CYCLIQ GROUP LTD — Interim / Quarterly Report 2009

Apr 29, 2009

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----- Start of picture text ----- ABN 63 123 821 929----- End of picture text -----

Quarterly Activities Report Quarter Ended 31 March 2009

Bullseye Prospect (15% before casing point working Interest, prior to back-in rights of vendor; 9% after casing point working interest)

The Bullseye Prospect is located in Iberville Parish, Louisiana, USA.

As reported by the operator, Golden Gate Petroleum Ltd:

Jumonville #1 Bullseye Prospect

The well produced 38,687 bbl of oil and 19,495 mcf of gas for the quarter and total overall production since initial production has been 81,639 bbl of oil and 21,423 mcf of gas.

Jumonville #2 Bullseye Prospect

The Jumonville # 2 well was successfully drilled and completed to a TD of 14,100ft. This complex well reached all of its targets and appears to have made hydrocarbon discoveries in each of the primary objectives.

The well plan was designed to enable the Company to test the three main objectives, Camerina, Miogyp and Cib Haz. Fortunately whilst drilling the well also intersected a fourth potential secondary reservoir, the Marg Vag.

An initial petrophysical log analysis by Schlumberger of the Jumonville #2 log interval 12,400-14,100 feet indicates that the Miogyp, upper Cib Haz, and lower Cib Haz sandstone units are hydrocarbon bearing with a combined net pay for all three intervals of 97 feet.

The Miogyp sandstone is about 20 feet thick, and the log analysis interpreted about 18 feet of hydrocarbon pay in this interval, with a calculated average porosity of 25.7% which is in line with pre-drill expectations and confirms the extension of the currently producing field. This success will add to the current production and proven reserves base.

In the deeper exploration target, the Cib Haz interval has two potential reservoir units consisting of very thin-bedded to laminated sandstones, siltstones and shales. The upper Cib Haz zone is 130 feet thick and the lower sandstone zone is about 60 feet thick. The log analysis by Schlumberger estimated a total of approximately 79 feet of net hydrocarbon pay in the combined upper and Lower Cib Haz sandstone intervals, with a calculated average porosity of 18.9%. This estimated net pay thickness is less than the total interval thickness because the petrophysical log analysis identifies only the individual sandstones with reservoir quality (for example, porosity greater than 15%) that appear to be hydrocarbonbearing; the remainder of the section in this case generally has porosity and permeability but not of full reservoir quality. When considering log interpretations, it is important to keep in mind that the estimates of net pay from this sort of petrophysical log analysis are approximations, based on assumptions about reservoir quality and contents.

The log analysis does not indicate the type of hydrocarbon in the reservoir, oil versus gas, but as reported earlier, data from the sidewall cores suggest that the lower Cib Haz interval

is oil-bearing, while the upper Cib Haz may be gas-bearing. The Miogyp sandstone appears to be oil-bearing, judging from the mudlog shows and sidewall-core information.

The Jumonville #2 well is on the same drill site as the Jumonville #1 well with the current surface facilities available to put any new production into the established sales lines in a timely manner. While these results are very encouraging, further analysis and production testing over the next several weeks will determine the commercial significance and reserve potential of the Cib Haz discoveries.

The successful appraisal of the Miogyp and the potential discoveries in the deeper Cib Haz represent an exciting period for the Bullseye project.

Acosta #1 Well, Bullseye Prospect

On 2 February 2009 it was announced that the Acosta #1 well had completed the first phase of testing operations. Perforations of the Miogyp reservoir experienced apparent formation damage limiting well bore entry which is most likely caused by the close-by original well bore. An acid treatment program was successfully completed and the well flowed formation fluid which contained no oil.

A program was being prepared to test the Camerina formation which was not expected to have been impacted by formation damage to the same degree as the Miogyp formation. Earlier sidewall cores of the Camerina indicated better oil saturations than the Miogyp. A treatment and testing program continues to be evaluated in conjunction with other alternatives in maximising the value of the well. The Joint Venture anticipates being able to evaluate and make final determination during the 4th Quarter.

Manzano Prospect (12.5% working interest)

An undivided 12.5% leasehold and working interest in and to a defined oil and gas lease, covering certain lands and leases located in Kleberg County, Texas, USA known as the “Manzano Prospect”.

ST Tract 991#1)

No further update during the quarter.

Dunn McCampbell 11A

Dunn McCampbell 11A successfully produced 90,674 mcf of gas during the quarter. The well was was closed in during March, however, has been restored and is presently producing at an average of 1,700 mcf per day from a perforated 8 foot interval.

Armstrong Farm Lease (25% working interest)

An undivided 25% leasehold and working interest in and to a defined oil and gas lease, covering certain lands and lease located in Kenedy County Texas USA. The lease covers an area of approximately 1,477 acres. The lease block has the potential for a number of prospective targets.

No further update on the Armstrong Farm Lease.

Wilson Prospect (10% working interest)

The Wilson Prospect is located in Pardre Island, Texas, USA on the Gulf of Mexico.

Following a review of the prospectivity for commercially rectifying production problems on ST 949 #1 the joint venture has agreed to plug and abandon the well.

South Lost Hills Properties (10% working interest)

No work was carried out during the quarter.

Corporate

Capital Raising

During the quarter, the company:

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• reached agreement on the terms of a secured convertible note facility for an amount of $2,500,000 and in respect of which funds had been received as an advance. The Notes are convertible into ordinary fully paid shares at an issue price determined as the lesser of 25 cents per share or 80% of the average market price of the company’s shares over the last 30 days on which sales are recorded before the date of conversion, at any time on or before the redemption date of 29 January 2010. The Notes are secured by way of Deed of Charge against the net cash flow from Modena’s farm-in to and participation in the Bullseye Prospect, otherwise the Noteholder will rank equally with all other unsecured creditors of the Company. The charge created by the Deed shall operate as a floating charge over the charged property. In conjunction with the issue of the secured convertible notes, the Company also issued 10,000,000 ordinary fully paid shares to the noteholder, in consideration for the provision of the convertible note facility.

• Appointed Mr Wayne Bellman and Mr David Sutherland as directors. Subsequent to the end of quarter, Mr Paul Black was also appointed as a director.

Craig Willis Director Modena Resources Limited