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CYGAM Energy announces Tunisian operational update

Thursday, Feb 07, 2013

CYGAM Energy Inc. ("CYGAM") (TSX VENTURE:CYG) is pleased to provide an operational update regarding the TT Field in the BBT Concession in Tunisia. Through a wholly-owned subsidiary, CYGAM holds a 14% working interest in the Concession. Partners in the concession are block holder, Enterprise Tunisienne D'Activites de Petrolieres ("ETAP") and Chinook Energy (86% interest and operator).

TT-10 Horizontal Well Initial Flow Rates

The TT-10 well is the fourth horizontal well test of the Ordovician Quartzite Reservoir on the Bir Ben Tartar Production Concession (the "BBT Concession"). Completion operations on TT-10 commenced on January 7, 2013 and, following an 11-stage fracture stimulation placing a total of 270,000 pounds of proppant, production testing began on January 12, 2013. Over the initial 19 day flow period the TT-10 well flowed an average oil rate of 618 barrels of oil per day ("bopd"), an average water rate of 516 barrels of water per day (44% water cut) and average gas-to-oil ratio of 1,039 standard cubic feet of gas per barrel of oil.

December gross production from the BBT Concession was 3,512 bopd (309 bopd net to CYGAM and post ETAP) from seven vertical and three horizontal producers. Water cuts from the horizontal wells have stabilized at approximately 40% in three of the four wells, a much higher average than seen in the stimulated vertical wells. Plans for water injection into the main BBT reservoir are progressing and will be included into 2013 facility development. CYGAM's net share of gross production is approximately 8.8%, with ETAP paying the tax and royalties out of its share of profit oil.

2013 BBT Drilling Program and Sud Remada Permit Activity Update

CYGAM has budgeted for the drilling and completion of six horizontal development wells on the TT Field in 2013 with an anticipated commencement date of April 1, 2013.

In addition to the continuing development drilling on the TT Field, CYGAM will drill an exploration well on the Sud Remada Permit in 2013 targeting an Ordovician feature similar in size to the TT Field and will acquire a 250km2 3-D seismic survey on the southernmost portion of the Sud Remada Permit, which currently has very limited 2-D seismic data, in an attempt to pursue the regionally prolific Acacus oil fairway into the Permit.

Source: Marketwire

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