Canoel to Acquire Oil and Gas Interests in Tunisian Exploration Permits
Posted on: Wednesday, 24 September 2008, 09:00 CDT
Canoel International Energy has entered into a farm-out and participation agreement for the acquisition of oil and gas interests from Cygam Energy in three onshore exploration permits in the Bazma, Jorf and Sud Tozeur areas of Tunisia.
Canoel has been advised by Cygam that Timgad Energy, an Egyptian oil and gas exploration and development company has joined Canoel and Rigo Oil, a wholly owned subsidiary of Cygam, as a partner in two oil exploration permits located in Tunisia.
Timgad will participate in the 3,768sqkm Jorf and the 1,616sqkm Bazma permits. Pursuant to the farm-out and participation agreement, as amended, Canoel is required to raise a minimum of C$3 million prior to October 15, 2008.
James Grossman, Canoel's chairman, said: "We look forward to participating with Timgad in developing our Tunisian acreage under the operatorship of Rigo Oil and Cygam, who have recently announced a discovery in Tunisia."
Source: Datamonitor
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