CYCLIQ GROUP LTD — Capital/Financing Update 2010

Jun 22, 2010

==> picture [153 x 69] intentionally omitted <==

23[rd] June 2010

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

GAS PRODUCTION COMMENCES

Modena Resources Limited (ASX: MDA , the Company) is pleased to announce that production has re-commenced at the Modena Petroleum LLC operations in South Texas and Padre Island.

Modena Petroleum LLC holds oil and gas production assets both onshore and offshore in the USA. The assets are managed for and on behalf of Modena by TPE Operating LLC a specialist contractor. The assets of Modena Petroleum LLC include 24 wells in a producing gas network that were shut in due to the previous owner’s status under Chapter 11, (Bankruptcy) proceedings. The Company’s immediate focus is to re establish production from these wells and implement a growth strategy to increase production capacity with workovers and modernization.

The previous operator’s production had reached a peak of 28,000 MCFPD prior to cessation of operations and subsequent filing for Bankruptcy.

In addition to the production wells, Modena Petroleum’s acquisition includes 15,000 acres of highly prospective exploration ground surrounding existing production leases and significant gas infrastructure assets and equipment.

The proposed exploration strategy to be implemented over the next 12 months includes the assessment of 6 advanced targets. Each of the prospects have had previous drilling and or advanced technical works suggesting the potential for additional gas production exists.

Modena has prepared a Power Point presentation to provide stockbrokers, potential Investors and existing shareholders with an overview of the assets and the company’s forward strategic plan.

Suite B, 150 Hay Street PO Box 8155, Hay Street East

Subiaco WA 6008 T: +61 (0)8 9388 8436 F: +61 (0)8 9388 8450

==> picture [153 x 69] intentionally omitted <==

Key aspects of the strategy are the immediate three stage plan to re establish gas production from 16 of the 24 well network, with the following production objectives:

==> picture [12 x 16] intentionally omitted <==

==> picture [12 x 16] intentionally omitted <==

==> picture [12 x 16] intentionally omitted <==

• Stage One 1,900 MCFPD within 90 days of operations

• Stage Two 6,900 MCFPD within 180 days of operations

• Stage Three 14,900 MCFPD within 12 months

==> picture [302 x 401] intentionally omitted <==

Suite B, 150 Hay Street PO Box 8155, Hay Street East

Subiaco WA 6008

T: +61 (0)8 9388 8436 F: +61 (0)8 9388 8450

==> picture [153 x 69] intentionally omitted <==

The Company has a longer term exploration and development strategy to increase production within the next 24 months to a target of up to 28,000 MCFPD, the level of production previously achieved by the former operator.

Modena has opened an operating base and office in Houston and intends to focus on expanding cash flow from operations as its key priority.

The Company also has a number of potential targets to increase oil production by acquisition of strategically aligned assets currently under consideration.

The Directors are pleased to have completed the Blackgate component of this complex and timely acquisition of assets which present a blend of production, growth and exploration targets in an area renowned for prolific production success. The Company remains committed to complete the balance of the proposed transaction with Arturus Capital Limited as soon as practical.

Yours sincerely

A R Hamilton

Chairman Modena Resources Limited

The information in this announcement has been reviewed and signed off by Mr Douglas Jendry, a consultant to Modena Resources Ltd. Mr Jendry is a member of the Australasian Institute of Mining and Metallurgy, and is qualified with an Associateship in Applied Geology (1971) and has more than 35 years relevant experience within the oil and gas sector.

Suite B, 150 Hay Street PO Box 8155, Hay Street East Subiaco WA 6008

T: +61 (0)8 9388 8436 F: +61 (0)8 9388 8450