EnerGulf owns a 5-percent working interest in the 1,291.9-acre Longoria 174 prospect and a surrounding area of mutual interest. The well is located in a highly prospective area of South Texas. A multi-well drilling program is now anticipated.
Killam has designated the Longoria 174 No. 1 as a tight hole, meaning that all further information will be kept confidential for a period of time due to the competitive exploration environment in the immediate area.
"After finalizing our interest in the Exploration License for Block 1711 offshore Namibia, we are very happy to learn that gas is expected to be sold into the pipeline this week for the Longoria 174 No. 1 well in South Texas," said Jeff Greenblum, chairman of EnerGulf's board. "These two events validate our strategic goals of balancing stable production with high impact exploration opportunities. We expect to participate in more drilling with Killam Oil in the future in an effort to increase our production at a time of historic energy prices. Meanwhile, we continue our efforts to build a strong portfolio of high impact exploration opportunities throughout Africa."
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