CYCLIQ GROUP LTD — Major Shareholding Notification 2010

May 9, 2010

603 page 1/2 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

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Form 603 Corporations Act 2001 Section 671B Notice of initial substantial holder
To Company Name/Scheme Modena Resources Limited ACN/ARSN 119 749 647 1. Details of substantial holder Name Richelou Pty Limited A.C.N. 135 320 375 The holders became a substantial holder on 7 May 2010 2. Details of voting power The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows: Class of securities (4) Number of securities Person’s votes (5) Voting power (6) Ordinary fully paid shares 103,638,398 103,638,398 14.64% 3. Details of relevant interests The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows: Holder of relevant interest Nature of relevant interest (7) Class and number of securities Richelou PtyLimited Beneficial 101,053,273 OrdinaryFullyPaid Shares Caerleon Capital PtyLtd Beneficial 2,585,125 OrdinaryFullyPaid Shares 4. Details of present registered holders The persons registered as holders of the securities referred to in paragraph 3 above are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) Class and number of securities Richelou Pty Limited Richelou Pty Limited Richelou Pty Limited 101,053,273 Ordinary Fully Paid Shares Caerleon Capital Pty Ltd Caerleon Capital Pty Ltd Caerleon Capital Pty Ltd 2,585,125 Ordinary Fully Paid Shares 5. Consideration The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows: Holder of relevant interest Date of acquisition Consideration (9) Class and number of securities Cash Non-cash Richelou Pty Limited 07/05/10 $0.05 per share - 101,053,273 Ordinary Fully Paid Shares Caerleon Capital Pty Ltd 07/05/10 $0.05 per share - 2,585,125 Ordinary Fully Paid Shares
	To Company Name/Scheme Modena Resources Limited ACN/ARSN 119 749 647 1. Details of substantial holder Name Richelou Pty Limited A.C.N. 135 320 375 The holders became a substantial holder on 7 May 2010 2. Details of voting power The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows: Class of securities (4) Number of securities Person’s votes (5) Voting power (6) Ordinary fully paid shares 103,638,398 103,638,398 14.64% 3. Details of relevant interests The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows: Holder of relevant interest Nature of relevant interest (7) Class and number of securities Richelou PtyLimited Beneficial 101,053,273 OrdinaryFullyPaid Shares Caerleon Capital PtyLtd Beneficial 2,585,125 OrdinaryFullyPaid Shares 4. Details of present registered holders The persons registered as holders of the securities referred to in paragraph 3 above are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) Class and number of securities Richelou Pty Limited Richelou Pty Limited Richelou Pty Limited 101,053,273 Ordinary Fully Paid Shares Caerleon Capital Pty Ltd Caerleon Capital Pty Ltd Caerleon Capital Pty Ltd 2,585,125 Ordinary Fully Paid Shares 5. Consideration The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows: Holder of relevant interest Date of acquisition Consideration (9) Class and number of securities Cash Non-cash Richelou Pty Limited 07/05/10 $0.05 per share - 101,053,273 Ordinary Fully Paid Shares Caerleon Capital Pty Ltd 07/05/10 $0.05 per share - 2,585,125 Ordinary Fully Paid Shares			Modena Resources Limited
				119 749 647
		Holder of relevant interest	Date of acquisition		Consideration (9)		Class and number of securities
					Cash	Non-cash
		Richelou Pty Limited	07/05/10		$0.05 per share	-	101,053,273 Ordinary Fully Paid Shares
		Caerleon Capital Pty Ltd	07/05/10		$0.05 per share	-	2,585,125 Ordinary Fully Paid Shares

603 page 2/2 15 July 2001

Acquisition of relevant interests in ordinary shares in Modena under section 608(1)(a) of the Corporations Act as a result of the issue of shares to Richelou & Caerleon Capital by Modena under the arrangements entered into by Modena to purchase its interests in certain shallow gas projects in Texas USA from Blackgate Resources LLC ( Blackgate ) conditional on Blackgate being sold to Modena in accordance with Modena’s ASX announcements dated 5 January 2010, 22 March 2010 and 6 May 2010.

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
Caerleon Capital PtyLtd ACN 135 650 181	Subsidiaryof Richelou PtyLtd

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Richelou PtyLimited	c/- Holden & Bolster
	Level 31,264-278 George Street Sydney2000
Caerleon Capital PtyLtd	c/- Holden & Bolster
	Level 31,264-278 George Street Sydney2000

Signature

print name Jim Story Company Secretary

sign here

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date 10 May 2010

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of “associate” in section 9 of the Corporations Act 2001.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

(6) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

(7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

• See the definition of “relevant agreement” in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write “unknown”. (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial shareholder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.