CYGAM ENERGY Inc.
CYGAM ENERGY Inc.
COMPANY PRESENTATION
November 2009
www.cygamenergy.com
CYGAM ENERGY INC.
1
November 2009
Forward-Looking Statements
CYGAM ENERGY Inc.
Certain statements contained in this presentation, including statements which contain
words such as “could”, “should”, “expect”, “estimate”, “believe”, “likely” or “will” and
statements relating to the business plan and strategy, expansion and growth of
Cygam’s business and operations, oil and gas production estimates, estimates of
exploration activity, drilling and seismic activity, and similar expressions and statements
are forward-looking statements. Such forward-looking statements involve substantial
known and unknown risks and uncertainties. These forward looking statements are
subject to numerous risks and uncertainties, certain of which are beyond Cygam’s
control, including the impact of general imprecision of reserve estimates, oil and gas
price volatility, environmental risks, political and economic risks, fluctuations in
currency and interest rates, changes in laws and regulations in jurisdictions in which
Cygam does business, including environmental, taxation policies, competition from
other producers, the lack of availability of qualified personnel or management, stock
market volatility, and the ability to access sufficient capital from internal and external
sources. Cygam’s actual results, performance and achievements could differ materially
from those expressed in, or implied by, these forward looking statements, and
accordingly, no assurance can be given that any of the events anticipated by the
forward looking statements will transpire or occur, or if any of them do so, what
benefits Cygam will derive therefrom.
CYGAM ENERGY INC.
2
November 2009
CYGAM ENERGY Inc.
Capital Structure
•
Listed on the TSX Venture Exchange, symbol "CYG“
•
Closing Price of $0.56 on November 3, 2009
•
Basic Shares Outstanding

•
•
85,614,204
28,452,775 shares are subject to a 6 year escrow
Fully Diluted Shares Outstanding
92,914,204

69% insider ownership on a FD basis

Options exercisable at between $0.60 and $1.31 per share
Assets include

10 exploration permits in Italy and Tunisia

$2.2 million in Canadian producing properties

$1.5 million in positive working capital (October, 2009)
CYGAM ENERGY INC.
3
November 2009
CYGAM ENERGY Inc.
Board of Directors
Experienced Board of Directors

Neli Rigo
Chairman and Director

Dario Sodero
Geologist
President, CEO and Director

Ali Rawji
CA
CFO and Director

Derrick Armstrong Lawyer
Independent Director

Drew Burgess
CA
Independent Director

Peter Haverson
Engineer
Independent Director

Giuseppe Rigo
Geologist
VP Intl. Exploration and Director
Significant ownership

Management and directors own 71% of the issued and outstanding shares
CYGAM ENERGY INC.
4
November 2009
CYGAM ENERGY Inc.
Management
Experienced Management Team





Dario Sodero - President, CEO and Director - Geologist with over 35 years of Canadian
and international oil & gas experience, 30 years in senior management positions with Cities
Service and with public companies (Atlas Yellowknife Resources, Coachlight Resources,
Sheer Energy) on the TSX and TSXV. Doctorate in Geological Sciences.
Ali Rawji, CA - CFO and Director - CA and CFA, with 25 years of Corporate Finance and
international financial experience with accounting firms (AA&Co and PWC), securities
industry, TSX Venture Exchange and venture capital investment banking (First Associates
Investments Inc.). Graduate of LSE.
Giuseppe Rigo - VP Intl. Exploration and Director - President of Rigo and Vega
(Cygam’s wholly owned subsidiaries), 25 years experience as a geologist in Italy and
Mediterranean region (Lasmo International Ltd. and Lasmo Mineraria S.p.A.), most recently
Resident Manager of Grove Energy which made a gas discovery in Northern Italy. Degree in
Geological Sciences.
Rodolfo Begolli - Resident Manager (Tunisia) - Geologist with over 35 years of
experience in Europe and North Africa (Total and ENI) and direct operational experience in
Tunisia. Most recently worked for ENI in Egypt. Degree in Geological Sciences.
Sandro Silenzi - VP Exploration (Rigo and Vega) - Geologist with over 40 years of
Canadian and International experience (CPOG, Getty Oil, Canadian Superior, TCPL and
Encor Energy) including Algeria and Tunisia. Degree in Geological Sciences.
CYGAM ENERGY INC.
5
November 2009
CYGAM ENERGY Inc.
Cygam Near Term Upside
•
Current risked expected net asset value (RENAV) of $1.19 per share based on
independent reserve reports on the Sud Remada and Elsa permits(1)
•
2010 Capital expenditure program will result in two appraisal wells and three
exploratory wells, plus several 2D and 3D seismic programs
•
RENAV expected to increase to $3.08 per share upon completion of 2010
drilling program
•
Potential unrisked net asset value of up to $9.78 per share
•
Production expected to increase from current 54 boepd to 1,017 boepd by
December 2011
•
Reserves expected to increase by 113% by December 2010
(1) Independent reserve/resource assessments and management estimate of future cash flows.
CYGAM ENERGY INC.
6
November 2009
Long Term Potential
Potential Exit Production (boed)
CYGAM ENERGY Inc.
12,289
12,000
Expected Production (boepd)
10,000
8,000
6,000
4,000
2,689
1,858
2,000
1,017
54
321
0
2009
Canada
CYGAM ENERGY INC.
2010
Sud Remada
2011
2012
Bazma
7
2013
Sud Tozeur
2014
Elsa
November 2009
Long Term Potential
Potential Reserve Additions (Mboe)
180,000
CYGAM ENERGY Inc.
171,469
172,464
2013
2014
160,000
Expected Reserves (MBOE)
140,000
120,000
100,000
77,604
80,000
73,989
60,000
40,000
20,000
2,236
3,811
0
2009
Canada
CYGAM ENERGY INC.
2010
Sud Remada
2011
2012
Bazma
Sud Tozeur
8
Elsa
Aretusa
November 2009
CYGAM ENERGY Inc.
Italy and Tunisia highlights
•
Exploration portfolio comprised of highly prospective, near term and long term opportunities
•
No signature bonus required in Italy or Tunisia - Pro-oil industry and stable Governments
•
Italy has one of the best royalty structures and is the third largest producer in Europe
•
Tunisia has the most favorable royalty structure in North Africa
Exploration History
Italy
• 7,056 wells drilled from
1941 to 2007 of which
1,536 drilled offshore;
• 38 wells drilled in 2007
Production & Reserves
• 2008 production :
255,000 BOEPD
(100,000 BOPD +
935 MMCFPD)
Cygam Acreage
•
389,077 gross acres
•
294,792 net acres
• Proved Remaining
Reserves :
1,790 MM BOE
Tunisia
• 1050 wells drilled from
1932 to 2008
• 45 wells drilled in 2008
• 2008 production :
135,000 BOEPD
(87,000 BOPD +
287 MMCFPD)
• 3,139,157 gross acres
• 1,534,974 net acres
Royalty and Taxes
Onshore
Oil & gas : 7% - first
125,000 bbls /y /field and
0.7 BCF/y/field royalty free
Offshore
Oil : 4% - first 300,000 bbls
/y /field royalty free
Gas : 7% - first 1.75
BCF/y/field royalty free
Corp. Tax rate : 33%
Oil and gas :
Progressive rate of 2%
to 15% of production
based on profitability
• Proved Remaining
Reserves :
838 MM BOE
CYGAM ENERGY INC.
9
November 2009
CYGAM ENERGY Inc.
Elsa




18,782 current net acres (76 km2)
60% Working Interest
(inclusive of a 20% free carried interest)
Offshore permit in shallow Adriatic sea
(35 m average water depth)
Well expected to cost approximately
$30 million (Cygam’s share will be $12
million at current working interest)


