Cygam Energy Inc. announced the commencement of drilling of the TT-2 exploratory well on the Sud Remada permit operated by Storm Ventures International Inc.
The TT-2 well is being drilled on a large Ordovician structure, with indicated areal extent of approximately 70 square kilometres, which was mapped on the basis of extensive older vintage seismic coverage and new 2-D seismic data acquired in mid 2007. The well will be drilled approximately one kilometre from an older well (TT-1), drilled in 1959, which recovered light oil and gas on limited tests. New 2D seismic data indicates that the TT-2 location should encounter the target Ordovician Bir Ben Tartar sandstones 15 to 20 metres higher than in the TT-1 well. It is expected that drilling and testing operations in this 1,600 metre well will last approximately 30 days.
The Sud Remada permit covers an area of 1,173,215 acres and has exploratory potential in the Ordovician, Silurian Acacus and Triassic Ras Hamia formations. All three zones have commercial production in adjoining blocks in Tunisia and Libya. The 2D seismic program conducted over the Block during 2007 has also delineated additional prospective structures which are under review for future drilling. The Corporation has a 14% working interest in the TT-2 well and the Sud Remada permit.
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