Storm, Partners Confirm Oil Discovery in Tunisia
Cygam Energy Inc. provided results on the TT2 exploratory well drilled on the Sud Remada permit in southern Tunisia.
In a previous press release dated July 24, 2008, Cygam announced that production testing on two intervals in the Ordovician Bir Ben Tartar formation in the TT2 exploratory well had resulted in combined flow rates of approximately 300 barrels of oil per day of 45 degree API oil and 200 thousand cubic feet of associated gas and with varying water cuts.
The Corporation is pleased to announce that additional production testing conducted on the exploratory well indicates the load water from the initial artificial fracturing operations has been largely recovered. The additional production testing also indicates test rates similar to those previously announced in the July 24th press release, comprised primarily of light oil with low associated gas and water cuts. Additional testing on one of two up-hole secondary formations did not result in significant initial hydrocarbon inflow and additional studies will be conducted on these formations in subsequent wells.
The TT2 well was drilled on a large structure, with an areal extent of approximately 70 square kilometers, which had the Ordovician as the primary formation of interest. The discovery of light oil in this significant structure at relatively shallow depths on the eastern side of the 1.2 million acre block confirms the presence of a mature source rock and effective hydrocarbon migration route increasing the chance of success for several other prospects identified on the block.
Storm Ventures International Inc., the operator of the Sud Remada permit, is currently preparing an application for a permit to place the well on production for an extended six month production period during which the parties will be entitled to produce and sell the oil. The Corporation believes the reservoir could be an ideal candidate for the application of horizontal drilling technology for the future development plans for the block. A development plan for submission to ETAP, the Tunisian National Oil Company, will be discussed among the Sud Remada partners in the near future. The plan may include a 3D seismic program to further delineate the new discovery and the implementation of a horizontal appraisal drilling program.
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 is the operator and has a 71% working interest; Madalena Ventures Inc. is also a partner with a 15% interest in the well.
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