CYCLIQ GROUP LTD — Interim / Quarterly Report 2011

Apr 28, 2011

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29[th] April 2011

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

QUARTERLY REPORT 31[st] MARCH 2011

OPERATIONS

Modena Resources Limited (ASX: MDA , the Company) has a substantial position of prospective 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 delivered a reserve report in order to assess the potential of its South Texas assets and provide guidance in planning strategies for developing the leasehold positions in South Texas acquired during 2010.

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

The Company believes that as the various production targets are achieved and further prospects are developed 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.

In addition to the classified reserves delineated in this report, the Company also has identified world class potential in the two deep targets at Manzano and Dunn Deep 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.

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Modena Resources Limited ABN 47 119 749 647

Quarterly Report 29[th] April 2011

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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 third quarter 2011, subject to permitting and regulatory approval.

Modena has also issued an AFE to the other 25% working Interest parties at South Sprint to provide the required proportion of the funding for the development of this exciting prospect. South Sprint has a three stage program with the first stage a work over program to reestablish production. The second and third

stages require additional engineering, geological and geophysical data, however the targets for both stages are significant. Modena is currently securing the funding for its shallow well program which will enable the optimal development programs 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 executed a facility with Truestone Capital of London to provide up to $10,000,000 in working capital, of which $1,000,000 has been drawn down at the date of this report.

• (a) the Company has issued 58,987,097 ordinary fully paid shares at an average issue price of 1.695 cents per share pursuant to a drawdown facility, raising an amount of $1,000,000; and

• (b) the Company has issued 40,021,653 ordinary fully paid shares on the conversion of unsecured convertible notes with a face value of $720,000; and

• (c) the Company has issued 1,304,347 ordinary fully paid shares at an issue price of 2.3 cents per share in consideration of services rendered.

Yours sincerely

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 an Offshore Operators Certification from the University of South Western Louisiana in 1979 and has more than 35 years relevant petroleum experience within the oil and gas sector Internationally.

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