Tunisia Oil and Gas news

OMM, GAS provide ROV services for Tunisia project

2009-10-21T15:18:00.000-07:00

BRISTOL, UK -- Offshore Marine Management (OMM), through its partnership with Geological Assistance and Services (GAS), has provided ROV services for the Baraka project in Tunisia.

The project required a barge-based vehicle spread incorporating ROV excursions of up to 400 m (1,312 ft) from the launch position and barge’s moored location(s). Operations involved de-burial, visual inspections, TDP, valve operations, pig detection, and other subsea construction support tasks with all associated tooling.

Source [offshore-mag]

Pioneer Natural Resources Reports Second Quarter 2009 Results

2009-08-04T15:20:00.000-07:00

"The improving outlook for oil prices, coupled with our strong derivative positions, provide confidence in achieving cash flow of approximately $1 billion in 2010. As a result, we are preparing to resume an oil-focused drilling program with strong returns in the Spraberry field and Tunisia at the beginning of 2010. Additionally, we will continue our successful oil development program in Alaska and actively assess the resource potential of the Eagle Ford Shale play. This drilling program and the expiration of our 5 MBOEPD volumetric production payment obligation at the end of 2009 are expected to once again generate a quarterly production growth profile starting in the first quarter of 2010."
...
Daily production in Tunisia increased 29% compared to the first half of 2008. Drilling has been curtailed until early 2010 when new 3-D seismic will be fully processed.
...
The Company's third quarter effective income tax rate is expected to range from 40% to 50% based on current capital spending plans, higher tax rates in Tunisia and no significant mark-to-market changes in the Company's derivative position. Cash taxes are expected to be $5 million to $10 million and are primarily attributable to Tunisia.

Source [Trading Markets]

Tunisia: New oil deposit discovered at El Borma oil field

2009-07-04T15:31:00.000-07:00

Tunis, June 17, 2009- A new gas and oil deposit was recently discovered at El Borma’s “407″ oil field. It is estimated to have a capacity of some 10,000 barrels per day.

The number is likely to double following completion of works currently underway. This new discovery has required investments worth 20 million dinars.

According to 2007 figures, Tunisia’s oil production reached 6, 7 million tons per year. In 2004 it represented 3, 4 million tons. This increase is due to the finding of oil reserves in the south of the country, as well as offshore.

Even if the country’s oil production has increased, it remains below domestic consumption. In 2005 domestic consumption reached 53, 7 million barrels as opposed to a production of some 50 million barrels.

However the new finding in addition to other projected ones, is likely to help bring down the deficit generated by oil imports.

Tunisia’s south ensures most of the country’s production. In 2005, the region of Ghedames produced a number of small deposits such as those of “Dalia”, “Nour”, “Hawa” and “Adam” which totalled a production of some 70,000 barrels per day.

In 2006, the offshore site dubbed “Oudna” started production. According to the online economic news website “webmanagercenter”, it should reach a cruising speed of 15,000 barrels per day. “Oudna” which necessitated investments worth 130 million dollars, was attributed respectively to “Lundlin”, a Swedish company and the Chinese “Atantis”. It is the country’s 7 th operational offshore site.

This year the Ministry of industry, energy and small and medium enterprises has decided to increase the number of prospecting (57) and oil drilling (15) permits. Plans are also afoot to build a second oil refinery at Skhira in partnership with a Qatar- based company.

Via [Tunisia Online News]

German offshore companies in Tunisia doing well on the whole

2009-07-04T15:30:00.000-07:00

Tunis, June 23, 2009- An annual survey carried out by the Tunisian German Chamber of Commerce and Industry was presented to the press in Tunis on Tuesday.

The survey shows that garment and textile sector continues to represent the bulk of German investments in Tunisia, with 61% of German offshore companies operating in the sector.

The second most important group of German exporting companies is made of electronic industries (28%).

Business wise, 61% of German companies operating in Tunisia say they have recorded positive results, however 61% also project a decrease in export profits in 2009 (15% in 2008).

A third of the companies surveyed are tabling on a stable or positive outlook for 2009.

Concerning Tunisia’s business environment, most of the companies surveyed, stress the country’s social and political stability, fiscal incentives and geographic proximity.

Insofar as improvements are concerned, they evoke the low productivity of workers, administrative rigidity and the non availability on the market of certain qualifications.

German offshore companies also wish for a strengthened economic exoneration, the modernization of the administration and the improvement of infrastructure in the sectors of ICT, transport and banking.

