Cygam Wins Final Approval for Offshore Sicily Permit

Cygam Energy Inc. said that its wholly owned subsidiary, Vega Oil S.p.A., received the final ministerial approval for the Aretusa exploration permit, now officially named C.R148.VG. The official decree was published in the monthly Italian Hydrocarbon Bulletin on December 31, 2006.

The C.R148.VG permit is located in the Ragusa Plateau and encompasses an area of 83,264 acres (336.98 square kilometers). Available seismic data indicates the presence of two potential structures on the block. The main hydrocarbon target is the upper Triassic porous dolomites of the Taormina formation; a secondary target is represented by lower Jurassic carbonates of the Villagonia formation which was deposited above the Streppenosa black shales, the major source rocks in the area. The only well drilled in the permit area in 1985 (Aretusa-1) flowed 1500 BOPD of 36 degrees API oil and 11.5 MMCF/D for a short period of time from fractured pelagic limestones of the Villagonia formation. The well was not drilled deep enough to reach the Taormina formation. The test of oil and gas within the block is an indication that hydrocarbons were generated in the Jurassic and Triassic systems within or in close proximity of the Aretusa block. Several significant oil fields have been discovered in Triassic and Jurassic carbonates onshore and offshore Sicily since 1954.

Vega has a 100% working interest in this new exploration permit located in the Mediterranean Sea, offshore southeastern Sicily, in water depths of 20 to 130 meters. Cygam has already received expressions of interest from other companies active in the Mediterranean Basin and willing to participate in exploratory activities in the area.

In the short term, Vega plans to acquire, reprocess and interpret all the existing seismic data previously shot on and around the permit. Following the interpretation of this data, Vega is committed to acquire a 3D seismic program covering an area of approximately 80 to 100 square kilometers in order to further define the two indicated seismic structures on the block and select a drilling location.

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