CYCLIQ GROUP LTD — Capital/Financing Update 2011

May 24, 2011

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25th May 2011

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

A$25,000,000 FUNDING PROVIDED BY JC LONG TERM VALUE FUND, LTD.

Modena Resources Limited (ASX: MDA , the Company) confirms it has now executed an agreement with JC Long Term Value Fund, Ltd., to provide funding over the next 36 months for the proposed shallow well program and working capital to develop its assets in South Texas.

The facility will provide Modena with the access to the required working capital to develop its shallow well targets as previously announced and assist the Company with avoiding unnecessary dilution. The facility can be accessed as and when required at the sole election of Modena as the Company works to develop its Proved Behind Pipe reserves through an aggressive work over program.

The Company’s priority target at South Sprint, the first intended drilling target, is planned for the fourth quarter 2011. South Sprint is a key element to the Company’s development program as this reservoir has produced approximately 70 BCF and contains an estimated 12 BCF remaining proved reserves updip to the current producers.

Modena believes the funding provides the Company with a better investment profile as its moves to production and will improve the potential for strategic acquisitions to incorporate with the current South Texas gas operations.

Yours sincerely

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A R HAMILTON Chairman

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