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Cygam Commences Drilling of the BJA-2 Exploration Well

Source: www.gulfoilandgas.com 3/22/2012, Location: Africa

CYGAM Energy Inc is pleased to advise that drilling of the BJA-2 exploration well in the Sud Remada Permit commenced on March 20, 2012. The BJA-2 well will be drilled to a total vertical depth of approximately 1,580 metres MD to evaluate the hydrocarbon potential of a new large structure, named Bir Jaouacha, located approximately 17 km north-west of the producing TT structure in the Bir Ben Tartar production concession within the Sud Remada permit.

The main targets of the BJA-2 well are the Bir Ben Tartar and Lower Jeffara Formations of lower Ordovician age, which are the same reservoirs that produce oil in the TT structure. An extensive coring program of approximately 60 to 80 m in length is planned in the Lower Jeffara and Bir Ben Tartar reservoir formations.

The TT structure, located within the Bir Ben Tartar production concession in the Sud Remada Permit, is currently producing an average of 2,000 bopd from 7 wells (from TT-2 to TT-8). One additional appraisal well (TT-9), drilled in early 2012 as the initial well of a planned 11 well development program, is currently being completed. CYGAM will participate for its 14% direct working interest in the BIA-2 exploration well which is being drilled by Chinook Energy Inc.

The oil and natural gas business involves many risks that even a combination of experience, knowledge and careful evaluation may not be able to overcome. Exploration, appraisal, and development of oil and natural gas reserves is speculative and involves a significant degree of risk. There is no guarantee that exploration or appraisal of the potential reserves in Tunisia will lead to a discovery of commercial reserves or, if such reserves are discovered, that the Company will be able to realize such reserves as intended.

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