EnerGulf Resources Inc. reported that the block 1711 project operator, Sintezneftegaz Namibia Ltd., contracted the drillship Deep Venture on behalf of itself and the other co-venturers on Block 1711 (EnerGulf, PetroSA and NAMCOR) to drill the Kunene #1 well. EnerGulf has been notified by the project operator that the drill ship Deep Venture has been released by ExxonMobil to the co-venturers. The Deep Venture is now en route from Angola, to the Kunene #1 drill site on Block 1711 and is expected to be on location in approximately 3 days.
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. EnerGulf has a 10% working interest in the block.
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