Well licensing process (submission of
Environmental Assessment Report)
initiated by Cygam in July, 2009
Drilling of 4,700 m well planned for 2010,
depending on rig availability
•
354 km of 2-D seismic data reprocessed and interpreted. Simulation study completed.
•
Potential net pay in main reservoir: 50 meters
•
Elsa structure: 15 km2 . Additional structures outlined on the permit
•
Potential recoverable resources in main structure : 85 -104 MMbbls (most likely case)
•
NI51-101 compliant reserve report completed by DeGolier and MacNaughton
(104 MMbbls and 31 Bcf recoverable resources as most likely case)
•
Expected oil gravity: 20º-35º API - Jurassic / L. Cretaceous Maiolica Eq. formation
CYGAM ENERGY INC.
10
November 2009
CYGAM ENERGY Inc.
Elsa
ELSA PROSPECT (Pescara Basin)
d500B.R-.EL Application
Petroceltic
Elsa Prospect - 15 km2
104 MMSTB 20-35°API OIL
31 Bcf GAS
P50 Recoverable resources
d496B.R-.EL Application
Petroceltic
B.R268.RG Permit
60% working interest
Inclusive of 20% carried interest
D.S. GIOVANNI TEATINO
Application
ENI
BUCC
BUCCHIANICO
Permit
ENI
B.R269.G.R Permit
Medoil
MIGLIANICO
Concession
ENI
Miglianico Field
37 MMSTB 34°API OIL
P1 Recoverable reserves
ORTONA Permit
ENI
CYGAM ENERGY INC.
11
November 2009
CYGAM ENERGY Inc.
Aretusa

88,473 current net acres (358 km2)

100% Working Interest


Potential structure size: 70 km2

Potential net pay: 125 m

•
Final ministerial approval received in
December, 2006
Potential gross resources in place:
1 billion BOE

Expected oil gravity: 35º API

Expected well costs: $35 million

Water depth: approximately 90 m

3-D Seismic planned for 2010
Main target: Upper Triassic Taormina formation which produces in offshore Mila field
(34º API) and onshore Gela and Ragusa fields (10º API and 19º API respectively)
•
Aretusa-1 well tested 1,400 BOPD of 36º API oil and 11.5 MMCFD on a six hour test
from fractured limestones of the Villagonia formation which overlies the Streppenosa
formation (main source rock) and the Taormina formation (main target)
•
The Taormina formation was never reached in nearby wells which were drilled to test
the shallower Lower Jurassic Siracusa target of the Vega field (16º API)
CYGAM ENERGY INC.
12
November 2009
CYGAM ENERGY Inc.
Aretusa
ARETUSA PROSPECT (Streppenosa Basin)
Irminio Field
10 MMSTB 31°API OIL
Recoverable reserves
Irminio Conc.
Irminio
SICILY
Mila Field
10 MMSTB 34°API OIL
Recoverable reserves
Streppenosa Basin
d361C.R-.TU
Application
Transunion
d355C.R-.SR Applic.
Sviluppo Risorse
Black shales
ARETUSA 1
C.C6.EO
Concession
Edison
Vega Field
d360C.R-.TU
Application
Transunion
C.R148.VG Permit
100% working interest
d359C.R-.TU
Application
Transunion
Aretusa Prospect - 70 km2
36 MMSTB 16°API OIL
Recoverable reserves
300 MMSTB 35°API OIL
Recoverable resources
C.R146.NP
Northern Petroleum
CYGAM ENERGY INC.
13
November 2009
CYGAM ENERGY Inc.
Other Italian permits
Five approved permits and one permit awaiting final approval, with total
net acreage of approximately 290,000 net acres
M A S S. M O N T A R O Z Z O
POSTA
Onshore SE Italy
NUOVA
Onshore SE Italy
Current W. I.:
100 %
Current W. I.:
100 %
Gross Acreage:
38,300 ac.
Gross Acreage:
38,155 ac.
(155 km2)
(154.4 km2)
Potential Resources:
0.5 MM BOE
Potential Resources:
0.7 MM BOE
Preliminary approval:
Aug 2008
New seismic acquisition:
Q2 2010
Drilling plans to be decided
C. R 1 4 8. R G
CIVITAQUANA
MONTALBANO
Onshore East Central Italy
Onshore South Central Italy
Current W. I.:
42.86 %
Gross Acreage:
40,765 ac.
(165
0.5 MM BOE
Exploratory drilling:
Q1 2010
65 %
Gross Acreage:
152,081 ac.
(615.4 km2)
km2)
Potential Resources:
Current W. I.:
Potential Rec. Resources: 5 MM BOE
(plus potential resources similar to
B.R 268.RG for deeper targets)
Seismic acquisition:
CYGAM ENERGY INC.
14
Q4 2009
November 2009
CYGAM ENERGY Inc.
Sud Remada permit

Onshore southern Tunisia, adjacent to the
Libyan border

164,252 net acres (664.7 km2)

14% Working Interest


Operated by Storm Ventures International
Inc.
Net potential reserves in place: 24-31 MM
STB (TT structure alone)
. Independent reserve report on the TT
structure currently being prepared in
accordance with NI 51-101 guidelines
•
Two large Ordovician structures (TT structure and El Bell structure) with the indicated
areal extent of 67 km2 and 74 km2 respectively have been defined by 2D seismic
•
Completion and testing operations of TT2 discovery well confirmed presence of 44º API
oil and natural gas. The well commenced production on March 22, 2009 at flow rates of
230-250 BOPD plus 300mcf/d
•
Silurian Tannezuft potential to be fully tested in future appraisal horizontal wells
•
Several Silurian Acacus seismic structures, similar to the Adam and Hammouda fields in
Tunisia and other fields in Libya, are present on the permit
CYGAM ENERGY INC.
15
November 2009
CYGAM ENERGY Inc.
Sud Remada permit
TT structure
Structural closure:
TT-1
TT-2
110 km2
Gross reservoir thickness:
98 m
Area of oil pay:
67 km2
Net oil pay:
50.5 m
Area of gas pay:
35 km2
Net gas pay:
7m
OWC -1269m
Initial independent Reserve
Assessment:
170-220 MM STB
in place
C.I = 10 m
5 km
0
24-31 MM STB
recoverable
2009-2010 development plan includes:
•
One year (or up to 90,000 bbls) extended production testing of TT2 well
•
Over 45,000 barrels already produced since March 22, 2009
•
Acquisition of 3D seismic on TT structure completed in October-November 2009
•
Drilling of two appraisal wells in 2010
•
Appraisal wells expected to be on full production by late 2010
CYGAM ENERGY INC.
16
November 2009
CYGAM ENERGY Inc.
Bazma permit

Permit officially granted on July 28, 2006

Onshore, adjacent to the Jorf Permit

315,457 net acres (1,276.6 km2)

79% Current Working Interest
(inclusive of 12.7% free carried interest)