Via [Tunisia Online News]

Tunisia: PETROFAC to build Skhira oil refinery

2009-07-04T15:28:00.000-07:00

Tunis, June 24, 2009- The daily Le Temps reports in its issue dated June 24, 2009, that the British energy and engineering group, PETROFAC will build and operate the Skhira oil refinery project. According to rough estimates investment costs will range from 500,000 dollars to 1 billion dollars.

Following the withdrawal of “Qatar Petroleum,” PETROFAC which is involved in major projects in Tunisia such as the Oudhna station and the Hasdrubal gas field, has launched fresh studies for an eventual partnership with Tunisia for the building of the Skhira oil refinery which should have a capacity of 120,000 barrels per day.

In an interview to Le Temps, PETROFAC’s Chief Executive Officer, Mr Amjed Bseisu, said that Tunisia’s business environment, fiscal advantages and incentives and the absence of bureaucracy, are some of the assets which prompted the group to invest in the country.

Via [Tunisia Online News]

Tunisia to double gas imports from Algeria

2009-07-04T15:26:00.000-07:00

Tunis, July 4, 2009- Tunisia will double its gas imports from Algeria and will consequently increase its royalties for the gas transport on its territory of the Transmed gas pipeline (also known as the Mattei gas pipeline) which carries Algerian gas to Italy , said a government source in Tunis.

Imports of Algerian liquefied gas will increase from 150,000 to 300,000 par year following the signing of an agreement on Thursday between the Tunisian Minister of energy and his Algerian counterpart.

An agreement concluded between Algeria’s Sonatrach and the Tunisian Enterprize of petrol activities (ETAP) will boost Tunisia’s gas royalties from 6 to 7 billion cubic meters per year.

Algeria’s Minister of energy said that the agreement will enable Tunisia to cover its needs in gas, as well exporting part of it to Europe. He also expressed his country’s commitment to set up a Maghrebi electricity market which will aim at exchanging this type of energy at a lower cost.

On July 2, 2009, Tunisia and Algeria signed a number of agreements in the sector of energy aiming at strengthening energetic cooperation between the two countries.

The Tunisian section of the Transmed gas pipeline is 370 km long; it is owned by the Societe Tunisienne du gazoduc Trans- Tunisien and is run by Sergas.

The 155 km offshore section across the Channel of Sicily is operated by a joint venture (TMPC) between Algeria’s Sonatrach and Italy’s Eni.

Via [Tunisia Online News]

Light crude discovery in Remada Sud

2009-04-22T06:40:00.000-07:00

TUNISIA. Oil companies Cygam Energy and Madalena Ventures just announced preliminary results of tests on production of the deposit Remada South, south of Tunisia.

The discovery of light oil was evaluated by an independent engineering firm. It confirms the presence of a mature and efficient source of hydrocarbons associated with an additional chance of success, and several other prospects identified on the block, says the company.

Test equipment were installed to start the work of production test.

At present, the production well is 230 barrels per day. The oil is transported by truck to the oil terminal The Skhira.

The evaluation plan includes an ongoing study in 3D and tests for six months. This crucial phase will develop a development plan to be submitted to the Tunisian authorities in late 2009.

The concession Remada South is located in the Ghadames basin, near the Libyan border. Cygam holds 14% interest and 15% Madalena Ventures.

Source [EcoNostrum]

Via [Houeida on Twitter]

Taqa to invest USD 2.5 billion in Morocco and Tunisia projects

2009-04-03T03:19:00.000-07:00

Khaleej Times reported that the Abu Dhabi National Energy Company will invest USD 2.5 billion into three electric power plants in Morocco and Tunisia over the next 4 years.

Mr Majid Iraqui MD of TAQA for North Africa and Middle East said that construction of the projects will begin sometime this year, while commercial operations will commence in 2012 and 2013, respectively.

The company is set to sign an agreement with the Morocco government to upgrade the Jore Lasfer Power Plant. It is also preparing its bid for a 300 megawatt wind farm in Tarfaya in Morocco in partnership with Spanish energy giant Iberdrola Ingenieria Construction.

The third project, currently in prequalification stage is a combined cycle gas power plant in Bizeerte, Tunisa, designed to generate 500 megawatts of electricity.

Mr Iraqui said that TAQA has enough surplus cash to finance the equity component of its planned projects this year. And with an AA rating and strong support of the host countries, financing will not be too difficult for TAQA.

