Operations
CYGAM OPERATIONS:
ITALIAN PERMITS:
d348C.R.-VG (Aretusa) Permit
On January 31, 2006, Vega received preliminary ministerial approval for a new exploration permit in the Mediterranean Sea, offshore south-eastern Sicily. Vega has a 100% working interest in this permit and has already received expressions of interest from other companies willing to participate in exploratory activities in the area.
The Aretusa permit is located in the Ragusa Plateau and encompasses an area of 83,264 acres. Available seismic data indicates the presence of two potential structures on the block. The main hydrocarbon target is the “Taormina” carbonate unit of upper Triassic age; a secondary target is represented by the “Inici” carbonates of lower Jurassic age. Several significant oil fields have been discovered in Triassic and Jurassic carbonates onshore and offshore Sicily since 1954.
Vega has submitted an environmental assessment report to the Ministry of Environment and is waiting for its approval. Reprocessing of existing seismic data and acquisition of additional seismic lines will follow after final ministerial approval is granted.