CYCLIQ GROUP LTD — Interim / Quarterly Report 2011

Jul 28, 2011

==> picture [191 x 86] intentionally omitted <==

29 July 2011

QUARTERLY REPORT – JUNE 2011

OPERATIONS

Modena Resources Limited (ASX: MDA , the Company) has completed the Blackgate transaction and has legal title to the exploration acreage as part of the assets purchased, including 20 oil and gas production wells in South Texas via its wholly owned US subsidiary Modena Petroleum LLC.

During the quarter Modena worked on holding the status quo on the planned production programs which have been delayed due to various matters including completing alternative funding arrangements. Following the failure of receipt of the undertaking sought from JC Long Term Value Fund (JCLTVF) and its parent company AGS Capital Group LLC (AGS), the Company has commenced proceedings in the Supreme Court of Western Australia against JCLTVF, AGS and AGS’s Chief Executive Mr Allen Silberstein seeking, amongst other things, orders for damages and orders that the Funding Facility is void ab initio or alternatively, liable to be set aside in light of the conduct of JCLTVF and AGS.

The Company has sought and obtained interlocutory injunctive orders restraining JCLTVF, AGS and Mr Silberstein from selling, assigning, mortgaging or otherwise encumbering or disposing of the shares held in the Company until further order of the Supreme Court.

Notwithstanding the funding matters the Company believes that the various production targets will be achieved and further prospects are developed once an alternative funding has been completed and a further review of the reserves will be warranted as the Company’s reserve profile changes and increases as a result of its development programs.

2

Modena Resources Limited ABN 47 119 749 647

Quarterly Report 29[th] July 2011

==> picture [229 x 206] intentionally omitted <==

One of the key elements to the Company’s development program is its South Sprint project. 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 fourth quarter 2011, subject to permitting and regulatory approval.

The shallow well program will enable Modena 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.

CORPORATE

The Company has utilized the Truestone Capital Facility which provides up to $10,000,000 in working capital, of which $1,700,000 has been drawn down at the date of this report.

1186 Hay Street, West Perth WA 6005 PO Box 8, West Perth WA 6872 T: +61 (0)8 9226 1247 F: +61 (0)8 9226 1257