CYCLIQ GROUP LTD — Capital/Financing Update 2012

Feb 12, 2012

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13 February 2012

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

LOUISIANA OIL PRODUCTION OPPORTUNITY

Sprint Energy Ltd (“Sprint”) (ASX Code: SPS) is pleased to advise that it has entered into an exclusive option agreement to acquire Eternal Resources Ltd (“Eternal”) and its entire production, appraisal and exploration asset portfolio in Louisiana, USA.

Highlights

• Sprint has an exclusive, non-binding, 60 day option to acquire Eternal and all its assets;

• Consideration for the acquisition will be $4 million in cash;

• Eternal has a 60% working interest in a newly awarded lease within Main Pass Block 32, offshore Louisiana;

• Eternal also has an exclusive option to acquire up to 60% interest in the Raging Bull producing oil field, adjacent to the new lease in Block 32;

• These assets present near term production, appraisal and exploration drilling opportunities;

• The option is subject to the successful completion of due diligence by Sprint; and

• Sprint is reviewing funding options for this opportunity.

In the coming weeks Sprint will complete an expedited, yet thorough and rigorous technical, economic and legal due diligence on Eternal and its assets. Based on the outcome of this due diligence the Board will then make a decision whether to execute the option and seek approval for the acquisition at a General Meeting of Shareholders.

Board Comment

The Sprint Board of Directors believes the Eternal option moves the company beyond the recovery phase of recent months. This is a major step forward in Sprint’s programme of rebuilding value for shareholders and has the potential to provide both near-term income and growth for the Company. It also provides an opportunity for Sprint to diversify its portfolio through exposure to a number of potential production, appraisal and exploration opportunities.

Sprint Energy Ltd Suite 304, 22 St Kilda Road St Kilda Victoria 3182 P +61 3 9692 7222 f +61 3 9529 8057 www.sprintenergy.com.au

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Funding

The Board of Directors is currently considering the most appropriate method to funding this potential acquisition and will provide further information on this in the coming weeks. Any funding activities will be subject to shareholder approval and ASX Listing Rules.

Overview of Eternal and its Louisiana Assets

Eternal Resources Ltd is a privately owned, Australian based oil and gas company with a 60% working interest in Main Pass Block 32 lease, offshore Louisiana, USA and an exclusive option to acquire up to 60% interest and operatorship of the Raging Bull producing oil field. Both leases are located close to existing oil and gas infrastructure, in sheltered waters adjacent to the coast of the entrance to the Mississippi River and in water depths of approximately 4 metres (~12 feet).

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Analysis by Eternal of Block 32 3D seismic data and the technical information acquired from previously drilled wells within the lease has identified a number of appraisal and exploration opportunities, across a number of formations, that are already prolific oil and gas producers in the area. The Block 32 technical work programme is ongoing in Houston and it is expected that a number of these targets will be ‘drill ready’ for a potential multi-well drilling campaign.

The Raging Bull oil field is currently undergoing production testing and produces Louisiana Light Sweet Crude through a single wellhead production platform facility. Preliminary

www.sprintenergy.com.au

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analysis by Eternal of technical data from Raging Bull suggests the potential for attic oil updip of the existing producing well and the potential for extension of the oil structure.

Further details on this opportunity will be provided to shareholders in the coming weeks.

Yours sincerely

Sprint Energy Ltd

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Andrew P Mattin, MAICD Managing Director

For further information please contact:

Andrew Mattin Managing Director Phone: +61 3 9692 7222 Email: andrew.mattin@sprintenergy.com.au

About Sprint Energy Ltd: Sprint Energy Ltd is an independent oil and gas exploration and production Company, listed on the Australian Stock Exchange (ASX Code – SPS). Its primary focus of operations is currently the gulf coast, USA.

www.sprintenergy.com.au

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