Net potential resources of 50 MM BOE

Drilling operations for Triassic prospect
expected to commence in 2010

Large US Company (undisclosed) to
reprocess large amount of seismic data and
acquire extensive new 2D seismic, with
option for 3D seismic and drilling of deep
well at no cost to Cygam
•
Triassic Tagi gas and condensate potential, similar to the adjacent Tarfa and Baguel fields
•
Several deeper Silurian and Ordovician targets outlined on the permit
•
Newly acquired seismic data identified several potential structures and confirmed the
selected drilling location on the Frida structure, approximately 4.5 km NE of the Tarfa field
•
Gas, oil and condensate pipelines from adjacent Tarfa and Baguel fields are crossing the
permit area
CYGAM ENERGY INC.
17
November 2009
CYGAM ENERGY Inc.
Bazma permit
0
10 Km
LMG 2
MA 1
Target
distribution &
prospect/leads
map
JORF PERMIT
TAGI
TARGETS
PALEOZOIC
TARGETS
KGF 1
BAZMA 1
V
LEGEND
A
TY
FR
D
B
ZMT 1
C
A
E
FR
TARFA 2
BS 1
BZ 1
F
TARFA 1
DZ
HBR 1
BAGUEL 1
CYGAM ENERGY INC.
BAGUELTARFA
Production
Concession
TRIASSIC PROSPECT (3)
PALEOZOIC
LEAD/PROSPECT (9)
OIL PIPELINE
GAS CONDENSATE
BZ 2
PIPELINE
ZKH 1
DOUZ 1
18
November 2009
CYGAM ENERGY Inc.
Other Tunisian Permits
SUD
TOZEUR
Onshore Central Tunisia
Type of contract:
PSA
Current Working Interest: 89 %
Gross acreage:
1,082,298 ac.
(4,380 km2)
Potential resources:
150 MM BOE
Exploratory drilling:
Q4 2010
JORF
Onshore Central Tunisia
Type of contract:
JV
Current Working Interest: 19 %
Gross acreage:
484,316 ac.
(1,960 km2)
Potential resources:
94 MM STB
Exploratory drilling:
Q4 2010
CYGAM ENERGY INC.
19
November 2009
2010 Capital Expenditure Program
Net Capital
Expenditures
(US$)
Planned Work Program
2010 Drilling & Testing Program
- Elsa-2 Appraisal Well / Testing
- 2 Sud Remada Appraisal Wells
- Bazma Frida Well
- Montesano-2 Well
Geographical & Geophysical Studies
- Aretusa
- Posta Nuova
- Mass. Montarozzo
- Sud Tozeur
- Jorf
Working Capital and Other Corporate Purposes
TOTAL
CYGAM ENERGY INC.
CYGAM ENERGY Inc.
$15,800,000
$2,500,000
$700,000
$19,000,000
20
November 2009
CYGAM ENERGY Inc.
Cygam Summary
•
Nine exploration permits awarded in Italy and Tunisia,
exploration permit which received preliminary approval in Italy
and
•
Gross exploration acreage comprising approximately 3.5 million acres
•
Several permits with potential in excess of 100 million BOE in place.
•
Total gross unrisked potential resource estimated to be in excess of
one
1 billion BOE
•
2010 plan includes finalizing 2D seismic interpretation on five permits,
acquiring 3D seismic coverage on two permits plus drilling two appraisal
wells and one exploratory well in Tunisia and two exploratory wells in
Italy
•
2010 plan expected to increase RENAV from $1.19 to $3.08 per share
•
Positive working capital and several joint venture partners willing to
participate in Cygam’s prospects on a promoted basis
•
Expected future participation in new exploration areas with significant oil
and gas potential in the Mediterranean basin
CYGAM ENERGY INC.
21
November 2009
CYGAM ENERGY Inc.
APPENDIX – ADDITIONAL LICENCE INFORMATION
CYGAM ENERGY INC.
22
November 2009
CYGAM ENERGY Inc.
Elsa - Italy
TARGET:
Oil
FORMATION:
Maiolica
AGE:
Upper Jurassic /
Lower Cretaceous
Elsa 1
____________________________
POTENTIAL
AREA:
15 km2
PAY:
85 m
POROSITY:
10 - 19 %
S.W.:
20 - 40 %
OIL GRAVITY
20-35°API
R.F.:
20 %
_____________________________
RECOVERABLE RESERVES (MEAN)
OIL:
85 MMBO
GAS:
724 Million m3
(26 BSCF)
TOP MAIOLICA EQ.
ISOBATH MAP
ELSA 1
NW
SE
Line B89-815
CYGAM ENERGY INC.
23
November 2009
CYGAM ENERGY Inc.
Aretusa - Italy
TARGET:
Oil
FORMATION:
Taormina
TOP TAORMINA
ISOCHRON MAP
Aretusa 1
AGE:
Upper Triassic
_____________________________
POTENTIAL
AREA:
70 km2
PAY:
125 m
POROSITY:
13 %
S.W.:
25 %
OIL GRAVITY
35°API
R.F.:
30 %
SICILY CHANNEL
ISOCHRONES HORIZON “C”
TOP OF TAORMINA DOLOMITES
(Upper Triassic)
_____________________________
RECOVERABLE RESERVES (MEAN)
OIL:
300 MMBO
0
5
10
Km
HS-81-04
ARETUSA 1
(projected)
LT-83-01
ARETUSA 1
Gessoso Solfifera
Hybla
Buccheri
Buccheri
Streppenosa
Streppenosa
Taormina
Taormina
NW
CYGAM ENERGY INC.
SE
SW
24
NE
November 2009
CYGAM ENERGY Inc.
Civitaquana permit - Italy



98,852 current net acres (400 Km2)
60% Working Interest (Cygam
operated), plus a 5% free carried
interest in the first well drilled
Purchase and reprocessing of 100
km of existing 2-D seismic data
planned for 2010. Optional
acquisition of 60 km of new data


Shallow structures already outlined
Deeper Cretaceous structures to be
further investigated. These
structures could have potential
resources similar to B.R268 permit
•
Shallow potential in Oligocene - Miocene formations, similar to Cigno-Vallecupa fields
•
A shallow well, originally planned for Q4, 2010 to test the Miocene at 2,500 m, may be
delayed due to current drilling restrictions imposed by the Abruzzi Region following the
L’Aquila earthquake of April, 2009.
CYGAM ENERGY INC.
25
November 2009
CYGAM ENERGY Inc.
Civitaquana permit - Italy
AMBROSIO PROSPECT (Umbria-Marche Basin)
d496B.R-.EL
Application
ENI
D.S. VENERE
Application
ENI
Colle Tavo Field
50 MMSTB 44°API OIL
Recoverable reserves
CIVITAQUANA
Permit
60% working interest
Incusive of 5%
carried interest
D.S. GIOVANNI TEATINO
Application
ENI
B.R268.RG
Permit
CYGAM
B.R263.RG
Permit
ENI
Ambrosio Prospect
2.6 km2
5.6 MMSTB OIL
Recoverable reserves
MIGLIANICO
Concession
ENI
BUCCHIANICO
Permit
ENI
SAN BASILE Concession
Medoil
FILETTO
Concession
GasPlus
CYGAM ENERGY INC.
26
B.R269.RG
Permit
Medoil
ORTONA
Permit
ENI
November 2009
CYGAM ENERGY Inc.
Civitaquana permit - Italy
AMBROSIO PROSPECT
TARGET:
Oil
FORMATION:
Bolognano Fm.
Ambrosio 1
AGE:
L-Middle Miocene
_____________________________
POTENTIAL
AREA:
2.6 km2
PAY:
120 m
POROSITY:
6-13 %
S.W.:
50 %
BO
1.4
R.F.:
10 %
_____________________________
RECOVERABLE RESERVES (MEAN)
OIL:
5 MMBO
Ambrosio 1 Well
LINE PE-421-89
Pliocene
Pliocene
TD: 1600 m
LEGEND
Laga F. (Messinian)
Bolognano F. (Tortonian)
Near-top Fucoidi (L. Cretac.)
CYGAM ENERGY INC.
27
November 2009
CYGAM ENERGY Inc.
Montalbano permit – Italy







CYGAM ENERGY INC.
28
12,230 current net acres (49.5
km2)
42.86% Working Interest
Election to drill a 1,600 m
exploratory well
Reprocessing and interpretation
of 80 km of existing seismic
data has been finalized
Older well tested gas within the
permit, near the northern
border
Exploration objectives are
Pliocene sands, which produce
gas and 32º - 36º API oil in
nearby Grottole-Ferrandina and
Pisticci fields (Miocene
Calcarenites and Cretaceous to
Jurassic carbonates)
Exploratory well planned for Q2
2010
November 2009
Montalbano permit - Prospect “Fiume Cavone”
TARGET:
Gas sands
FORMATION:
Ferrandina Fm.
CYGAM ENERGY Inc.
Nord
AGE:
Pleistocene
_____________________________
POTENTIAL
AREA:
0.716 km2
PAY:
12.7 m
POROSITY:
25.7 %
S.W.:
40 %
R.F.:
65 %
Fiume Cavone-1 Dir
Well trajectory
_____________________________
S4 Target
ALLOCHTON
RECOVERABLE RESERVES (MEAN)
GAS:
Fiume Cavone-1 Dir
S4 Target
Time Map
(c.i. 10 ms TWT)
Montesano 1 Dir
1.87 BCF
Timpa Rossa 1
200 m
Fiume Cavone-1 Dir
NNE
SSW
PLIO-PLEISTOCENIC
SEQUENCE
S4 Target
ALLOCHTON
S5 Level
Seismic Line FB-577 (1978)
CYGAM ENERGY INC.
200 m
29
November 2009
CYGAM ENERGY Inc.
Posta Nuova permit – Italy







