CYCLIQ GROUP LTD — Interim / Quarterly Report 2010

Jan 30, 2011

31 January 2011

==> picture [194 x 88] intentionally omitted <==

QUARTERLY REPORT

31 December 2010

Modena Resources Limited (ASX: MDA , the Company), has retained H J Gruy & Associates Inc, Petroleum Consultants to deliver an updated reserve report which is scheduled for completion in and release in February 2011. The Company’s technical team has completed a review of the 24 production wells acquired in South Texas at its Padre Island operations. The company is also currently completing both permits and right of way access agreements to facilitate the commencement of work-over operations. Modena continues to work towards its objective and restore production towards a targeted 14,900 MCFPD over the next twelve months.

The Company has approximately 15,000 acres 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. The Company’s technical team has performed a thorough wellbore utility review and has identified 15 wells with production improvement possibilities.

==> picture [330 x 220] intentionally omitted <==

Modena Storage Facility South Padre Island

2

Modena Resources Limited ABN 47 119 749 647

Quarterly Report 31 January 2011

The Company expects further updates as production increases over the coming months and to date is pleased to report that the wells currently being reinstated have responded positively.

CORPORATE

The Company completed a private placement in the December quarter to raise $2.9 million for the purposes of commencing the production development program. Additionally, the Company executed a facility with Truestone Capital of London to provide up to $10,000,000 in working capital.

Modena Resources expects to deliver the reserve report to Macquarie Bank Limited (Macquarie Bank) as part of the banks technical due diligence for the proposed funding for an initial package of four shallow drilling prospects in its South Texas Development Project subject to Macquarie Bank’s usual internal approvals.

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 • Western Australia • 6005 PO Box 8 • West Perth • Western Australia • 6872

T: +61 (0)8 9226 1247 F: +61 (0)8 9226 1257