Petroleum Africa
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Monday, March 9, 2015
Cygam Energy’s Board of Directors met on February 10 to identify, examine and consider strategic alternatives available to the company. Those alternatives included the sale of Cygam, a merger or other business combination, recapitalization, sale of all or a portion of the company’s assets, appointment of a receiver of the company and/or its business or any combination thereof.
Ultimately, the Board of Directors determined that the company would cease all funding in respect of its Tunisian operations and terminate the employment of its Tunisian employees.
This announcement coincides with the release on SEDAR of a material change report which was previously filed on a confidential basis with securities regulators. The report was filed confidentially to allow Cygam time to reach an agreement with a third party for the disposition of certain of Cygam’s Tunisian assets. The parties were unable to reach an agreement in the time required by the company’s Board of Directors. The company will continue to consider alternatives with third parties with respect to its Tunisian business and related assets.
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