CYGAM Energy Inc. has received a revised proposal from the Tunisian authorities regarding the sale process for the Sud Tozeur permit in Tunisia.
Rigo Oil Company Limited (Rigo), a wholly owned subsidiary of CYGAM, submitted a revised proposal to the Tunisian authorities on September 11, 2014, in which Rigo and YNG Exploration Limited (YNG), a private company, proposed that a total of US$2.5MM of the penalty would be paid to the authorities upon transfer of the Sud Tozeur permit to YNG. Of this total, US$2.0 MM would be funded by YNG and the balance of US$0.5 MM by Rigo. The balance of US$2.5 MM would be paid by Rigo before the end of 2015.
Following informal feedback from the Tunisian authorities, a revised and final proposal was submitted to the Tunisian authorities on September 26, 2014. In this proposal, a total of US$2.5 MM of the Penalty would be paid to the authorities upon transfer of the Sud Tozeur permit to YNG.