CYCLIQ GROUP LTD — Investor Presentation 2011

Nov 29, 2011

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A Turnaround Story

30 November 2011

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General Disclaimer

This presentation has been prepared by Modena Resources Limited (“Modena” or the “Company”).

It should not be considered as an offer or invitation or inducement to subscribe for or the purchase of any securities in the Company. This presentation may contain forecasts and forward looking statements that are subject to risk factors associated with the oil and gas industry. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied. The Company has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, Modena makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation.

This overview of Modena does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

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Turnaround Underway

• New Board of Directors appointed

• Implementing Texas focussed, 3 pronged strategy

• Restructuring & recapitalisation well advanced

• Undertaking review of all assets & operations

• Looking for future growth opportunities

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Corporate Summary

Capital Structure	Capital Structure
Shares on Issues (ASX: MDA)	288,739,426
Options	74,011,250 (listed)
Convertible Notes	A$7.99 million
Market Cap. (undiluted)	~A$15 million
Cash on Hand	~A$0.5 million
Share Price	A$0.052/share
52 Week Range	A$0.019 – A$0.16/share

Top 5 Shareholders	Top 5 Shareholders
HSBC Custody Nominees	11.29%
Penson Australia Nominees	4.54%
Gelc Pty Ltd	3.79%
P&B Bastion	3.50%
K Mahon	3.45%

Board and Management	Board and Management
Cosimo Damiano	Non-Executive Chairman
Andrew Mattin	Managing Director
Craig Martin	Non-Executive Director
Melanie Leydin	Company Secretary

Offices	Offices
Registered Office	Melbourne, Victoria
Management Offices	Perth, Western Australia
Operations Offices	Houston, Texas Corpus Christi, Texas

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New Board of Directors

 New Board has proven track record establishing, growing & ultimately monetising junior oil & gas companies

• Key technical, financial & commercial skills

• Internationally experienced in exploration, development & production

• A focus on strong corporate governance

Andrew Mattin Managing Director

Andrew Mattin has over 21 years experience in the exploration, development and production of oil and gas in Australia, New Zealand, South-East Asia, Europe, North Africa and the USA with a range of companies, including Woodside Energy, Tap Oil and Nido Petroleum. During his career he has held technical and executive positions and been responsible for numerous onshore and onshore projects. Andrew is a member of the Australian Institute of Company Directors (AICD), the Society of Petroleum Engineers (SPE) and South East Asian Petroleum Exploration Society (SEAPEX).

Cosimo Damiano Non Executive Chairman

Over 15 years experience in the finance industry, including 10 years in Investment Banking / Research specializing in the energy sector and 2.5 years in Global Oil Trading companies (Trafigura and Mercuria). Formerly Director of Upstream Investments for Mercuria Energy Group and Head of Australian Oil & Gas Research for Merrill Lynch, based in Melbourne. He has wide commercial and investment experience in the oil and gas exploration industry in Australia, Asia, Africa, United States, Canada and Argentina.

Craig Martin Non Executive Director

Craig Martin is a senior executive oil and gas professional with extensive experience in oil and gas, offshore and onshore operations. Craig has worked for Australian and international upstream operators for more than 26 years in oil and gas production operations, field development, exploration, drilling and crude oil and gas marketing. Craig holds a Bachelor of Science Degree (Geology), a Master of Business Administration and Graduate Diploma in Oil and Gas Engineering.

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A Texas Focussed Strategy

 Why Texas?

• Prolific oil & gas province with extensive infrastructure & support facilities

• Abundant opportunities that are a good fit with the Company’s size & skill set

• Easy access to US energy markets – oil & gas readily saleable

 The strategy…

• Short Term (up to 6 months) – Recovery

• Retention, reacquisition & optimisation of existing production assets

• Cash flow maximisation

• Rebuild reputation & relationships

• Medium Term (3 to 12 months) – Production

• Low risk value creation through restart of production

• Rework/recomplete existing wells, where technically & economically appropriate

• Exploration & appraisal opportunities in existing leases

• Medium to Long Term (3 months & beyond) – Growth

• Assess acquisition opportunities in Texas

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Restructuring & Recapitalisation Programme

 Balance sheet restructuring well advanced

• Convertible note and loan negotiations continuing

• Finalising new convertible note (same terms as most recent note)

 Short-term G&A reduction and management programme implemented

• 60% reduction in day-to-day running costs

 Adopting a pragmatic approach to outstanding legal cases

• BNP settlement to be finalised on 13 Jan 2012

 Existing assets

• Asset review on-going

• Renegotiating leases where required

• Preparing bid for South Sprint Gas Unit

• Reducing cost & risk exposure – reviewing potential JV partners for Padre Island

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Potential Work Pro ramme[1 ] g

Est. Schedule3 Est. Capex3,4 Est. Potential Prod. Rates3,5	Est. Schedule3 Est. Capex3,4 Est. Potential Prod. Rates3,5	Est. Schedule3 Est. Capex3,4 Est. Potential Prod. Rates3,5	Est. Schedule3 Est. Capex3,4 Est. Potential Prod. Rates3,5
LOW HANGING FRUIT - Maintenance and minor upgrades
Dunn McCampbell A4, Rivera #1 & #2, Saenz #1 & #2 New Compressor, well & facility maintenance	1Q-2Q 2012	<$100k	150-250 Mcf/d
**EXPLOITATION - Low risk production increases2 **
Renegotiate leases (underway) Mid Frio #1 & #2 – Assess well workovers & undertake if technically & economically viable	1Q-2Q 2012	<$250k	2,000 Mcf/d
Assess well workovers & recompletions; undertake if technically & economically viable Dunn Peach #5 & #7 – recompletions _Dunn Peach #6 & ST 1008 #1 – workovers2 _	2Q-3Q 2012	~$800k	4,400 Mcf/d
LOW RISK EXPLORATION/APPRAISAL2
Bid on South Sprint Gas Unit (SSGU) Assess well redrill, workovers & recompletions; undertake if technically & economically viable ST 938 redrill – redevelop proved & probable resources 938 #1 & #2 – recompletions SSGU redrill – workover & redrill to develop remaining resources & test deeper structures	3Q-4Q 2012	~$1,500k6	9,500 Mcf/d
TOTAL ESTIMATED CAPEX ~$2,650k

NOTES:

1. Work programme preliminary only and subject to finalisation of technical and economics review

2. Subject to successful renegotiation of leases and/or successful bid for South Sprint Gas Unit and some State Tract leases

3. Schedule, capex and production rates based on previous estimates – under review

4. Estimated capex is Net Capex

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5. All production forecasts are unrisked estimates

6. Subject to potential farm out

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Abundant Opportunities

 New opportunities are the key to future success…

• Existing assets can assist with short/medium-term cash flow

• New assets for longer term growth

 Vibrant market in Texas

• Recent private auction of ~480 leases

• 1,500+ exhibitors at NAPE in Houston

 Assessing a range of opportunities to enhance MDA’s portfolio

• Low to medium risk exploration, development & redevelopment

• Near term production

• Investigations show a large number of opportunities that are a good fit with MDA’s size & skill set

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Contact Details

Andrew Mattin Managing Director Email: andrew.mattin@modenaresources.com

Cosimo Damiano

Non Executive Chairman Email: cosimo.damiano@modenaresources.com

Registered Australian Office Modena Resources Ltd Suite 304, 22 St. Kilda Road St. Kilda, Victoria 3182, Australia

Telephone: +61 3 9692 7222 Facsimile: +61 3 9529 8057

www.modenaresources.com

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