Maybe I am wrong,
but I would expect that this is just the old (maybe slightly modified) 3.4 M96 engine which the 996 originally had before its facelift. The "enhancement" is probably that they just
"detuned" from 325 to 295 BHP to not endanger the basic 996/997 models.

If the Cayman is a financial success and if the base 997 gets some power update for the next makeover, they might offer the real power of about 310-325 BHP to the Cayman.