04-30-2008
Cygam Energy Inc. announces that the TT2 exploration well on the Sud Remada permit in southern Tunisia reached total depth of 1500m in the Ordovician Kasbah Leguine formation.The well was
drilled without incident or accident by High Arctic's Rapad Rig 2. 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%. Storm Ventures International Inc. is the operator and has a 71% working
interest; Madalena Ventures Inc. is also a partner with a 15% interest in the
well.
The operator’s pre-drilling expectation of encountering a 50 meter gross
hydrocarbon column in the Ordovician Bin Ben Tartar quartzites appears to have
been achieved. A 60 meter core was cut through the potential reservoir and a
full suite of open-hole logs was run.
The well is currently being tested open-hole and will be cased for completion and extended production testing to determine commerciality. Depending upon the outcome of the core evaluation and the initial testing program, the well may require fracture stimulation to achieve commercial flow rates. Timing of this subsequent operation is likely to be within 60 to 90 days from rig release, subject to equipment availability.