38,155 current net acres (154.4
km2)
100% Working Interest
Posta Piana-1 well, drilled in May
2007, P&A
Additional lead identified in the
eastern portion of the permit
Adjacent Lucera field produced
28 BCF to date, Candela and
three other nearby fields have
produced 671 BCF
Potential reserves of about4 BCF
allocated to other structures on
the permit
Seismic review to be carried out
in 2010

CYGAM ENERGY INC.
30
Gas transmission infrastructures
nearby the permit
November 2009
Masseria Montarozzo application – Italy







CYGAM ENERGY INC.
31
CYGAM ENERGY Inc.
38,300 current net acres (155
km2)
Adjacent to the Posta Nuova
permit
100% Working Interest
Election to drill a 1,400 m
exploratory well
Reprocessing and interpretation of
50 km of existing seismic data to
be finalized
Exploration objectives are
Pliocene sands, which produce gas
in nearby Candela-Palino, RosetoMontestillo, Lucera and Mezzanelle
fields
Gas transmission infrastructure
near by the permit
November 2009
CYGAM ENERGY Inc.
Additional gas prospects – Southern Italy
Posta Nuova Permit
Posta Nuova Permit
Mass. Montarozzo
Application
ITALY

38,155 current net acres (154.4 km2)

100% Working Interest

Posta Piana-1 well, drilled in May 2007, P&A




Additional lead identified in the eastern
portion of the permit
Adjacent Lucera field produced 28 BCF to
date, Candela and three other nearby fields
have produced 671 BCF
Potential reserves of about 4 BCF allocated
to other structures on the permit
Seismic review to be carried out in 2010
Masseria Montarozzo Application

38,300 current net acres (155 km2)

100% Working Interest


Reprocessing and interpretation of 50 km of
existing seismic data to be finalized
Exploration objectives are Pliocene sands,
which produce gas in nearby Candela-Palino,
Roseto-Montestillo, Lucera and Mezzanelle
fields
Montalbano Permit



Montalbano Permit

CYGAM ENERGY INC.
32
12,230 current net acres (49.5 km2)
42.86% Working Interest
Older well tested gas within the permit, near
the northern border
Exploration objectives are Pliocene sands,
which produce gas and 32º - 36º API oil in
nearby Grottole-Ferrandina and Pisticci fields
November 2009
Jorf permit - Tunisia
CYGAM ENERGY Inc.

Onshore Tunisia, within 35 km of the
Gulf of Gabes

92,020 net acres (372.4 km2)

