CYCLIQ GROUP LTD — M&A Activity 2010

May 16, 2010

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17[th] May 2010

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

COMPLETION GAS PRODUCTION ASSETS

Modena Resources Limited (ASX: MDA , the Company) is pleased to announce that the company’s bid to acquire the oil and gas assets via the purchase of Blackgate Resources LLC (“Blackgate”) a company duly incorporated in the state of Texas, USA has been approved by the US Bankruptcy Court.

Modena Resources has appointed key operations personnel and will shortly assume full control of the day to day operations. The company’s immediate priority is the re-establishment of full production as soon as practical.

Yours sincerely

A R Hamilton

Chairman

Modena Resources Limited

Suite B, 150 Hay Street PO Box 8155, Hay Street East Subiaco Western Australia 6008 Phone: +61(0) 8 9388 8439 Facsimile: +61(0) 8 9388 8450