He said that the company recently obtained an 18 year, USD 1 billion credit from Moroccan banks for its Jore Lasfer project.

Source [Steel Guru]

Oil Exploration on Malta-Tunisia agenda

2009-03-26T01:26:00.000-07:00

In 2006, Malta and Tunisia signed a joint exploration agreement and the two countries had to map out the zones of the continental shelf were joint exploration could be carried out.
Last October, Leni Gas & Oil, one of the companies currently exploring for oil in Malta, has said that it is likely that there are around 5 billion barrels of oil in the area of exploration, of which almost 1.5 billion barrels would be recoverable.

Its latest quarterly report for 2008, the company said that no exploration work has been carried out since then, since the Maltese government is still discussing joint boundaries with Tunisia and Libya.

Source [Di-ve]

Tunisian Prime Minister receives “Pioneer Natural Resources” CEO

2009-03-26T01:24:00.000-07:00

Tunis, March 25, 2009- Prime Minister, Mr Mohamed Ghannouchi received on Wednesday the CEO of the American energy group “Pioneer Natural Resources”, Mr Scott Sheffield.

The meeting which hinged on cooperation perspectives between the American energy group and Tunisia, took place at the Prime Minister’s office at la Kasbah in Tunis.

Following the meeting, Mr Sheffield said that in partnership with the Tunisian Petroleum activities Company (ETAP), Pioneer is currently engaged in prospecting and extraction operations in four Tunisian sites located in the south of the country.

He pointed out that the first extraction site in the governorate of Tataouine, currently produces some 10,000 barrels per day.

Source [Tunisia News Online]

2D marine seismic acquisition programme in the Mahdia done

2009-03-06T05:36:00.000-08:00

Circle Oil (COP) has completed a 2D marine seismic acquisition programme in the Mahdia Permit offshore Tunisia. A total of 500.75 kilometres of infill full fold 2D seismic data has been acquired and will now be sent for processing.

Source [Small Cap News]

Circle Oil completes seismic survey offshore Tunisia2

2009-02-27T05:29:00.000-08:00

LONDON: Circle Oil Plc (AIM:COP) completed a 2-D marine seismic acquisition program in the Mahdia Permit offshore Tunisia. A total of 311 miles (501 km) of infill full fold 2-D seismic data has been acquired by PGS Marine. The acquired data will now be sent for processing as a precursor to its interpretation and integration into the existing datasets for the area.

The Mahdia Permit is situated off the northern coast of Tunisia and covers an area of 1,459 square miles (3,780 sq km). Historically this and the surrounding area was successfully explored by Shell and Total resulting in discoveries and commercial oilfields, such as Tazerka, Birsa, Oudna, Halk Al Menzel and Isis.

Circle Oil CEO David Hough said, "The onboard preliminary processing of the acquired data clearly shows the target sequences and we are very pleased to progress our studies in this prospective area. The integration of this new data will allow us to complete our mapping and prioritize the multiple undrilled prospects which have already been mapped from the existing datasets."

Circle holds a 70 percent working interest in the permit with its partner Tethys Oil and Mining Inc., which holds the remaining 30 percent interest. A commitment well must be drilled on the permit between now and mid-2012.

Source [Energy Current]

Tunisia: Country Eyes Energy Surplus in 2009

2009-02-21T08:19:00.000-08:00

unis — Following ten years of energy dependency, Tunisia is eying a small energy surplus of 0, 6 million ton of oil equivalent, it was announced at an international energy forum organized by the weekly magazine, Realités on Friday in Tunis.

This improvement -in 2007 the balance showed a deficit of minus 0,2% (TOE)- is mainly due to the increase in the country's production of natural gas from 2,2 tons of oil equivalent in 2007 to 3,2 TOE during the current year.

In his opening address to the forum, Mr Abdelaziz Rassaa, Secretary of State in charge renewable energies and food industries said that recent gas extraction projects such as the "Hasdrubal" gas field or the "gaz du sud" project, will allow Tunisia to enjoy a gas surplus that is expected to reach 2 million tons of oil equivalent by 2012.

He also said that investments in the energy sector had increased five fold from 2005 to 2008, from 500 million dinars to 2700. Thirty eight oil wells were also dug during the same period, against only 14 in 2005, including some 20 new findings made during the same period.

Mr Rassaa added that in the period 2004-2008, the number of household connected to the gas network increased from 220,000 to 460,000 with a set objective of 700,000 households in 2011.

He also said that one of the aims of Tunisia's energetic policy is to establish a convergence between the price of energy on the local market and that of the international market.

Via [All Africa]

Tunisia eyes energy surplus in 2009

2009-02-21T01:47:00.000-08:00

Tunis, February 20, 2009- Following ten years of energy dependency, Tunisia is eying a small energy surplus of 0, 6 million ton of oil equivalent, it was announced at an international energy forum organized by the weekly magazine, Realités on Friday in Tunis.

This improvement –in 2007 the balance showed a deficit of minus 0,2% (TOE)- is mainly due to the increase in the country’s production of natural gas from 2,2 tons of oil equivalent in 2007 to 3,2 TOE during the current year.

In his opening address to the forum, Mr Abdelaziz Rassaa, Secretary of State in charge renewable energies and food industries said that recent gas extraction projects such as the “Hasdrubal” gas field or the “gaz du sud” project, will allow Tunisia to enjoy a gas surplus that is expected to reach 2 million tons of oil equivalent by 2012.

He also said that investments in the energy sector had increased five fold from 2005 to 2008, from 500 million dinars to 2700. Thirty eight oil wells were also dug during the same period, against only 14 in 2005, including some 20 new findings made during the same period.

Mr Rassaa added that in the period 2004-2008, the number of household connected to the gas network increased from 220,000 to 460,000 with a set objective of 700,000 households in 2011.

He also said that one of the aims of Tunisia’s energetic policy is to establish a convergence between the price of energy on the local market and that of the international market.

Via [Tunisia Online News]

ETAP Funding Project Compromised

2008-10-16T14:02:00.000-07:00

On the drawing board for 18 months, a bid by Entreprise Tunisienne des Activites Petrolieres (ETAP) to raise USD 400 million on international capital markets to finance its share of work on the Hasdrubal field with British Gas may well come to grief because of the current financial crisis.

Via [Africa Intelligence]

Petrofac issues Interim Management Statement for Q3 2008

2008-10-13T11:03:00.000-07:00

The Energy Developments division continues to make good progress with the development of the West Don and Don Southwest fields in the UK North Sea, with modifications to the Northern Producer floating production facility, subsea infrastructure development and the recently commenced drilling programme progressing on budget and on schedule for first oil in the first half of 2009. The Chergui gas plant in Tunisia, which commenced commercial production of gas in early August, is now operating at close to full capacity.

Via [AMEinfo]

OMV finds new gas reserves in Tunisia

2008-07-15T00:54:00.000-07:00

Leading central European oil and gas group OMV has discovered new gas reserves in its Ahlem-1 exploration well in Southern Tunisia.

This is the third successful discovery in the permit within the last two years, according to a company official. “The cumulative flow rate of all layers tested by the Ahlem-1 well amounts to 3,500 bbl/d of condensate and 120 cf/d (20,000 boe/d) of gas. Drilling of the next exploration well in the block is expected to commence in July,” said Helmut Langanger, OMV executive board member responsible for exploration and production.

“Acquisition of 600 square kilometer of additional 3D seismic is also planned to start this month. OMV and the Tunisian national oil company ETAP, each hold a 50% interest in the Jenein Sud exploration permit, which covers an area of 1,992 sq km, 700 km south of the Tunisian capital Tunis,” he added. (TradeArabia News Service)

Via [BBJ]

2008-07-07T23:06:00.000-07:00

DUBLIN, Ireland - (Business Wire) Research and Markets (http://www.researchandmarkets.com/research/a12359/tunisia_oil_and_ga) has announced the addition of the "Tunisia Oil And Gas Exploration And Production Industry Investment Opportunities, Analysis and Forecasts to 2012" report to their offering.

Summary:

This profile is the essential source for top-level industry data and information relating to the Exploration & Production industry in Tunisia. It provides asset level information relating to the active and planned oil and gas fields and exploration blocks in Tunisia. The profiles of the major companies operating in the upstream industry of Tunisia are also included in the report. The latest news and deals pertaining to the sector are also provided and analyzed.

Scope:

- Updated information relating to all active and planned exploration blocks.

- Provides historical and forecast data and information for all the major operating and planned crude oil and natural gas fields.

- Details operators and equity partners of oil and gas fields and exploration blocks.

- Includes information relating to license round details, start and end dates, acreage, location, and reserves.

- Information on the top companies in the sector including business description, strategic analysis, and financial information.

- Product and brand updates, strategy changes, R&D projects, corporate expansions and contractions and regulatory changes.

- Key mergers and acquisitions, partnerships, private equity investments and IPOs.

Reasons to buy:

- Obtain the most up to date information available on exploration licenses and oil and gas fields.

- Identify growth markets and opportunities in the industry.

- Facilitate market analysis and forecasting of future industry trends.

- Facilitate decision making on the basis of strong historic and forecast data.

- Assess your competitor’s exploration and production asset portfolio.

- Understand and respond to your competitors business structure, strategy and prospects.

- Develop strategies based on the latest operational, financial, and regulatory events.

- Do deals with an understanding of how competitors are financed, and the mergers and partnerships that have shaped the market.

- Identify and analyze the strengths and weaknesses of the leading companies in each the country.

Key Topics Covered:

-Introduction

-Tunisia, Country Snapshot

-Tunisia, Crude Oil And Natural Gas Production

-Tunisia, Crude Oil And Natural Gas Forecasts

-Tunisia, Exploration Block Details

-BG Group plc

-Eni S.p.A.

-OMV Aktiengesellschaft

-Tunisia Exploration and Production Industry, Financial Deals Landscape (July, 2007 - June, 2008)

-Tunisia Exploration and Production Industry, Recent Developments (July, 2007 - June, 2008)

-Appendix

Companies Mentioned:

-BG Group plc

-Eni S.p.A.

-OMV Aktiengesellschaft

For more information visit http://www.researchandmarkets.com/research/a12359/tunisia_oil_and_ga

Source: Global Markets Direct

Via [Earth Times]

Apex started drilling

2008-06-20T01:34:00.000-07:00

Tunis - APEX(Atlas Petroleum Exploration Worldwide, Ltd) have started drilling in its late discovery (2004) in Rash El Besh the Jawhara oil pool (Offshore), the spud have been initialized since mid June and seems continuously successful.

Circle Oil signs farm-in agreement to Mahdia Permit in Tunisia

2008-06-19T02:12:00.000-07:00

LONDON (Thomson Financial) - Circle Oil Plc. said it has signed a farm-in agreement for the Mahdia Permit offshore Tunisia with Tethys Oil and Mining Ltd.

Following the farm-in, the oil and gas exploration and development company will hold a 70 percent working interest in the permit.

Circle will become operator once the acquisition of 500 km of additional 2D marine seismic is complete, prior to the start of any drilling in the permit.

The permit commitments require the acquisition of 500 km of 2D seismic in the first two years of the licence, which started in July 2007, and the drilling of one commitment well in the subsequent three years to 2012, Circle said in a statement.

'These prospects remained undrilled due to their size and historic lower oil prices, but they are now very commercial,' said CEO David Hough. 'With good potential reserves they are now definitely worth pursuing.'

Via [Hemscott]

Eurogas Commences Drilling Ras el Besh Well in Tunisia

2008-06-16T23:32:00.000-07:00

CALGARY, ALBERTA--(Marketwire - June 16, 2008) - Eurogas Corporation ("Eurogas" or the "Corporation") (TSX VENTURE:EUG)is pleased to announce that drilling commenced on June 16, 2008 on the Ras el Besh structure on the Sfax Exploration Permit in Tunisia. The Ras el Besh 3 ("REB3") well is the first well drilled by Eurogas and its partners on this oil structure located 30 kilometers off the east coast of Tunisia in the Gulf of Gabes in 12 meters of water. Two prior wells, REB1 and REB2, drilled by a previous operator in the 1990's were located off the crest of the structure and were abandoned after REB2 tested oil to surface at an equivalent rate of 612 bopd.

The main target for the REB3 will be the Tertiary El Garia carbonates that produce oil and gas in several large fields along a trend that extends from offshore Libya through the Sfax permit to onshore Tunisia. REB3 will initially be drilled as a vertical pilot hole to a depth of 1,800 meters in order to evaluate the reserve potential, and, depending on the results of the evaluation, will then be sidetracked horizontally for approximately 1 kilometer. The drilling of REB3 could take up to 70 days depending on the results of the well.

