Company
Overview
Cygam Energy Inc. is a publicly traded exploration company with producing oil and gas properties in Canada and extensive international exploration concessions. The main focus of the Corporation is the creation of shareholder value through the acquisition, exploration and development of international permits, primarily in Italy, Tunisia and the Mediterranean basin.
Cygam currently holds various interests in five exploratory concessions in Italy and four exploratory concessions in Tunisia encompassing four million gross acres (approximately three million net acres), and has an interest in oil and gas producing properties in Alberta, Canada. Cygam's international land holdings superimposed on a map of Alberta would appear as follows:
Cygam gross land position in Italy and Tunisia: 16,145 km2
(173 Townships)
Cygam net land position in Italy and Tunisia: 11,935 km2
(128 Townships)
Cygam Energy Inc., is conducting international exploration activities in Italy through its wholly-owned subsidiary, Vega Oil S.p.A. ("Vega"), and in Tunisia through its other wholly-owned subsidiary, Rigo Oil Company Limited ("Rigo"). Management decided to focus initially on these two countries because of their excellent exploration potential and also because of their political stability and proximity to the vast European market. Other international opportunities, especially in circum-Mediterranean countries, may be considered in the future.
Cygam's goal is to create shareholder value through the acquisition of new permits and the exploration and development of oil and gas properties, primarily in Italy and Tunisia. Over time, the Company intends to acquire an interest in over one dozen exploratory prospects in order to increase the chances of finding significant oil and gas fields.
Our exploration team has substantial experience internationally, particularly in Italy and Tunisia. Eight of the nine projects we are currently involved in have been generated internally and we will continue to submit applications to various governments in order to acquire new exploration permits.
The company intends to participate directly in drilling operations on all prospects, with a working interest ranging from a minimum of 10% to 100%, and to farm-out the remaining interest on a "pay 60% to earn 40%" basis. In this respect, Cygam has already signed an agreement with a London AIM listed company, which will participate in two of the Italian prospects, and has received expressions of interest in both Italian and Tunisian permits from three Canadian companies. The Company will also consider a straight swap of interest with industry partners for prospects of deemed equal value.