CYCLIQ GROUP LTD — Capital/Financing Update 2011

Feb 15, 2011

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16[th] February 2011

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

RESERVE REPORT SOUTH TEXAS

Modena Resources Limited (ASX: MDA , the Company) wishes to advise that it has today received an Independent Third Party Reserve Report from H J Gruy & Associates, an independent engineering firm, to estimate the Gas Reserves for the Company’s Texas Gulf assets.

Modena had experienced numerous delays due to the extensive and incomplete status of the engineering, geological and geophysical data by the bankrupt predecessor operator. The Company has subsequently re‐established its working files and is pleased to advise that, for the first time, an estimate has been established for the potential of its South Texas assets. This report will provide guidance in planning strategies for the development of leasehold positions in South Texas during 2011.

The summary of the report is as follows:

Reserve Category	Net Reserves (BCFE)	Present Value @ 10%($MM USD)
Proved Producing	0.2	$0.1
Proved Behind Pipe	3.7	$12.6
Proved Undeveloped	8.8	$18.4
Total Proved	12.6	$31.1
Total Probable	1.7	$5.1
Total Possible	5.0	$11.7
Total P3 Reserves	19.3	$48.0

Modena is currently finalising plans to initiate a program to develop its Proved Behind Pipe reserves through an aggressive work over program focused on achieving forecasted production of 14,900 MCFPD by 30[th] June 2011.

The Company is also completing plans for optimal development programs to bring its Proved Undeveloped and Probable Reserves to production. Modena anticipates a significant uplift in the quality and categorisation of these reserves from the planned work programs.

The Company believes on completion of the planned work programs a further review of the reserves will be warranted as the Company’s reserve profile changes and increases. In addition to the classified reserves delineated in the Reserve Report, the Company also has identified world class potential in two deep targets at Manzano and Dunn Deep with P50 prospective reserves estimated at 337 BCF and 293 BCF respectively as previously announced. The Company is in discussion with potential Joint Venture partners to exploit these deep exploration prospects and expects to finalise negotiations within the second quarter of 2011.

2

ASX Announcement Reserve Report South Texas

Modena Resources Limited 16[th] February 2011

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South Sprint is a key element to the Company’s development program. This reservoir has produced approximately 70 BCF and contains an estimated 12 BCF remaining proved reserves updip to the current producers. Drilling of this target is currently planned for third quarter 2011, subject to permitting and regulatory approval.

Modena South Sprint Platform

Funding

The Company has been in ongoing discussions with several financial institutions who have expressed an interest in providing the necessary funds to finance the planned shallow well development program, subject to receipt of the independent Third Party Reserve report.

Finally, the Company also advises that the Convertible Note and Loan Facility, which recently matured, has been rolled over on the same terms as previously disclosed with a revised expiry date of 29[th] January 2012.

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

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