The permits, which have no additional commitments, include the Bazma and Sud Tozeur, in which the company owns 100% interest.

Bazma permit has entered the second exploration period with the fresh permit’s expiry being July 26, 2015.

Extension also carries the existing work commitment for the first exploration period which includes an additional commitment to drill a shallow well to the Triassic.

The Sud Tozeur permit has been granted a special extension of one year and the permit expiry is now extended to May 12, 2014.

The existing commitments of one deep well to the Cambrian/Ordovician or 4,500 metres and 200 km2 of 3D seismic data are now due to be completed by May 12, 2014, the company said.

CYGAM CEO David Taylor said the company is committed to the effective exploration of these permits and the additional time will allow it to pursue suitable farm-in partners.

"The existing 2D seismic in both permits has recently been reprocessed and a full re-interpretation is currently underway to form the technical foundation of a broad farmout initiative which is expected to commence in early 2013," Taylor added.