CYCLIQ GROUP LTD — Interim / Quarterly Report 2011

Oct 30, 2011

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31 October 2011

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

Quarterly Activities Report - For the Period Ended 30 September 2011

Modena Resources Ltd (Modena) (ASX: MDA) is please to provide the following quarterly update of activities:

HIGHLIGHTS

• Gas production was restarted at the Sullivan City site

• Sale of 178bbls of oil from Modena wells in October 2011

• The Board of Directors has undergone significant changes

• A highly skilled and experienced new company secretary has been appointed

• The registered office has moved to Melbourne

• Modena raised $1,731,500 during the quarter

• The new Board commenced a detailed review of the Company’s assets and strategy

OPERATIONS UPDATE

In line with the new Board’s objective of near term production, a three of the Sullivan City gas wells have been brought back into production, subsequent to the end of the quarter.

Production: following installation of a compressor at the Sullivan City site, three wells (Rivera #2, Saenz #1 and Saenz #2) were brought back into production following the end of the quarter. These wells had been shut-in for over 4 months and, as a result, re-entered production with a combined ‘flush’ gas rate of approximately 350 thousand cubic feet per day (mcf/d). These gas rates have now stabilised at approximately 125 mcf/d.

As part of its detailed asset review, Modena is now assessing the potential of near term production from the other wells in its portfolio.

Crude Oil Sales: In July 2011, Modena sold 324 barrels of crude inventory produced at the Sullivan City well site. A further 178 barrels of crude inventory was sold from Modena’s stocks subsequent to the end of the quarter. Additional oil is stock is also in the process of being sold to generated additional revenue.

CORPORATE ACTIVITIES UPDATE

New Board Appointments: as announced on 20 September and 24 October, the Board of Modena has undergone significant changes over the last month introducing important technical oil and gas experience, in addition to key commercial and financial appointments. Mr Tony Izelaar and Mr Andrew Waller resigned as Directors during the quarter and Mr Craig Willis resigned subsequent to quarter end.

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Modena Resources Limited 31 October 2011

ASX Announcement Quarterly Activities Report

Corporate: Modena has moved its registered office to Melbourne and appointed a highly skilled and experienced new company secretary.

Suspension Update: trading in the shares of the company on the Australian Stock Exchange remain suspended pending the completion of an audit of Modena’s USA subsidiaries. Modena is making every effort to ensure the audit is completed as soon as possible and the suspension lifted.

Capital Raisings: Modena raised $1,731,500 during the quarter from the following sources: Equity drawdown facility with Truestone Capital Limited for $511,000; and a Convertible loan for $1,220,500.

Bankruptcy Resolution: During the quarter Modena entered mediation in an attempt to resolve its lawsuit with the Bankruptcy Trustee of BNP Petroleum Corporation. The draft settlement agreement is subject to approval of the Board, the Bankruptcy Trustee and the Bankruptcy court. The new Modena Board will attempt to finalise this issue in the coming months.

Other Claims and Legal Action: the new Modena Board has commenced a review of legal proceedings instituted by the Company’s previous Board and Management in relation to the JC Long Term Value Fund, its parent AGS Capital Group LLC, and Mr Allen Silberstein. In addition, in July 2011 TPE Operating LLC (“TPEO”) resigned as the contractor-operating group for all of Modena’s U.S. subsidiaries. On 29 July 2011 TPEO sent a letter to Modena claiming US$794,323.89 for breach of contract. This claim is currently outstanding and Modena is in discussions with TPEO.

Strategic review . The new Modena Board is undertaking a comprehensive strategic review of all of its existing and prior leases and will attempt to renew those determined meet our objectives of near term production and low risk exploration. The findings and outcome of the review will be made available to shareholders once completed.

For further information please contact:

Cosimo Damiano

Non-Executive Chairman Phone: +61 3 9692 7222 Email: cosimo.damiano@modenaresources.com.au

About Modena Resources: Modena Resources is an independent oil and gas production and exploration company, listed on the Australian Stock Exchange (Code – MDA). Its primary operations are in the Padre Island region of Texas, USA.

www.modenaresources.com

Suite 304, 22 St Kilda Road • St Kilda • Victoria • 3182 T: +61 3 9692 7222 F: +61 3 9529 8057