ft md is expected to be equally productive as the previous intervals.

Modena intends to be on site shortly in an attempt to install a bridge plug to isolate the previous completion intervals and perforate the Marg Tex 27 Sand. After MDA set the bridge plug, we will perform wellbore integrity tests. If the wellbore pressure tests successfully, we can immediately perforate the Marg Tex 27 Sand and put it on production within 5 days. In the event the wellbore does not test, Modena will then put a rig on the well and pull tubing, which should take an additional 14 days to complete.

The target production is anticipated to reach 2000 MCFPD however the well may achieve higher production in a best case scenario based on results from previous zones. In addition to the targeted Marg Tex 27 Sand, the team has identified additional Marg Tex and Cib Haz intervals that are indicated as productive on the open hole logs. These zones will be tested and evaluated in due course.

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

==> picture [169 x 76] intentionally omitted <==

Because of the immed i ate nature of the Dunn Peach ta r get the previously announced Lemon Se e d development is expected to commence late in October.

The Company continue s to restore production in three stag e s on the following schedule and remains o n target:

• 1,900 MCFPD withi n 90 days of completion

• 6,900 MCFPD withi n 180 days of completion

• 14,900 MCFPD wit h in 12 months from continuous operat i ons

DUNN PEACH 7 WELL HE A D

Yours sincerely

==> picture [127 x 41] intentionally omitted <==

A R HAMILTON Chairman

The information in this announcement h as been reviewed and signed off by Mr David Gibbs, a co n sultant to Modena Resources Ltd. Mr Gibbs received a Bachelor of M echanical Engineering from the Georgia Institute of Techn o logy in 1975 and an Offshore Operators Certification from the Univer s ity of South Western Louisiana in 1979 and has more tha n 35 years relevant petroleum experience within the oil and gas secto r Internationally.

1186 Ha y Street • West Perth • Western Australia • 60 0 5 PO B o x 8 • West Perth • Western Australia • 6872 T: + 61 (0) 8 9226 1247 F: +61 (0) 8 9226 1257