19 % Current Working Interest

Net potential resources of 18 MM STB


Received 2°exploration renewal period
of 2.5 year (expiry date: Aug 5, 2011)
Drilling of deep Permian reef or
shallower Triassic Tagi prospect
planned for early 2011
•
Permian reef potential, similar to West Texas Permian basin and discoveries in Kazakhstan north Caspian fields
(Tengiz / Kashagan)
•
Two Permian pinnacle reefs (prospect “Y” and prospect “Z”) outlined through interpretation of approximately
2,000 km of older seismic data in the northern sector of the block and confirmed by 200 km of new seismic
campaign (2008)
•
The Bhayra Rigo-1 well, drilled in August 2007, confirmed the presence of a highly porous and dolomitized
Permian reef reservoir
•
Major 24 inch pipeline within 6 km to 35 km from two reef structures
•
Two oil treatment centers close to potential drilling locations
CYGAM ENERGY INC.
33
November 2009
CYGAM ENERGY Inc.
V1
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Bazma permit – Prospect “Frida” - Tunisia
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Group: Customized Coordinate System
System: Customized Zone 32N (6 E to 12 E) 2310
Datum: Carthage - Tunisia
Ellipsoid: Clarke 1880
X(Min,Max): 517166.63 544850.14
Y(Min,Max): 3672405.03 3691998.63
Latitude(Min,Max): 33.192843 33.368784
Longitude(Min,Max): 9.184161 9.482110
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System: Customized Zone 32N (6 E to 12 E) 2310
Datum: Carthage - Tunisia
Ellipsoid: Clarke 1880
X(Min,Max): 517166.63 544850.14
Y(Min,Max): 3672405.03 3691998.63
Latitude(Min,Max): 33.192843 33.368784
Longitude(Min,Max): 9.184161 9.482110
39
RIGO OIL Company Limited ( Tunisian
Branch )
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Group:96Customized
Coordinate System
System: Customized Zone 32N (6 E to 12 E) 2
Datum:
Carthage - Tunisia
10
Ellipsoid:
Clarke 1880
10
X(Min,Max): 522630.05 534395.35 860
Y(Min,Max): 3682136.08
3690783.84 TARFA 2
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Latitude(Min,Max):
Longitude(Min,Max): 9.243014 9.369684
0
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220
5mm
2205
Depth
mm
DepthofofTAGI
TAGI2270
2270
2270
26
1
60
2
16
_M
84
10
11
0 0
16 16
26
--------------------------------------------
56
rate
0
110
11
d
a
_c
IG
alib
0
36
35
31
30%
60
te
58
M
0
IG
_c
22
7
10
1
10
0
91
0
11
18.2 STCF/BBL
R.F.:
41
Z3
_M
60
3686200
35 %
GOR:
V1
3_
BA
82
IG
1
10
21 %
S.W.:
1
10
60
M
POROSITY:
IK
8
10
99
10
1_
14 m
8
10
PAY:
1
10
ra
ca
0
96
km2
8_
70
0
ZOOM (C.I.: 5 m)
POTENTIAL
2.2
IK
0
0
46
66
-----------------------------------------AREA:
lib
3
V1
21
Middle Triassic
0
31
TOP AZIZIA DEPTH MAP
2
AGE:
530000
0
TAGI ss.
525000
30
FORMATION:
N
10
X/Y:
Meters
21
Gas & Cond.
2100
10
TARGET:
November 2009
0
CYGAM ENERGY Inc.
Bazma permit – Prospect “Tiniya” - Tunisia
TARGET:
SW
Gas & Cond./Oil
TAGI ss/Ord/Cam
AGE:
Trias/Ord/Cam.
24
FORMATION:
2
3
0
0.
0
0
0
Tiniya 1 (TN-1) well Location (CDP 185)
100
0
SP
NE
300
400
600
500
msec 0
KGF-1
00
.0 0
0
Austrian
Unconformity
----------------------------------------
500
POTENTIAL
TAGI Fm.
8-12
0
AREA:
km2
12-18 m
POROSITY:
23-12 %
S.W.:
35-30 %
R.F.:
25-15 %
.0
0
0
1000
2
3
0
PAY:
Hercynian
Unconformity
1500
----------------------------------------
Near top
Ordovician
2000
RECOVERABLE RESERVES (MEAN)
KGF-1
00
0
0.
0
00
0.
230
0
.0 0
00
50
0 0. 0 0 0
50
0
.0 0
2
7
N1
61
0
00
H@
CE
23
0
3
33660
56
0
0
51
0
IK
0
V@
51
0
0
N6
46
26
0
56
0
41
0
0
61
0
0
0
36
21
0
66
31
0
16
0
0
0
96
71
0
26
0
26
0
10
21
10
0
76
0
81
0
0
51
0
66
0
48 10
N1 3
60
11
0
0
56
IG
M
12
10
5 0 0 01. 0
00 0
1
10 610
0
TH
12
0
5
1
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0
10
11
11
10
0
90
60
5
12
60
N
@
60 IKV
10
60
4
N1
6
13
10
V@
IK
10
10
700 1400 2100 2800 3500 m
11
1
Scale
HC = 1:70000
T
0
10
November 2009
11
13
0
13
0
21
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0
0
16
16
10
60
13
0
36
N
N1
60
Bazma Permit Y
Prospect
17 Ordovician DepthTMap
10
0
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13
1
65
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5
97
21
60
0
11
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0
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26
17
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36
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41
86
11
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IK
10
11
0
0
0
0
96
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0
61
60
10
16
91
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0
11
0
0
31
0
41
0
11
60
00
0
71
66
0
56
51
0
0
36
0
60
0.
66
0
56
0
0
46
36
0
31
0
11
0
0
3
60
0
0
61
46
41
0
31
0
0
51
0
56
2 Km 160
Y Prospect Ordovician Depth Map
0
91
BAZMA-1
0
96
0
46
0
46
IK
0
96
60
10 1
24
N1
9
0
51
11
0
6
16
21
0
0
46
0
41
RIGO OIL
Company Ltd
60
12
N2
10
10
0
21
0
21
0
41
6
0
86
3697100
10
6
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@
38
V@
0
41
V@
IK
60
10
0
36
0
41
21
10
14
10
0
71
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0
51
0
0
0
00
26
0
0
58
46
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14
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0
26
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0
36
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10
11
0
16
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0
31
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04
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26
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1
27
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0
41
60
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0
38
91
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0
26
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0
0
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11
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0
0
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0
31
16
60
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0
0
66
0
0
0
0
0
1
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532800
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00
0
11
0
36
16
0
0
10
46
0
4
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0
4
61
56
51
0
0
11
47
1
10
0
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46
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CE
56
68
7
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6
12
0
26
31
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81
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IK
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IK
04
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38
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60
TH
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4
80 60
9
46
51
0 0
31 26
0
IG
60
13
61
9
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TH
26
0
36
0
41
1
X0M
U3F1
17
C- 527800
H@
CE
10
V@
13
IK
0
0
21
0
0
60
10
0
V@
610
H@
CE
5
0
21
46
16
11
