Cygam's Tunisian Well Drilled 'Without Incident or Accident'

Cygam Energy Inc. announced that the TT2 exploration well on the Sud Remada permit in southern Tunisia reached total depth of 1500m in the Ordovician Kasbah Leguine formation on April 16th, 2008. The well was drilled without incident or accident by High Arctic's Rapad Rig 2. The Sud Remada permit is located in the Ghadames Basin and is approximately 1.2 million acres in size. Cygam's working interest in the well and in the entire permit is 14%. Storm Ventures International Inc. is the operator and has a 71% working interest; Madalena Ventures Inc. is also a partner with a 15% interest in the well.

The operator's pre-drilling expectation of encountering a 50 meter gross hydrocarbon column in the Ordovician Bin Ben Tartar quartzites appears to have been achieved. A 60 meter core was cut through the potential reservoir and a full suite of open-hole logs was run. The well is currently being tested open-hole and will be cased for completion and extended production testing to determine commerciality. Depending upon the outcome of the core evaluation and the initial testing program, the well may require fracture stimulation to achieve commercial flow rates. Timing of this subsequent operation is likely to be within 60 to 90 days from rig release, subject to equipment availability. An additional announcement will be made following completion of the testing operations.