CYCLIQ GROUP LTD — Capital/Financing Update 2011

Mar 16, 2011

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17[th] March 2011

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

MARKET UPDATE SOUTH TEXAS

Modena Resources Limited (ASX: MDA , the Company) confirms that the first work over program at its South Texas Operations at the La Playa prospect is underway. The planned work over of the ST 938 #1 and ST 938 #2, are the first of 10 well programs for the company’s current wellbore utility program.

Modena has recently completed access agreements with various landowners to clear the previous impediments to begin developing its Proved Behind Pipe reserves. Final planning, equipment and services procurement is underway in order to initiate an aggressive work over program focused on achieving forecasted production of 14,900 MCFPD by 30[th] June 2011. We expect rigs and equipment to be in the field no later than 15[th] April 2011.

The Company has also advanced discussions with various financial institutions to provide funding for its shallow well drilling program. The first priority target is our South Sprint project, planned for the third quarter 2011. South Sprint is a key element to the Company’s development program. The project is targeting an estimated 12 BCF remaining proved reserves updip to the current producers which have produced nearly 70 BCF. The project will also target several high potential exploratory targets below the existing producing horizon.

Modena South Sprint Platform

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Modena is currently working additional geological and geophysical data into its shallow well program in order to optimise development programs to bring its Proved Undeveloped and Probable Reserves to production. Modena expects a significant uplift in the quality and categorisation of these reserves on the successful completion of the planned work programs at its South Texas operations.

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Modena Resources Limited 17[th] March 2011

ASX Announcement Market Update South Texas

Funding

The Company has secured by private placement $1.8 million @ $0.018 cents per share plus one option for every share expiring December 2013 @ 0.06 cents in funding to accelerate the work over program and development of the South Sprint shallow well drilling program. The placement is subject to shareholder and regulatory approval.

Yours sincerely

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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 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