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.

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