EnerGulf Resources Inc. advises the latest estimate for release of the drillship DeepVenture to drill the Kunene #1 well on Block 1711 offshore Namibia (further to its News Release dated January 28, 2008).
Project operator Sintezneftegaz contracted the drillship DeepVenture on behalf of itself and the other co-venturers on Block 1711 (EnerGulf, PetroSA and NAMCOR). The DeepVenture is currently drilling for ExxonMobil offshore Angola. Latest reports provided to EnerGulf by Sintezneftegaz estimate the release date of the rig from ExxonMobil to be in early March. However, as previously announced, the timing of the rig's release for drilling the Kunene #1 on Block 1711 remains subject to the conclusion of ExxonMobil's drill program for its well.
Block 1711 is situated in the Namibe basin off the northern coast of Namibia along the international boundary with Angola. The two separate exploration prospects, the Kunene and Hartmann, have been identified by extensive modern seismic data on the 893,100 hectare (2.2 million acre) block. Based on a Prospective Resource Assessment provided by Netherland Sewell & Associates, Inc. (see news release dated September 8, 2006), the co-venturers are targeting a potential multi-billion barrel oil and gas resource on Block 1711.
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