Cygam Energy Inc. Provides Additional Update on Drilling Operations in Tunisia

Cygam Energy Inc. (TSX VENTURE:CYG) ("Cygam" or the "Corporation") is pleased to
provide an additional update on the TT2 exploration well operated by Storm
Ventures International Inc. ("SVI") of Calgary, on the Remada Sud Permit in
Southern Tunisia.


Highlights:

- Potentially significant light oil and gas shows were encountered in the main
objective (Ordovician Bir Ben Tartar) while coring. Good yellow fluorescence was
observed in the cores.


- Presence of hydrocarbons was confirmed by one drill stem test which recovered
light oil, gas and no water. The test was run approximately 50 meters below the
top of the Bir Ben Tartar and log analysis indicates that the potential
hydrocarbon column could extend up to approximately another 25 metres below the
tested interval.


- Petrophysical analysis indicates that a secondary objective (Ordovician
Jaffara formation) may also be hydrocarbon bearing.


- Potentially significant gas shows were also encountered while drilling through
the Silurian Tanezzuft shale and sandstone sequence above the Bir Ben Tartar
main objective.


The main target, the Ordovician Bir Ben Tartar formation, consisting of a
massive sequence of sandstones with minor shale streaks, had potentially
significant gas and oil shows while coring. Upon reaching total depth at 1,500
metres and after log evaluation, several zones of interest were identified in
both the primary and secondary objectives and selected for testing.


Several open-hole drill stem tests were planned but, due to unpredictable
mechanical failures, only one test was successfully completed which recovered
oil and gas in the down-hole sampler, with no water. During testing operations,
well-bore conditions deteriorated and the operator and its partners agreed to
suspend testing and set casing to TD.


The operator is currently waiting for the arrival of stimulation equipment from
outside Tunisia in order to artificially fracture and production test several
zones of interest. It is expected that Schlumberger stimulation equipment should
arrive on location by early July. In the meantime, the two cores (approximately
60 meters in total) cut in the Bir Ben Tartar formation have been shipped to
Aberdeen, Scotland, for routine and special analyses. A detailed testing and
stimulation program is also being prepared.


The Sud Remada permit is located in the Ghadames Basin and is approximately 1.2
million acres in size. Cygam's working interest in the well and in the entire
permit is 14%. SVI is the operator and has a 71% working interest; Madalena
Ventures Inc. is also a partner with a 15% interest in the well.


Cygam is a Calgary based exploration company with producing oil and gas
properties in Canada and extensive international exploration concessions. The
main focus of the Corporation is the acquisition, exploration and development of
international oil and gas permits, primarily in Italy, Tunisia and the
Mediterranean region. Cygam currently holds various interests in five
exploratory concessions in Italy and four exploratory concessions in Tunisia
encompassing approximately 4 million gross acres (approximately 2.8 million net
acres). Visit the Cygam website at www.cygamenergyinc.com for more information
about Cygam.


This News Release includes certain "forward-looking statements". All statements
other than statements of historical fact, included in this release, including,
without limitation, statements regarding interpretation of seismic and well
data, future plans and objectives of Cygam Energy Inc., are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated or expected in such
statements. Cygam does not undertake any obligations to update forward-looking
statements except as required by applicable securities laws. In particular,
various factors can cause delays or prevent the Corporation from carrying out
its testing and completion programs as scheduled, including but not limited to
unavailability of equipment, funding and manpower or delays in the equipment
reaching the Sud Remada permit. There is no certainty that the Sud Remada
testing and fracture stimulation programs will be carried out as scheduled or
that they will be successful in establishing commerciality. Important factors
that could cause actual results to differ materially from Cygam's expectations
are risks detailed herein and from time to time in the continuous disclosure
filings made by Cygam with securities regulators on the System for Electronic
Document Analysis and Retrieval (SEDAR) at www.sedar.com.
StorageVault Canada (TSX:SVI)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024