0
0
0
76
60
0
02
N1 1
Bazma Permit
01
N1
10
660
35
0
36
24
N1
16
11
5228000
66
00
0
26
0
21
V@
0
0
V@
IK
5
@
H
CE
6
N1
10
14
0
71
0
7637
N1
0
97
0
86
10
10
91
RIGO OIL Company
Ltd
0
41
0
N
86
60
13
96
H@
IK
10
0
CE
0
36
V@
IK
710
10
8
Y Prospect TAGI Depth
0 Map
36
1
14
00
00
0.0
N1
C@
TH
10
1
N3
46
0 .0
N2
C@
220
10
0
66
00
7103
1
760
TH
1
532800
N1
0
81
1
N1
V@
10
V@
0
H@
220
27
1
IK
46
CE
4
80 60
9
0
0
38
60
0
47
11
CYGAM ENERGY INC.
N1
60
IK
0
31
3692100
0
41
2 Km
@
TB
10
0
0
M
11
11
527800
I
66
04
0
1
23
41
10
0
767
3
N1
0
0
66
IK
.0 0
0 0 10
8
22
24
0
@
KV
0
76
0
21
3692100
4
81
810
13
26
0
0
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16
0
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0
0
22
16
81
1
76
0
60
V@
@N
THC10
60
16
0
61
0
0
31
60
14
0
61
76
0
0
0
0
5
10
@
0
21
16
36
0
IK
71
60
1
10
0
0
0
21
0
36
3692100
0 0
71 03
1
0
41
0
61
0
26
0
31
27
31
21
86
0
51110
0
56
0
31
N1
0
56
0
0
11
0
66
0
61
0
@
26
21
0
10
14
41
TB
0
0
0
56
10
15
0
M
36
0
91
31
0
36
0
36
0
6
55
26
0
.
0
26
0
66
N2
12
60
10
0
0
51
0
0.
3702100
10
12
0
11
0
21
TINIYA WELL
LOCATION 5 0
0
26
60
15
31
96
4
0
46
3697100
0
51
26
0
61
2 4 0 0 .0 0 0
0
41
10
0
0
0
16 0
6
0
16
0
0
16
0
16
10
0
41
0
0
46
31
26
22 00
00
H@
0
10
0
21
0
51
0
36
0
3
0
16
0
21
0
31
60
12
11
36
10
16
0
41
46
6
14
CE
60
1
0
0
36
N2
0
0
0
0
31
0
60
10
13
0
21
0
46
37
0
11
V@
0
21
60
0
11
0
11
0
21
IK
0
16
537800
60
10
26
41
0
0 1
41 3
0
0
31
0
41
@
31
86
0
61
0
36
0
51
36
0
27
0
0
56
60
(C.I.: 200 m)
60
16
3697100
26
0
31
0
N1
21
@
91
0
56
10
14
0
1061
N1
60
13
0
51
00
8
N0
N1
V@
IK
1
10
11
0
H@
CE
7
73
0
16
60
14
10
1
532800
10
60
31
0
0
0
0
TB
15
0
0
5 0 0 0.0
0
36
46
0
0
36
51
0
46
3702100
0
31
46
26
10
36
M
6
55
16
11
41
0
0
0
26
00
TINIYA WELL
LOCATION
0
6
26
0
0
0
56
21
0
36
0
16
00
1711
60
1
IK
10
12
0
16
0
11
TOP ORDOVICIAN DEPTH MAP
10
17
0
21
IK
10
15
0
0
0
0.0
2 0 56
0
0
2 2 0 0 .0 0
3697100
0
41
0
26
0
26
41
96
0
51
0
56
527800
0
31
36
31
10
0
(C.I.: 20 m)
21
26
66
522800
0
0
X/Y:
Meters
61
46
0
60
15
0
0
0
0
41
60
17
201
21
0
61
0
11
N
N1
V@
620
11336
0
76
71
16
0
41
09
N4
C@
0 H
31 T
81
0
0
26
0
0
46
36
60
532800
SEISMIC LINE IKV-N137
10
18
0
16
0
41
10
41
TOP AZIZIA DEPTH MAP
2 4 0 0.060
40
0
0
56
0
11
0
16
527800
0
66
0
0
10
0
51
46
0
11
51
3000
51
0
21
0
X/Y:
41
Meters
0
0
0
46
0
36
46
000
60
0
10
16
0 0.
41
60
18
21
0
0
0
0
10
0
36
16
36
16
0
61
0
16
0
11
11
60
N4
C@
TH
0
620
122
2500
0
51
86
8
56
0
0
31
N.E.
N0
40
60
51
CE
H@
N1
11
0
GAS:
0
46
V@
IK
52 MMBO
31
OIL:
11
N1
IK
V@
Jorf permit - Tunisia
0
5
CYGAM ENERGY Inc.
10 Km
LMG 2
MA 1
JORF PERMIT
TAGI
TARGET
Target
distribution &
prospect/leads
map
Z
PALEOZOIC
TARGETS
KGF 1
Y
BAZMA 1
V
LEGEND
ZMT 1
V
TRIASSIC PROSPECT
BAZMA PERMIT
Y
OIL PIPELINE
TARFA 1
GAS CONDENSATE
HBR 1
CYGAM ENERGY INC.
LEAD/PROSPECT
BS 1
TARFA 2
BAGUEL 1
PALEOZOIC
ZKH 1
DOUZ 1
PIPELINE
BAGUELTARFA
Production
Concession
36
November 2009
CYGAM ENERGY Inc.
Jorf permit – Prospect “V” - Tunisia
TARGET:
Gas & Cond.
FORMATION:
TAGI ss.
AGE:
Middle Triassic
TOP AZIZIA DEPTH MAP (C.I.: 20 m)
KGF 1
---------------------------------------POTENTIAL
AREA:
2.2 km2
PAY:
25 m
POROSITY:
25 %
S.W.:
35 %
R.F.:
30 %
-----------------------------------------TAGI EDGE
RECOVERABLE RESERVES (MEAN)
OIL:
5 MMBO
GAS:
N.E.
WELL LOCATION
SSW
1200
PROSPECT ‘V’
1200
1400
1600
WELL KGF 1
2000
2200
NNE
2478
NEAR TOP AZIZIA
DEPTH MAP
WELL LOCATION
ZOOM (C.I.: 20 m)
300
AUSTRIAN UNC.
500
PROSPECT “V”
AZIZIA/TAGI
1000
JORF PERMIT
BAZMA PERMIT
HERCYNIAN UNC.
1500
0
PROSPECT “V” - SEISMIC LINE 2081
CYGAM ENERGY INC.
37
1 Km
November 2009
Prospect U CDP 2210 Top Azizia = 2195 SL
Jorf permit – Prospect “Y” - Tunisia
19
62
CE
H-0
CYGAM ENERGY Inc.
6
19
10
CE
1
18
H-1
0
10
2
25
1 7 10
17
-0
H
CE
0
0
0
45
430
0
440
00
THC-6
4200
4200
42
0
0
7
7U
-1
86
IG
IK
C
TH
IG
13
84
C
TH
20
IG
_M
10
-K
81 1
N39
33 1
0
4
10
-KR
-530
10
IG
.2
00
33
Jo
3700000
rf_
H-2
M
10
10
200
CE
Jorf
01
0 1 027
1
220
0
5
-1
H-2
0
2 240
0
0
00
250
0
29
00
260
30
8
-400
3C1
TH
1
27
00
00
0
32
28
00
2900
R-5
64
3000
30
Jo
00
-K
-K
101
R-2
0
81
0
00
81
33
111
TB 1
C
TH
28
CE
68
N
10
R-2
20
Permian carb(Kubergandian) Depth Map
CI= 100 m
101
-K
R-5
V-1
07
230
1000 2000
3000 4000 5000 m
0
101
Group: Customized Coordinate System
System: Customized Zone 32N (6 E to 12 E) 2
Datum: Carthage - Tunisia
Ellipsoid: Clarke 1880
ZMT 1
X(Min,Max): 525542.10 566954.33
0
Y(Min,Max): 3698730.291113724236.28
Latitude(Min,Max): 33.430137 33.658395
Longitude(Min,Max): 9.274755 9.722113
81
-K
10
101
0
-3
H-2
Jorf Permit
81
12
IG
IG
XM
FUF
210
CE
10
47
1210
10
42
THC-6
15
10
V-1
48
1510
6
C
0
0
0
-2
15
IK
1410
4
-2
EH
2
1110
2
RIGO OIL Company Limited ( Tunisian Branch
)
H-3
7
DEPTH MAP (C.I.: 100 m)
IK
8
HC
10 T
10
H-1
CE
11
0
3
10
10
C
-3
EH
72
_1
10
14
0
00
11
IG
CE
3300
13
V-6
-0
8
11
13
12
3100
10
-3
H-1
IK
97
WELL
LOCATION
10
10
6
C
1010
32
12
10
BZM 1 H-2
E
11
CE
6
03
0
101
6
-1
C
TH
13
10
_M
H-2
81
83
V-5
V-1
V-1
41
7U
-1
C
TH
0
-1
R-5
10
9
11
20
IK
IK
11
10
10
12
0
-KR
12
IG
C
TH
101
11000
CE
Scale = 1:100000
11
131
C
TH
BZM 1
3000
10
10
27
XM
UFF
40
V-1
IK
8
C-1
TH
7
-542
00 800 0 00 0
3 70 6 50 00
3 3 3 4
3
C
103
-0
10
_M
84
10
39
97
13
85
20
10
10
11
40
00
17
1
-1
81
4300
0
V-1
_M
CE
8
M
FX
1
1
20
0
00
0
46
0
00
10
42
2
-1
12
0
10
C
TH
1
17
00
1
10
98
44
IGO
M
_M
_D
_N
13
17
0
191926
1
20
1
0
430
00
IG
06
_M
10
41
8
C-1
TH
14
87
12
0
20
00
10
92
1310
-2
EH
IG
DEPTH MAP (C.I.: 100 m)
13
10
00
10
10
12
44
79
10
20
2081_MIG
15
10
PERMIAN (KUBERGANDIAN)
14
10
20
0
0
1 6
4 H-1
0
10
11
-1
TB
04
M
FX
4
15
38
2 3 10
23
21
14
10
10
11
10
10
10
13
84-KR-405
12
191 0
194
H-1
THC-19
10
211
CE
8
0
0
0
6
91
10
15
0
0
41
20
IGO
M
_M
_D
_N
22
46
-7
C
TH
MA 1
0
M
38
Administrator@D9TV0N2J
V-1
09/08/08 13:49:07 IK
84
V-1
181
10
0
10
6
10
35
V-6
10
T-1
-2
24
10
IK
ig
_M
0
0
16
440
13
181
IGO
M
_M
_D
_N
0
0
10
11 -49
C
TH
4 0
1
0
0
M
27
0
V-1
38
161
10
10
17
0
-2
-1
TB
IK
IK
V-1
0
170
171
550000
PERMIAN (KUBERGANDIAN)
1310
0
151
218
200
10
5 Km
10
4
10
18
161
101
00
191
0 600
4
0
10
191
90
21
10
17
10
0
0
10
19
8
10 C-4
18 TH
0
20
10
22
10
19
14
04
98
10
20
0
C-2
TH
16
10
13
V-1
V-1
22
10
IK
181
0
2
MA 1
10
25
10
0
94
10
0
0
171
H-1
28
26
14
7
35
M
10
22
THC10
19
0
IG
M37
VX-1
UFIKF
37
V-1
IK
M
FX
3F
3U
V-8
IK
10
16
10
15
-9
C
TH
-1
1E0H1
11C000
T-1
10
17
10
141
75 MMBO
0
_M
CE
IG
10
10
9
1
10
101
O
MIG
_M
_D
92_N
2092
20
IK
1410
-2
OIL:
161
151 161
0
0
61
0
IG 1
M
50
-2 4
FX
38 0
3
3U
3F
V-1 71
V-8
IK 1
IK 110
1
0
1510
RECOVERABLE RESERVES (MEAN)
18
0
0
101
151
IK
101
17
00
151
5
112 0
111
10
89
27
21
151
11
M
15
111
1610
103
10
00
10
101
11000
10
0
1810
IG
XM
UFF
06
8E-8
CH
10
22
3
H-1 10
CE 11
IG
14
121
18
30 %
0
141
0 00
141
4
0
3
1
39
10
141
10
3
_M
10
km0
1710
R.F.:
0
23
0
IG
XM
FUF
37
-137 0
VV-1 51
IKIK 1
00
0 0
131
70
24
41
10
12
-1
H-2
82
44
10
25 %
161
44
22
10
H
CE
CE
20
0
16
S.W.:
0
10
16 %
28
26
10
10
18
10
00
14
43
10
O
MIG
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_D
