EnerGulf reported that the seismic survey commissioned for the Lotshi Block in Democratic Republic of Congo (DRC) has been completed. The Lotshi Block covers approximately 500 square km of the Les Zones du Bassin Côtier in the onshore coastal salt basin of western DRC. EnerGulf is the operator of the project and has a 90% interest. The Block is contiguous to Cabinda, Angola and is on trend with the M'Boundi giant field in Republic of Congo and situated in a similar geological setting. The Lotshi Block is also in relatively close proximity to the offshore Cabinda, Malongo and Takula giant field complexes operated by Chevron and the onshore and offshore Perinco fields in DRC.
As previously reported by the Company in its news release of June 30, 2010, the 200 plus kilometer 2D high quality seismic survey was designed to compliment and augment the existing historical seismic data and the recently completed aeromagnetic survey on the block in order to further define specific drill targets and to identify and evaluate additional potential areas for exploration on the block. Re-processing and evaluation by the Company of extensive existing seismic data on the block has previously identified multiple high potential prospects. EnerGulf will immediately begin processing the newly acquired data and anticipates commencing an exploration drilling program once the results are mapped and specific targets are further defined.
Immediately adjacent to the Lotshi Block, ROC Oil Company Ltd./Petroplus recently reported that its Castanha-1 well had struck light oil (33 API) over 15 gross meters below a depth of 2214 meters in the Chela formation on its Cabinda South Block which is immediately contiguous to the Lotshi Block's western boundary. It has also reported that its Castanha-2 well just drilled to a depth of 2,448m encountered a 21m gross hydrocarbon column in the Chela formation. The Chela is expected to be a prospective formation on Lotshi and a target of EnerGulf's anticipated drilling program. The Geophysical Institute of Israel ("GII"), carried out the seismic work for EnerGulf on the Lotshi Block and previously conducted the seismic program on the Cabinda South Block for ROC/Petroplus.
Commenting for EnerGulf, Chairman and CEO, Jeff Greenblum said, "The completion of our seismic acquisition on the Lotshi block is an important milestone for achieving our company's goals to deliver high impact oil and gas producing properties. We will immediately begin processing and mapping the data in order to identify optimal drill targets in anticipation of a 2011 drilling program. The area has seen a substantial increase in drilling activity in recent months and we look forward to commencing our drill program on this very prospective block."
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