EnerGulf Buys More Time Offshore Namibia

EnerGulf renewed its exploration license for offshore Block 1711 for an additional two-year period by the Ministry of Mines and Energy, Republic of Namibia. The exploration license was granted in March 2006 for an initial term of four years with two additional two-year renewal periods. The block is situated in the Namibe basin off the northern coast of Namibia along Angola's border. Two exploration prospects were identified by seismic data on the 2.2 million acre block, and in August 2008, one of the prospects Kunene-1, was completed to a depth of 16,568 feet (5,050 meters) in 2,533 feet (772 meters) of water. The well proved significant hydrocarbons are present in the block.