CYCLIQ GROUP LTD — Interim / Quarterly Report 2012

Apr 26, 2012

==> picture [146 x 43] intentionally omitted <==

27 April 2012

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDING 31 MARCH 2012

OVERVIEW

The first quarter of 2012 continued to be challenging however the Board, management, and staff made considerable progress towards laying the foundation for a strong and sustainable future for the Company.

PRODUCTION OPERATIONS

During the quarter the Dunn-McCampbell A4 well on Padre Island and three of the Sullivan City wells continued to flow gas, producing and selling a total of 6,337Mcf of gas (an increase of approximately 87% from the previous quarter), generating revenue of some $14,981 (an increase of approximately 3% from the previous quarter) for the Company. It should be noted that whilst gas production increased during the quarter, since 4Q 2011 the gas price received has declined some 31% and this adversely affected revenues.

In addition, some 334 barrels of oil (condensate) were also sold generating revenue of some $34,517.

ASSET REVIEW

Substantial progress was made on the technical and economic review of the Company’s Texas based assets. The review has used available data to assess the current and future value potential of the Padre Island and Sullivan City assets.

Sprint Energy Ltd Suite 304, 22 St Kilda Road

m +61 434 115 488 www.sprintenergy.com.au

==> picture [145 x 43] intentionally omitted <==

BNP SETTLEMENT

During the quarter, the final settlement of the BNP Bankruptcy cases in the United States Bankruptcy Court for the Southern District of Texas was announced. Under the terms of the settlement the Company paid US$863,299 as full and final settlement of these legal proceedings.

OPTION TO ACQUIRE LOUISIANA ASSETS

On 10 February 2012 Sprint signed a 60-day, non-binding, exclusive option with Eternal Resources Ltd (“Eternal”) to acquire the shares of Eternal Resources and/or its Louisiana based oil and gas assets.

During the quarter the Company reviewed these assets. However agreement could not be reached regarding the final structure of the deal and on 10 April 2012 Sprint announced that it had elected not to exercise its option.

Sprint’s Board of Directors remain focussed on rebuilding the Company via the identification of potential for value generation through its Padre Island and Sullivan City leases and through the identification of potential additions to its oil and gas portfolio in the North American region.

CORPORATE

Reinstatement to the ASX

On 27 January Sprint was requoted on the Australian Stock Exchange (ASX) following the completion of the audit of its 2011 financial year accounts and the release of the Company’s Restated Annual Report.

Board Changes

During the quarter the Board welcomed the appointment of Dr Jaap Poll as a Nonexecutive Director. Also during the quarter Mr Cosimo Damiano and Mr Andrew Mattin resigned as directors of the Company. Mr Gary Roper was appointed to the Board as a Non-Executive Director on 26 March 2012 and subsequently tendered his resignation on 12 April 2012.

Subsequent to this quarter, Mr Brad Boyle was appointment as the Company’s new Managing Director which took effect on 12 April 2012 and Dr Jaap Poll was also appointed as the Company’s Non-executive Chairman.

Funding, Cash Flow and Creditor Management

Considerable effort continues to be put into managing the Company's creditors and its cash flow. In late-March Sprint engaged Truestone Capital and the Monolithic Corporate Group to assist and advise the Board during this process. Since their appointment Truestone and Monolithic have contacted major creditors and negotiated a number of in-principle

www.sprintenergy.com.au

Page 2 of 3

==> picture [145 x 43] intentionally omitted <==

agreements for the management of the Company’s legacy debts. Announcements on these arrangements will be made in the coming months once the necessary agreements have been finalised and executed.

As announced on 10 January, Sprint successfully renegotiated a number of its loans resulting in a reduction of over A$2.8 million and an extension of the maturity dates to the end of 2012.

Also, during the quarter the Company issued 81,650,000 fully paid ordinary shares as settlement of Convertible Notes issued in September and December 2011. In addition, in January the Company issued a new $250,000 convertible note to provide working capital.

Subsequent to the quarter, the Company executed a convertible loan agreement amounting to $500,000 with all funds being deposited.

Yours sincerely Sprint Energy Ltd

Mr Brad Boyle Managing Director

For further information please contact: Phone: +61 3 9692 7222

Email: brad.boyle@sprintenergy.com.au

About Sprint Energy Ltd: Sprint Energy Ltd is an independent oil and gas exploration and production Company, listed on the Australian Stock Exchange (ASX Code: SPS). Its primary focus of operations is Gulf Coast, USA.

www.sprintenergy.com.au

Page 3 of 3