|By Marketwired .||
|January 13, 2014 06:14 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 01/13/14 -- CYGAM Energy Inc. ("CYGAM") (TSX VENTURE:CYG) is pleased to provide an operational update regarding the TT Field in the Bir Ben Tartar Production Concession (the "BBT Concession") in Tunisia. Through a wholly-owned subsidiary, CYGAM holds a 14% working interest in the Concession. Partners in the concession are block holder, Enterprise Tunisienne D'Activites de Petrolieres ("ETAP") and Chinook Energy (86% interest and operator).
BBT Concession Production Update
Gross production from the TT Field has averaged 2,242 bopd (197 bopd net to CYGAM and post ETAP) during the fourth quarter of 2013. Average field water cut over the same period was stable at 29.5%.
Artificial lift using jet pumps has now been implemented on wells TT2, TT10 and TT11 and water injection into the main reservoir using the TT12 well is expected to commence during the first quarter of 2014. A further four wells are expected to have artificial lift installed during 2014.
Work continues on installing an Early Production Facility and Gathering System which will result in existing wells being flow line connected to a central tank battery and process facility. It is expected that this substantial infrastructure upgrade will be completed during 2014.
TT20 Vertical Well
The TT20 well, a step-out to the west of the main pool, was spud on July 5, 2013 and encountered good reservoir intervals in the Lower Jeffara and Upper and Lower Bir Ben Tartar sandstones. Oil and gas shows were evident during drilling, however, despite borehole log resistivities being very similar to other producers in the area, after completion and stimulation the well produced at high water cuts. Salinities of the produced water were dissimilar to others observed in the area and an evaluation continues to determine the source of these fluids.
TT21 Vertical well
The well was completed and fracked with production commencing July 25, 2013. Production has continued to be stable and averaged 346 bopd gross during the fourth quarter of 2013 with 0% water cut.
2014 BBT Drilling Program and Sud Remada Permit Activity
TT15 Deviated well
TT15 is the first of six wells planned for the third phase drilling program and was spudded on December 22, 2013. The well reached a total depth of 1,510 metres on January 2, 2014 after being directionally drilled to a bottom hole location approximately 200 metres to the southwest of the surface location. Oil and gas shows were encountered in the Upper and Lower Jeffara and Bir Ben Tartar sandstone intervals during drilling operations. Completion operations at the well are ongoing.
CYGAM has budgeted for the drilling and completion of up to a further five vertical development wells on the TT Field during 2014. It is expected that these wells will be drilled back to back during the first half of the year.
The planned 250 km2 3D exploration seismic program targeting the regionally prolific Acacus oil fairway in the southern part of the Sud Remada permit has been postponed and may be tendered later in the year.
About CYGAM Energy Inc.
CYGAM is a Calgary based exploration company with extensive international exploration permits and a producing property in Tunisia. The main focus of CYGAM is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean Basin. CYGAM currently holds various interests in five exploratory permits in Italy plus three exploratory permits and the BBT Production Concession in Tunisia which together encompass a total of approximately 2.5 million gross acres.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
In the interest of providing shareholders and potential investors with information regarding CYGAM, including management's assessment of the future plans and operations of CYGAM, certain statements contained in this news release constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. In particular, this news release contains, without limitation, forward-looking statements pertaining to: future drilling; operations (including the number of wells, locations and target zones); seismic programs; water injection plans; strategies to increase water handling capacity and other future operations and the timing thereof; and anticipated cost reductions.
With respect to the forward-looking statements contained in this news release, CYGAM has made assumptions regarding, among other things: the ability of the Operator to continue to operate in Tunisia with limited logistical, security and operational issues; the ability of the Operator to obtain equipment in a timely manner and to carry out drilling and completion operations; the results of geological, geophysical and reservoir analysis and testing and completion operations; commodity prices; the receipt of required regulatory approvals; global economic conditions. Although CYGAM believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause CYGAM's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements.
These risks and uncertainties include, without limitation: political and security risks associated with the Operator's Tunisian operations, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve and resource estimates, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, delays in projects and/or operations, wells not performing as expected, delays resulting from or inability to obtain the required regulatory approvals, CYGAM's ability to access sufficient capital from internal and external sources; and risks associated with the operation of CYGAM's assets by third parties, including the limited ability of CYGAM to exercise influence over the operation of those assets or their associated costs, the timing and amount of capital expenditures, the operator's expertise and financial resources, the approval of other participants, and the selection of technology and risk management practices. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could effect CYGAM's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and CYGAM does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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