Cygam Energy Wins Exploration Permit Offshore Sicily

Cygam Energy's subsidiary, Vega Oil S.p.A., has received preliminary ministerial approval for a new exploration permit in the Mediterranean Sea, offshore south-eastern Sicily. Vega has a 100% working interest in this permit and has already received expressions of interest from other companies willing to participate in exploratory activities in the area.

The d348 C.R.-VG (Aretusa) permit is located in the Ragusa Plateau and encompasses an area of 83,264 acres. Available seismic data indicates the presence of two potential structures on the block. The main hydrocarbon target is the "Taormina" carbonate unit of upper Triassic age; a secondary target is represented by the "Inici" carbonates of lower Jurassic age. Several significant oil fields have been discovered in Triassic and Jurassic carbonates onshore and offshore Sicily since 1954.

Vega is currently preparing an environmental assessment report which will be submitted to the Ministry of Environment. Reprocessing of existing seismic data and acquisition of additional seismic lines will follow after final ministerial approval is granted. Aretusa is the fifth area in Italy in which Vega has obtained an exploratory permit.

Cygam's other subsidiary, Rigo Oil Tunisia, recently opened an office in Tunis as required by its operator's duties under Tunisian guidelines. Rigo operates two large permits, the Jorf and Sud Tozeur blocks, and has earned a net 20% working interest in the Remada Sud permit in Tunisia. Interpretation and reprocessing of extensive seismic data is currently being carried out in Calgary on the Jorf and Sud Tozeur permits; the drilling obligation on the Jorf block will be evaluated and an exploratory well may be proposed by mid 2006.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Executive Protection Coordinator
Expertise: Risk Management|Security
Location: TX
 
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
 
Landman - Midstream Surface Land
Expertise: Landman
Location: The Woodlands, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours