Cygam Energy Provides Clarification Regarding Offshore Licencing in Italy

(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 09/10/13 -- CYGAM Energy Inc. ("CYGAM") (TSX VENTURE: CYG) is pleased to provide clarification regarding the Ministerial Decree dated August 9, 2013 in which the areas available to new offshore exploration and production activities in Italian waters have been revised resulting in a reduction of total area from 255,000 km2 to 139,000 km2.

These latest changes do not apply to existing shallow water exploration and production projects which remain permitted under Legislative Decree DL83/2012. Consequently, they do not affect CYGAM's Adriatic licence B.R268.RG which contains the Elsa oil discovery.

Further details and maps are available at the Italian Ministry of Economic Development website:

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About CYGAM Energy Inc.

CYGAM is a Calgary based exploration company with extensive international exploration permits and a producing property in Tunisia. The main focus of CYGAM is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean Basin. CYGAM currently holds various interests in seven exploratory permits in Italy plus three exploratory permits and the BBT Production Concession in Tunisia which together encompass a total of approximately 2.6 million gross acres.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contacts:
CYGAM Energy Inc
David Taylor
President and Chief Executive Officer


CYGAM Energy Inc
Al Robertson
Chief Financial Officer

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Bereitgestellt von Benutzer: Marketwired
Datum: 10.09.2013 - 20:30 Uhr
Sprache: Deutsch
News-ID 295361
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CALGARY, ALBERTA

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Oil & Gas

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