EnerGulf Work Program Results and Increased Interest-Block 1711 Namibia
12 Ottobre 2011 - 2:15PM
Marketwired
EnerGulf Resources Inc. (TSX VENTURE:ENG)(FRANKFURT:EKS) is pleased
to provide updates on Block 1711, offshore Namibia and the Lotshi
Block, onshore Democratic Republic of Congo (DRC).
Block 1711 Offshore Namibia:
EnerGulf has been advised by the Namibia Ministry of Mines and
Energy of certain amendments to the Petroleum Agreement ("PA") for
Block 1711 offshore Namibia:
-- EnerGulf will receive an additional 5% to 9% working interest in Block
1711. This will increase EnerGulf's working interest from 10% to a
minimum of 15% and a maximum of 19%.
-- NAKOR's 70% interest will be relinquished in exchange for a 10% carried
interest. NAKOR's costs will be carried by the new owners of its
participating interest for the 2012 work program and the drilling of the
next well. NAKOR will be responsible for its proportional share of costs
of any subsequent work programs and any other wells drilled on the
block.
-- EnerGulf has been granted the authority to market and negotiate terms
for the remaining 51% to 55% interest with potential qualified industry
participants with the consent of the Ministry. EnerGulf will continue as
the interim Operator under the Joint Operating Agreement ("JOA").
The co-venturers interests are now: EnerGulf 15-19%, PetroSA
10%, NAMCOR 7% (carried), Kunene Energy 0.3% (carried) and HRT 2.7%
and the remaining 51% to 55% interest is to be negotiated with
leading industry participants. The restructuring of the interests
by the Namibia government is intended to accelerate the exploration
efforts on the block.
As operator of Namibia Block 1711, EnerGulf presented the
results of the 2010-2011 work program on the 2.2 million acre
block, to the Namibia Ministry of Mines and Energy in Windhoek,
Namibia. The work program involved a complete analysis of data from
the Kunene #1 well, and a further evaluation of the block's
exploration potential. The exploration studies revealed multiple
prospects and leads supported by amplitude anomalies and other
hydrocarbon indicators. EnerGulf's Block 1711 prospect portfolio
includes a Tertiary Turbidite play and a Syn-Rift play, both of
which have giant field analogs in Angola and Brazil.
Fossil evidence from the Kunene #1 well points to the potential
for multiple Tertiary-age turbidite sandstone prospects. Turbidite
sandstone reservoirs are common and prolific in West Africa, Brazil
and Deepwater Gulf of Mexico. Regionally, turbidite sandstone
reservoirs account for more than 20 billion barrels of producible
reserves in Angola (Blocks 14, 15, 17 18 offshore Luanda), Nigeria
(Agbami, Akpo and Bongo fields), Equatorial Guinea (Zafiro and
Alba) and the Campos Basin of Brazil (Marlim and Albacora).
EnerGulf's extensive study also provided significant new
information concerning the hydrocarbon potential of the Syn-Rift
play, including possible seismic evidence of salt on Block 1711.
The Syn-Rift rocks in Block 1711 are stratigraphically similar to
the Pre-Salt rocks of the Santos Basin of Brazil (Lula, Guara and
Lara fields) in the Upper Congo Basin (Malongo and M'boundi
fields). These plays currently contain more than 15 billion barrels
of producible reserves, and are still developing.
EnerGulf has submitted the 2012 work program for Block 1711 to
the government and co-venturers. The work program includes
acquiring a 3D seismic survey over the Hartmann area in the
southwest portion of the block in Q1 and Q2 of 2012, as well as
continued geological and geophysical evaluation. It is estimated
that the 2012 work program on Block 1711 could cost approximately
$15 million.
Lotshi Block, Onshore, Democratic Republic of Congo:
EnerGulf continues with plans for a mid 2012 drill program on
the Lotshi Block. The Company is also commencing construction of a
school and health clinic on the block as required by the community
improvements provision of the Production Sharing Agreement.
EnerGulf continues to consider negotiations regarding a farm-in
with qualified industry co-venturers for the Lotshi Block.
The Lotshi Block covers approximately 500 square km of the Les
Zones du Bassin Cotier in the onshore coastal salt basin of western
DRC. EnerGulf is the operator of the project and has a 90% interest
and COHYDRO, the state oil company of the DRC, holds a 10% carried
interest.
EnerGulf recently reported the receipt of an assessment of the
Prospective Resources on EnerGulf's Lotshi Block with an unrisked
mean estimate of 313,176,000 barrels. The report was prepared by
DeGolyer and MacNaughton (D&M), an independent international
petroleum consulting firm located in Dallas, Texas (www.demac.com).
The report has been prepared in accordance with Canadian NI 51-101
and other Canadian, United States and International standards and
covers the potentially recoverable oil on seven oil prospects on
the Lotshi Block. The D&M Prospective Resources report is
available on the Company's website at www.energulf.com and is filed
on SEDAR at www.sedar.com. In accordance with Section 5.9 of NI
51-101, the Company declares that there is no certainty that any
portion of these prospective resources will be discovered and if
discovered, there is no certainty that it will be commercially
viable to produce any portion of the resources.
Chairman/CEO Jeff Greenblum comments, "We are excited to be in
the exclusive club of the West African hydrocarbon elephant hunt.
We are on trend with the West Africa/Brazil major hydrocarbon
producing play types. EnerGulf's leadership has recast Block 1711
as a premier exploration opportunity and we are also pleased to
increase our interest in Block 1711 and remain as operator until a
qualified deep offshore operator joins us. We are also looking
forward to drilling our world class potential Lotshi Block in the
Democratic Republic of Congo in mid 2012."
On behalf of the Board of Directors,
EnerGulf Resources Inc.
Jeffrey L. Greenblum, Chairman & CEO
Some statements in this news release contain forward-looking
information. These statements include, but are not limited to,
statements with respect to future expenditures, financing and
prospective resource estimates. These statements address future
events and conditions and, as such, involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the statements. Such factors include, among others, the
ability to complete contemplated private placements, the timing and
amount of expenditures, business conditions, changes in business
strategy, regulatory requirements, competition and economic
conditions. The Company does not assume the obligation to update
any forward-looking statement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Ben Curry/Andrew Mugridge Progressive Investor
Relations (604) 689-2881info@energulf.comwww.energulf.com
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