The Delta Queen jack-up rig, owned by Sea Wolf Oil Services Limited, has been contracted to drill two wells with an option for two additional wells. Subject to favorable results of the REB3 well, an additional well, REB4, will be drilled in the Ras el Besh structure. After drilling at Ras el Besh has been completed, the rig will be moved to evaluate the Jawhara oil structure, located approximately 30 kilometers south of Ras el Besh, which was also drilled by a previous operator, testing oil to surface at an equivalent rate of 1200 bopd.

REB3 is the first well drilled under the partnership arrangement announced on April 8, 2008 between Eurogas, Atlas Petroleum Exploration Worldwide, Ltd. ("APEX") and Delta Hydrocarbons B.V. ("Delta"). In accordance with the partnership agreement with Delta, the costs of the wells, as currently planned, will be borne by Delta, as part of a larger commitment to earn a 50 % participation in the Sfax permit. After the total commitment has been fulfilled by Delta, Eurogas will retain 22.5%, APEX 27.5% and Delta 50% participating interest in the Sfax Offshore Permit.

Eurogas Corporation is an independent oil and gas exploration company listed on the TSX Venture Exchange under the symbol EUG and is engaged in development of a major underground storage facility offshore the east coast of Spain, and the exploration and development of oil and gas in Tunisia's Gulf of Gabes. For more information on the Corporation, visit the website www.eurogascorp.com.

Via [Market Wire]

PA Resources Begins Production From New Well at the Didon Field in Tunisia

2008-06-09T07:59:00.001-07:00

PA Resources has completed the drilling of the production well Didon-7 on the Didon oil field offshore Tunisia. The initial pilot hole encountered the top reservoir five meters higher than prognosis which will increase the reserves of the field. The drilling of a 500 meter horizontal drain has also been completed and production has now started from the well.

The oil and gas group PA Resources has completed the drilling of the production well Didon-7 as part of the development program on the Didon oil field in Tunisia. A pilot hole and a horizontal producer have been drilled by the jack-up rig Ensco 85 and production tests were performed. Following well testing, the Didon-7 has been put on regular production at a level of 12,500 barrels of oil per day.

The pilot hole encountered the top reservoir five metres higher than prognosis. Wire line logs and pressure data confirmed good reservoir properties and a 30 meter oil column. The horizontal section was successfully drilled high in the reservoir to maximize oil recovery. A 500 meter long drain was completed within the two upper layers of the reservoir at a horizontal level of 2,714 metres. The total length of the well is 4,015 meters. The drain showed that the structure is about six to eight meters higher than prognosis in this area if the field.

The Didon-5 well, whi ch was shut in prior to start-up of the well Didon-7, is currently being hooked up for production and it will be back in production in the End of June.

"We are very happy with the successful drillings and the fact that we now will be able to increase the total production from the Didon-field," says Ulrik Jansson, President and CEO at PA Resources AB.

PA Resources has a 100 percent working interest in the Didon field.

Via [Oil Voice]

Candax Commences Ezzaouia Drilling Onshore Tunisia

2008-06-02T05:12:00.000-07:00

Candax Energy Inc. announces that the drilling of the onshore Ezzaouia 17 well commenced today. The well targets an un-drilled fault block in the east section of the field. Following the completion of the Ezzaouia 17 well, the rig will move to the second infill location, Ezzaouia 18, and following that well, it will move to Chaal.

In addition, the Company has completed its first equity tanker lifting of crude oil for 2008 during the last week of May lifting approximately 120,000 barrels net to Candax.

The Tunisian Government has confirmed the two year extension of the first exploration period of the Chaal Permit, with no additional work commitments. The drilling of the Chaal-1 side-track well and test program is scheduled to commence in late August / early September 2008.

Michael Wood, President & CEO stated:
"Candax is working hard to optimize both our onshore and offshore oil production at a time of record oil prices. The two well Ezzaouia drilling campaign is an important investment designed to maximize our near term onshore oil production. We are also pleased to be working so effectively with the Tunisian government to further appraise the Chaal discovery later this year. The El Bibane offshore development project is still in progress, however we are pleased to confirm that the weather critical operation of the offshore topside installation at EBB3 was successfully completed today, the remainder of the hook-up, testing and commissioning work is much less weather dependent and thus production start-up is now planned to be completed in the next few weeks from the EBB3 well and optimization work to maximize offshore production can then be delivered."

