CYGAM Energy announces Tunisian exploration permit extensions
Tuesday, Nov 06, 2012CYGAM Energy Inc. ("CYGAM") (TSX VENTURE:CYG) is pleased to announce that the Direction Generale de l'Energie ("DGE") in Tunisia has approved the following extensions to CYGAM's exploration permits onshore Tunisia.
Bazma (CYGAM 100%)
The Bazma permit has been deemed to have entered the second exploration period and, as a result, permit expiry is now July 26, 2015. The existing work commitment for the first exploration period (one well to the Ordovician or 4,400 metres) has been rolled into the second period which carries an additional commitment to drill a shallow well to the Triassic.
Sud Tozeur (CYGAM 100%)
The Sud Tozeur permit has been granted a special extension of one year so that expiry is now May 12, 2014. No additional commitments apply to this extension period. The existing commitments of one deep well to the Cambrian/Ordovician or 4,500 metres and 200 km2 of 3D seismic data are now due to be completed by May 12, 2014.
CYGAM's CEO David Taylor commented "We are pleased to have the support of the DGE in granting these permit extensions. CYGAM is committed to the effective exploration of these permits and the additional time allows for the orderly pursuit of suitable farmin partners. The existing 2D seismic in both permits has recently been reprocessed and a full re-interpretation is currently underway to form the technical foundation of a broad farmout initiative which is expected to commence in early 2013."
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