EnerGulf Estimates 3.16B Barrels at Offshore Namibia Block

EnerGulf Resources Inc. has received a prospective oil resources report for four prospects and nine leads on Block 1711, Offshore Namibia, including a mean estimate of 3.166 billion barrels of potentially recoverable oil. The report was prepared by independent oil and natural gas reservoir engineers Netherland Sewell and Associates, Inc. of Dallas, Texas. The report was prepared as of December 31, 2011, and will be available on SEDAR and on the EnerGulf website.

NSAI estimates the unrisked gross (100 percent) prospective oil resources for the prospects and leads as of December 31, 2011, to be:

  Low Estimate Best Estimate High Estimate Mean
Total 742 2,749 6,108 3,166

Gross (100%) Unrisked Prospective Oil Resources (MMbbl)

The estimates in this report have been prepared in accordance with the definitions and guidelines set forth in Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and Section 5 of Volume 1, Second Edition, of the Canadian Oil and Gas Evaluation Handbook (COGEH), prepared jointly by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society) (the latter of which is now the Petroleum Society of Canada).

Block 1711 comprises 2.2 million acres (8,900 square km) and is situated in the Namibe basin off the northern coast of Namibia along the international boundary with Angola. The co-venturers in Block 1711 are currently EnerGulf 15% (with a possible additional 4%), PetroSA 10%, NAKOR 10% (carried), NAMCOR 7% (carried), HRT 2.7%, and Kunene Energy 0.3% (carried). EnerGulf has been granted the authority to market and negotiate the terms for the remaining 51% to 55% interest in Block 1711 with potential qualified industry participants with the consent of the Namibian Ministry of Mines and Energy. EnerGulf will continue as the interim Operator under the Joint Operating Agreement (EnerGulf News Release October 12, 2011).

EnerGulf's extensive work program has determined that Block 1711 contains at least five Paleocene-Eocene turbidite sand prospects and leads. They comprise a current mean recoverable resource estimate per the NSAI report of more than 2 Billion barrels. This play was not considered for Block 1711 before the Kunene #1 well was drilled, but biostratigraphic information from the well suggested its importance. NSAI's High Estimates for these prospects and leads, totaling 4 billion barrels is in line with similar turbidite fields of the same age in the Campos Basin of Brazil. Other Giant (>500 million barrels) deepwater turbidite sand analogs for this play exist in the deepwater play off Angola, north of Block 1711, as well as elsewhere in West Africa, and the Gulf of Mexico.

Further, it has been recognized for some time that the Syn-Rift play in Block 1711 is geologically similar to the Pre-Salt plays in the Santos Basin of Brazil and in the Upper Congo Basin of West Africa, including EnerGulf’s Lotshi Block in DRC. The Kunene #1 well penetrated the uppermost 200 meters of the Syn-Rift section, and although no commercial reservoir zones were found, the section was thermally mature and a significant show of heavy gas was noted just above the top of the zone. NSAI’s High resource estimate of more than a billion barrels for 4 prospects and leads in this play hints at the promise it presents.

In addition to the Turbidite and Syn-Rift plays, each of which have many Giant (<500 million barrels recoverable) oil field analogs in West Africa and Brazil, the company has identified a new play involving huge structures in Basement rocks. This play has been recognized throughout West Africa and Brazil, and although there are no nearby Giant fields in this play, further study of the existing leads on Block 1711 could lead to a significant increase in the Block’s resources.

EnerGulf also continues with plans for a mid 2012 drill program on its 193 square mile (500 square kilometer) Lotshi Block located in the onshore coastal salt basin of western DRC. EnerGulf recently reported the receipt of an assessment of the Prospective Resources on EnerGulf’s Lotshi Block with a mean estimate of 313 million barrels for the potentially recoverable oil on seven oil prospects on the Lotshi Block. The report was prepared by DeGolyer and MacNaughton (D&M).

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.

Jeff Greenblum, Chairman and CEO for EnerGulf stated, "We are pleased to publicly demonstrate the breadth and depth of the prospect portfolio as it currently stands. The report by NSAI validates the work EnerGulf has done since taking over as operator of Block 1711. Our analysis of the information obtained during the drilling of the Kunene #1 well served as a catalyst for developing several new prospects and leads, as well as a complete re-evaluation of the existing prospect portfolio. We are looking forward to planning our upcoming 3-D seismic acquisition and drill programs, and pursuing talks with prospective qualified industry co-venturers."


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