Via [Oil Voice]

Cygam Energy Inc. Provides Additional Update on Drilling Operations in Tunisia

2008-05-26T08:04:00.000-07:00

CALGARY, ALBERTA--(Marketwire - May 26, 2008) - Cygam Energy Inc. (TSX VENTURE:CYG) ("Cygam" or the "Corporation") is pleased to provide an additional update on the TT2 exploration well operated by Storm Ventures International Inc. ("SVI") of Calgary, on the Remada Sud Permit in Southern Tunisia.

Highlights:

- Potentially significant light oil and gas shows were encountered in the main objective (Ordovician Bir Ben Tartar) while coring. Good yellow fluorescence was observed in the cores.

- Presence of hydrocarbons was confirmed by one drill stem test which recovered light oil, gas and no water. The test was run approximately 50 meters below the top of the Bir Ben Tartar and log analysis indicates that the potential hydrocarbon column could extend up to approximately another 25 metres below the tested interval.

- Petrophysical analysis indicates that a secondary objective (Ordovician Jaffara formation) may also be hydrocarbon bearing.

- Potentially significant gas shows were also encountered while drilling through the Silurian Tanezzuft shale and sandstone sequence above the Bir Ben Tartar main objective.

The main target, the Ordovician Bir Ben Tartar formation, consisting of a massive sequence of sandstones with minor shale streaks, had potentially significant gas and oil shows while coring. Upon reaching total depth at 1,500 metres and after log evaluation, several zones of interest were identified in both the primary and secondary objectives and selected for testing.

Several open-hole drill stem tests were planned but, due to unpredictable mechanical failures, only one test was successfully completed which recovered oil and gas in the down-hole sampler, with no water. During testing operations, well-bore conditions deteriorated and the operator and its partners agreed to suspend testing and set casing to TD.

The operator is currently waiting for the arrival of stimulation equipment from outside Tunisia in order to artificially fracture and production test several zones of interest. It is expected that Schlumberger stimulation equipment should arrive on location by early July. In the meantime, the two cores (approximately 60 meters in total) cut in the Bir Ben Tartar formation have been shipped to Aberdeen, Scotland, for routine and special analyses. A detailed testing and stimulation program is also being prepared.

The Sud Remada permit is located in the Ghadames Basin and is approximately 1.2 million acres in size. Cygam's working interest in the well and in the entire permit is 14%. SVI is the operator and has a 71% working interest; Madalena Ventures Inc. is also a partner with a 15% interest in the well.

Cygam is a Calgary based exploration company with producing oil and gas properties in Canada and extensive international exploration concessions. The main focus of the Corporation is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean region. Cygam currently holds various interests in five exploratory concessions in Italy and four exploratory concessions in Tunisia encompassing approximately 4 million gross acres (approximately 2.8 million net acres). Visit the Cygam website at www.cygamenergyinc.com for more information about Cygam.

This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding interpretation of seismic and well data, future plans and objectives of Cygam Energy Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated or expected in such statements. Cygam does not undertake any obligations to update forward-looking statements except as required by applicable securities laws. In particular, various factors can cause delays or prevent the Corporation from carrying out its testing and completion programs as scheduled, including but not limited to unavailability of equipment, funding and manpower or delays in the equipment reaching the Sud Remada permit. There is no certainty that the Sud Remada testing and fracture stimulation programs will be carried out as scheduled or that they will be successful in establishing commerciality. Important factors that could cause actual results to differ materially from Cygam's expectations are risks detailed herein and from time to time in the continuous disclosure filings made by Cygam with securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Via [Market Wire]

Heerema completes Hasdrubal

2008-05-21T23:20:00.000-07:00

VLISSINGEN, NETHERLANDS: Heerema Fabrication Group has completed construction of the Hasdrubal oil and gas platform at its Heerema Vlissingen construction yard. The topside has now been loaded on a barge for transportation to the Gulf of Gabes, 110 kilometers (68 miles) offshore Tunisia.

Construction of the platform began in June 2007 for BG Tunisia. The topside has five decks, weighs 1,450 tons and measures 46 meters by 30 meters by 29 meters (151 ft by 98 ft by 95 ft). The jacket weighs 1,000 tons and is 70 meters (230 ft) long.

The contract for the platform includes the final concept and design, as well as the transport to Tunisia. Heerema Vlissingen will provide training to BG Tunisia employees on location, particularly for offshore installation and hooking up the platform.

The Hasdrubal platform will be installed in water depths of 60 meters (197 ft). BG Tunisia is the operator of the Hasdrubal and owns the field together with ETAP. It is expected that the platform will be operational in 2009.

Via [Energy Current]