CYGAM Energy Announces Tunisian Exploration Permit Extensions
CALGARY, ALBERTA--(Marketwire - Nov. 5, 2012) - CYGAM 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."
About CYGAM Energy Inc.
CYGAM is a Calgary based exploration company with extensive international exploration permits and a producing property in Tunisia. The main focus of CYGAM is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean Basin. CYGAM currently holds various interests in seven exploratory permits in Italy plus three exploratory permits and the BBT Production Concession in Tunisia which together encompass a total of approximately 2.7 million gross acres.
Forward Looking Information
In the interest of providing shareholders and potential investors with information regarding Cygam, including management's assessment of the future plans and operations of Cygam, certain statements contained in this news release constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, this news release contains, without limitation, forward-looking statements pertaining to future Tunisian operations and transactions respecting Cygam's Tunisian assets and the timing thereof.
With respect to the forward-looking statements contained in this news release, Cygam has made assumptions regarding, among other things: the ability of the operator to continue to operate in Tunisia with limited logistical security and operational issues, future capital expenditure levels, future oil and natural gas prices, future oil and natural gas production levels, ability to obtain equipment in a timely manner to carry out exploration and development activities, the impact of increasing competition, the ability of Cygam and its partners to add production and reserves through development and exploitation activities, certain commodity price and other cost assumptions, the continued availability of adequate financing and cash flow to fund its planned expenditures. Although Cygam believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Cygam's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements.
These risks and uncertainties include, without limitation: political and security risks associated with the Tunisian operations; risks associated with the operation of Cygam's assets by third parties, including the limited ability of Cygam to exercise influence over the operation of those assets or their associated costs, the timing and amount of capital expenditures, the operator's expertise and financial resources, the approval of other participants, and the selection of technology and risk management practices; risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve and resource estimates, the continued impact of shut-in production, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, delays in projects and/or operations resulting from surface conditions, wells not performing as expected, delays resulting from or inability to obtain the required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could affect Cygam's operations and financial results are included reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at Cygam's website (www.cygamenergy.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Cygam does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
