Project Profile
Location: Mediterranean Sea, offshore south eastern Sicily, Italy
Production: 1,400 bopd of 36o API oil and 11.5 MMcf/d (testing)
Area: 336.98 sq. km
Water Depth: 20-130 m
The C.R148.VG (Aretusa) Permit is located in the Mediterranean Sea, offshore south-eastern Sicily and encompasses an area of 336.98 square km or (83,267 acres). Official ministerial approval for exploration on the Aretusa Permit was received on November 27, 2006, for an initial period of six years. CYGAM’s application, made on November 15, 2010, calling for the extension of the C.R148.VG Permit, offshore Sicily from August 26, 2010 until August 26, 2011 was granted. The expiration of the Permit was extended to November 27, 2013 by way of a Decree issued in February 2011.
According to data provided by an independent source, the Aretusa-1 discovery well tested 1,400 bopd of 36o API oil and 11.5 MMcf/d. Additional targets include an upper Triassic Taormina Formation and a secondary target in the Jurassic Siracusa formation, present in the nearby Vega producing field. The Vega field is located 30 km west of the Aretusa-1 well and has produced in excess of 57 MMboe. In 2008, the company inspected seismic data previously shot on and around the Permit and is currently in the process to acquire new lines through a regional seismic campaign. CYGAM plans to commence a new 3-D marine seismic survey covering an area of approximately 100 sq km, as required by the work commitment.
Operators:
CYGAM: Operator with 100% interest (declared bankruptcy in 2015)