91_N
2091
20
-7
0
23
-8
00
C
TH
9 0
H-0191
10
01
IK
10
POROSITY:
131
0 0 161
1
1910
3700000
0
151
43
0
10
CE
39
0
00
4 1 21
1
C
TH
0
2010
131
20
0
11
H-1
131
0
141
15
10
CE
2
1831
0
10
12
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8
20
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121
4 2 0 00
10
16
131
10
V-1
141
121
1
3
10
1
13
10
89
168
IG
0
17
3
-1
11
IK
IGO
M
_M
_D
_N
0
00
0
121
0
19
1 121
6
O
MIG
_M
_D
90_N
2090
20
0
0
0
10
4
-4
5
1
1
141
131
20
10
H-1
C
TH0
1
15
1
09
-2
10
20
8
V-1
139
CE
EH
6C2
1-406
12C
TH
13
13
H-0
0
11
CE
IK
111
0
0
101
11000
10
0
161
5
2110
151
0
H-2
7
171
151
10
18
10
10
13
CE
H-2
O
MIG 1
_M
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88_N
2088
20
10
12
CE
2210
00
1
1
150
-4
2310
50 m
4
0
2
71
C-4
1H01
110T00
0
5
10
1310 -59
11IKV
141
181
0C
T1H
14
0
0
111
IG
16
10
47
0
111
THC-19
4000
C
TH
10
17
8
H-0 0
CE 4 2
131
15 km2
M
10
121
2510
21
3_
08G
2I
M
00
45
2410
0
IG
83
10
10
11
IG
39
40
2
10
_M
10
20
13
12
10
_M
V-1
V-1
H-0
10
01
1100
111
25
24
84
121
01
10010
1
5
0
IG
10
01
1100
0
20
10
10
KGF 1
KGF 1
0
2610
111
3
IK
CE
0
43 0
_M
14
10
111
V-5
88
Prospect ‘Y’
12
10
82
IK
2710
10
01
1100
86
10
10
01
1100
20
10
IG
IG
20
15
10
7
27
13
_M
50
_M
85
27
87
63
20
97-06
4
20
10
13
H-0
11
20
2788
10
01
1100
V-6
PAY:
550000
16
6
V-5
IK
7
191
POTENTIAL
AREA:
CE
IK
192
IG
XM
FUF
40
42
3
T-1
450
H-1
V-5
9
Middle Permian
----------------------------------------
06
8-
N
M
0
36
IK
AGE:
E-8
CE
61
IKV-
V-6
Kubergandian
Reef
IK
Oil
FORMATION:
-1
3
TARGET:
T-1
IK
H-2
H
CE
CE
X/Y:
Meters
M
CH
rf_
M
IG
_1
5
IG
BS 1
BR 1
00
km
3
3 Km
TFA 1
GAS:
N.E.
DZ 1
WELL LOCATION
ZKH 1
LINE 2083
NW
SE
BAZMA 1 WELL
KLF 1
LINE THC 9
NW
SE
msec
HERC. UNC. UNC.
HERCYNIAN
PROSPECT ‘Y’
MURGHABIAN
MURGHABIAN
1000
MURGHABIA
N
KGH 1
KUBERGANDI
AN
KUBERGANDIAN
(Reef)
2000
KUBERGANDIAN
CYGAM ENERGY INC.
PROSPECT “Y” - SEISMIC LINES 2083/THC9 & BAZMA WELL CALIBRATION
38
November 2009
19
62
CE
H-
06
19
10
0
0
45
430
0
440
00
THC-6
0
97-0
6
4200
4200
42
IG
0
0
1 16
4EH-
84
C
IG
_M
10
R
-K
81 1
N39
33 1
-53
0.2
C
00
33
Jo
rf_
M
10
10
11
3100
10
10
12
3700000
3
8
02
2
THC-6
07
10
23
H-
10
42
14
V-
CE
22
0
-2
15
10
CE
Jorf
0
01
0 1 27
10 1 0
HC
10 T
10
10
15
IK
1210
11
10
20
00
23
00
7
00
29
00
00
00
30
00
27
28
81
3000
R
-K
1
4
-5
30
26
0
01
00
8
KR
1-
00
2900
33
1
0
11
N
V-
Permian carb(Kubergandian) Depth Map
CI= 100 m
26
20
11
IK
IG
M
FX
0FU
10
10
-5
CE
10
6
00
1
R
-K
10
2
H-
25
0
01
81
0
00
00
8
3
10
1
2 24
32
14
1510
8
1000 2000 3000 4000 5000 m
10
10
Group: Customized Coordinate System
System: Customized Zone 32N (6 E to 12 E) 2
Datum: Carthage - Tunisia
Ellipsoid:
Clarke 1880
ZMT 1
X(Min,Max): 525542.10 566954.33
0
Y(Min,Max): 3698730.291113724236.28
Latitude(Min,Max): 33.430137 33.658395
Longitude(Min,Max): 9.274755 9.722113
2
H-
8
-400
3C1
TH
1410
24
-2
KR
1-
CE
68
28
Jorf Permit
C
TH
72
_1
10
1
HCE
0
5
-1
11
IG
13
14
CE
3
H-
1110
V-
7
-1
C
TH
12
10
10
1313
60
-
H
CE
IK
10
10
13
12
18
28
Scale = 1:100000
IG
CTH
IG
H-
3300
RIGO OIL Company Limited ( Tunisian Branch
)
32
H-
7
-0
10
10
41
7
4
M
FX
0UF
14
VIK
12
84
V-
CE
1310
11
11
10
TB
10
IK
ig
_M
XM
UF
6
C
3000
00
10
10
12
M
4
10
8
BZM 1 H-2
E
11
H-
56
CE
V-
V-
WELL LOCATION
97
10
-KR
10
IG
IK
IK
6
11
12
V-
03
13
81
10
_M
4
-2
EH
1010
32
6
-1
C
TH
0
10
83
00 0
00 0 0 0
0
39 38 70 6050 00
3 3 3 4
3
2
0
-1
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C
TH
11
40
7
-0
-KR
12
IG
00
20
06
97
10
_M
84
10
41
20
7
13
85
20
10
11
10
11
V-
-54
BZM 1
0
10
35
V-
13
IK
6
V-
IK
81
4300
550000
1
V-
IG
11
CTH
13
00
0
00
0
46
0
0
00
M
FX
1
42
7U
-1
_M
20
10
10
10
13
84-KR-405
88
C
TH
86
10
0
2
-1
1
20
11
10
44
1
C
TH
1
10
10
20
10
0
430
00
41
0
TH
IGO
DM
N
_M
12
16
14
10
00
10
IG
06
_M
14
87
10
10
1 9 926
1
10
10
12
44
79
10
20
92
10
98
20
18
C-
13
17
17
00
15
14
10
08
10
10
21
10
1 9 40
19
4
13
10
18
21
1
H-
10
10
12
10
15
10
0
CE
THC-19
17
0
10
11 -49
C
TH
14
1
18
MA 1
IGO
DM
N
_M
10
10
0
01
91
15
38
2 3 10
23
20
16
20
22
10
10
4
10
17
0
46
98
0 600
4
21
IG
22
10
15
10
19
10
18
4 0
1
10
7
CTH
IGO
DM
N
_M
10
22
10
20
48
10 C18 TH
17
10
2
0
09
21
10
19
1
1
440
6
0
94
10
0
-2
2081_M
28
10
C
TH
10
16
11
101
11000
04
10
1
T-
IK
1310
10
MA 1
28
10
10
17
V-
10
7
19
10
0
61
10
19
10
1
10
0
2
H
CE
IG
0
2
8-
1500
10
10
17
13
11
1
10
O
IG
DMM
2__N
0992
220
M
2
7-
10
13
Administrator@D9TV0N2J
V09/08/08 13:49:07 IK
MURGHABIAN
0
0
61
IG 1
00
XM
2 45
8FUF
13 0
83
V- 71
V- 0
IK 1
IK 11
1
00
10
18
00
00
-2
2800
10
0
7
13IG
VX-M
IKF
7UF
13
VIK
1000
26
00
IK
IG
XM
FUF
377
1-13 0
VV- 51
IKIK 1
IK
1410
10
16
1 5 1 61
10
12
-1
1E0H1
11C000
1
V-
1
10
1510
18
10
2
19
-2
THC
500
18
10
10
10
19
35
12
2400
3
10
IG
M
FX
6UF
-0
88
EH
C
1
14
15
25
1 1 10
11
0
71
0
NE
10
1610
14
HERCYNIAN
UNC.
10
15
10
12
H-
1
T-
1
11
IK
100
0100
144
0
0
_M
10
M
15
TB
2200
24
14
10
13
CE
10
WELL LOCATION
1710
M
2000
10
10
15
9
CTH
1
1910
10
10
1800
25
00
13
H- 10
CE 11
101
11000
14
12
15
10
1600
39
0 0 1 61
89
27
10
10
10
10
3
1
C
10
16
1400
10
1200
17
1001
10
1
20
10
10
44
10
10 0
137 0
10
43
10
14
18
10
10
10
PROSPECT “Z” - SEISMIC LINE 2089
13
10
15
22
21
-8
5
17
-1
10
1810
SW
10
23
10
09 0
H- 191
4
-4
IG
13
41
21
CE
C
TH
-7
23
_M
12
25
10
10
10
00
O
IG
DMM
1__N
0991
220
IK
16
4 1 2010
1
C
TH
H-
82
10
EH
13
39
14
1
CE
88
20
16
IG
2010
N.E.
3700000
22
10
18
43
10
V-
10
19
16
10
12
IK
10
IG
IG
H
CE
13
10
10
10
10
-1
20
3 8 00
12
4 2 0 00
10
10
O
IG
DMM
0__N
0990
220
0
61
101
11000
13
M
183
00
10
12
14
12
1
3
13
10
1
_
89
0
10
11
14
1 1 21
15
1
10
-2
14
EH
6C2
1
10
IGO
DM
N
_M
10
23
_M
_M
10
13
0
1
09
13
10
10
83
C
TH
10
17
16
1
150
-4
13
10
11
10
10
20
08
IK
1
V-
10
6
1
1
11
88
11
H-
0
15
10
25
12
27
CE
0
H-
H-
2210
2110
5
10
1310 -59
11IKV
O
IG
DMM 1
8__N
088
220
CE
CE
1
15
2
71
-4
2310
0
71
4
10
C
1H01
110T00
10
0C
T1H
14
10
13
10
14
14 MMBO
GAS:
1-406
12C
TH
13
2410
18
0
11
9
13
C-
0
1
2510
47
0
21
TH0
1
15
63
14
V-
KGF 1
10
261
11 0
2
11
20
20
10
V-
IK
0
H-
RECOVERABLE RESERVES (MEAN)
OIL:
08
0
HCE 4 2
10
30 %
10
IG
9
R.F.:
19
CE
10
10
THC-19
4000
11
44
24
84
10
12
_M
13
25 %
27
010
11001
10
11
82
V-
S.W.:
00
45
0
IG
20
10
13
10
20
IK
16 %
2710
IK
POROSITY:
2788
010
11001
V-
10
_M
14
10
11
10
55
KGF 1
19
12
01
10010
1
IK
POTENTIAL
43 0
010
11001
10
20
26
86
10
12
11
10
-----------------------------------------
010
11001
20
15
010
11001
10
IG
PROSPECT ‘Z’
DEPTH MAP (C.I.:100 m)
27
IG
_M
50
_M
85
27
87
20
10
IK
20
10
63
H-
57
V-
PERMIAN (KUBERGANDIAN)
Middle Permian
05 km2
550000
16
13
CE
04
13
Kubergandian
Reef
50 m
-0
40
60
FORMATION:
PAY:
88
10
CH
42
1
T-
450
13
6
M
V-
Oil
AREA:
E-
H-
N
H-
5
V-
9
IK
36
TARGET:
AGE:
1
10
02
CE
CE
3
1
T-
-61
IKV
IK
-2
1
HCE
H
CE
X/Y:
Meters
M
H-
25
1 7 10
17
CE
18
Jorf permit – Prospect “Z” – Tunisia
CYGAM ENERGY Inc.
IG
M
FX
6FU
Jo
rf_
M
IG
_1
5
PROSPECT “Z”
XM
UFF
83
VIK
IG
BS 1
TFA 1
2000
2500
PERMIAN (KUBERGANDIAN)
KUBERGANDIAN
DEPTH MAP
DZ 1
ZOOM (C.I.:100 m)
ZKH 1
CYGAM ENERGY INC.
39
November 2009
CYGAM ENERGY Inc.
Sud Tozeur permit - Tunisia

