CYGAM Energy Inc. has announced that the Direction Generale de l’Energie (“DGE”) in Tunisia has approved the extension of its Bazma and Sud Tozeur permits.
The Bazma permit has been deemed to have entered the second exploration period and, as a result, permit expiry is now July 26, 2015.
The existing work commitment for the first exploration period (one well to the Ordovician or 4,400 meters) has been rolled into the second period which carries an additional commitment to drill a shallow well to the Triassic.
The Sud Tozeur permit has been granted a special extension of one year so that expiry is now May 12, 2014. No additional commitments apply to this extension period.