Onshore Tunisia, adjacent to the
Algerian border

963,245 net acres (3,898 km2)

89% Current Working Interest
(inclusive of 7.7% free carried
interest)


Net potential resources of 133 MM BOE
Hydrocarbon potential in Triassic,
Ordovician and Cambrian sandstone
reservoirs
•
Potential new well close to the Nefta-1 well expected to commence drilling in late 2010early 2011 to test Triassic, Ordovician and Cambrian reservoirs which had oil and gas
indications in the Nefta-1 well
•
Alternative locations on the permit will also be evaluated as several additional structures
have been identified close to the Algerian border and West of the Sabria and North of the El
Franig fields (1,032 MMBLS of OIP and 135 BCF plus 22 MMBLS of condensate in place,
respectively)
CYGAM ENERGY INC.
40
November 2009
CYGAM ENERGY Inc.
Sud Tozeur Permit - Tunisia
0
25
Target
distribution
& prospect/
leads map
50 Km
LMG 1
PALEOZOIC
TARGETS
LMG 2
T
KGF 1
Z
NF 1
Y
X
SUD TOZEUR PERMIT
Nefta South
V
U
JORF
FNG
PERMIT
W
3
NW1
W1
NAG 1
3
2
1
BAZMA PERMIT
ALG 1
2 N N1
SABRIAEL FRANIG
Production
Concession
SAB
TARFA 2
S1
Y
EG 1
41
PALEOZOIC
LEAD/PROSPECT
TARFA 1
BAGUEL 1
CYGAM ENERGY INC.
DOUZ 1
HBR 1
SAB 1
LEGEND
HMD 1
GAS
BAGUELTARFA
Production
Concession
CONDENSATE
PIPELINE
November 2009
Sud Tozeur permit - Prospect “Nefta SE”
- Tunisia
TARGET:
Gas & Cond./Oil
FORMATION:
TAGI/Ord-Cam.
AGE:
Trias/Ord-Cam.
394100
399100
CYGAM ENERGY Inc.
404100
409100
---------------------------------------POTENTIAL
AREA:
15 km2
PAY:
50 m
POROSITY:
16 %
S.W.:
25 %
R.F.:
25 %
3713800
Nefta 1
----------------------------------------
NEFTA SE PROSPECT
3708800
RECOVERABLE RESERVES (MEAN)
OIL:
25 MMBO
GAS:
N.E.
NW
SP
300
280
260
240
(C.I.: 5 msec)
SE
Nefta SE
Nefta 1
320
HERCYNIAN TWT MAP
200
180
160
140
120
100
80
NE
SP
Nefta 1
80
100
SW
Nefta SE
140
160
180
200
220
240
260
280
1900
2000
TAGS Fm.
TAGS Fm.
2000
2100
2100
2200
2200
2300
2300
2400
3
1
Hercynian Unc.
2400
Hercynian Unc.
2500
NEFTA SE PROSPECT - SEISMIC LINE 96 NEF-N07
CYGAM ENERGY INC.
2500
42
NEFTA SE PROSPECT - SEISMIC LINE ST MIG 106
November 2009
CYGAM ENERGY Inc.
Capital Expenditure Program 2010
Permit (Current W.I.)
Planned Work Program
Timing
Potential Net Capital
Expenditures
(US$)
Elsa (60%)
Elsa-2 Environmental Report
Production test Elsa-2 appraisal well
Q4 2009
Q4 2010
Sud Remada (14%)
Extended production testing
Acquisition of new 3D and 2D seismic
Drilling of 2 appraisal wells
Q1-Q2 2010
Q4 2009
Q3 2010
0
350,000
1,260,000
Bazma (54%)
Reprocess large amount of 2D data
Acquire 2D and possibly 3D seismic
Drill Frida well
Q1 2010
Q3-Q4 2010
Q3 2010
0
0
1,350,000
49.0 MM / Permit
Aretusa (100%)
Processing & interpretation seismic data
3D seismic acquisition
Q4/09-Q2/10
Q3-Q4 2010
60,000
1,440,000
300.0 MM / Permit
Civitaquana (65%)
Seismic acquisition, interpretation
Q4 2009
390,000
3.2 MM / Structure
(58.0 / Permit)
Montalbano(42.86%)
Montesano-2 well site preparation
Drill Montesano-2 well
Q4 2009
Q2 2010
100,000
1,190,000
0.3 MM / Structure
Posta Nuova (100%)
Seismic acquisition & review
Q1-Q2 2010
250,000
0.7 MM / Structure
Mass. Montarozzo
Potential seismic acquisition
Q3-Q4 2010
250,000
Sud Tozeur (54%)
Geological & Geophysical Study
Q1-Q3 2010
450,000
133.0 MM / Permit
Jorf (19%)
Geological & Geophysical Study
Preparatory work for exploratory well
Q1-Q3 2010
Q4 2010
19,000
25,000
18.0 MM / Permit
TOTAL
150,000
12,000,000
Structure or Permit’s
Net Potential
Recoverable
Resources (BOE) (*)
19,284,000
62.6 MM / Structure
9.0 MM / TT Structure
(25.0 MM / Permit)
575.8 – 646.6 MM
(*) STB (Standard Barrels of Oil)
CYGAM ENERGY INC.
43
November 2009