EnerGulf Resources has issued an update on exploration activities at the Company's Lotshi Block, onshore Democratic Republic of Congo ("DRC"), and the Kunene Block 1711, offshore Namibia.
The Company recently completed reconnaissance aeromagnetic and gravity surveys over the Lotshi Block. The results from these surveys have indicated the presence of a prospective pre-salt rift graben on the block. The Lotshi Block rift graben appears to be on trend with the rift basin of the well known oil and gas producing M'Boundi field in southern Republic of Congo (Brazzaville). The M'Boundi field is located approximately 70 miles northeast of the Lotshi Block.
EnerGulf is now designing a seismic program to further define the prospectivity of the block and to identify optimal drill targets. To date, several leads have been identified on the 475 sq.km. Lotshi Block and EnerGulf expects to commence the seismic program in the near future.
Regarding Block 1711 in Namibia, EnerGulf still awaits, from the operator, the laboratory analysis of the various geological and hydrocarbon properties encountered in the Kunene-1 exploration well. The results from the analysis of the many core and rock samples collected at the initial Kunene-1 target will greatly enhance EnerGulf's evaluation process moving forward, and provide invaluable insight into unlocking the block's potential as a commercially viable hydrocarbon system. Currently, EnerGulf is evaluating additional drilling prospects and leads on Block 1711.
Jeff Greenblum, Chairman of the Board/CEO, stated, "In the past year we have seen major developments in all aspects of the Company's operations and I am very encouraged about EnerGulf's future prospects. We made a new discovery of an active hydrocarbon system at our Namibian offshore concession, advanced our DRC onshore project to where exploratory drilling is within sight and possess a strong cash position for ongoing operations. The information obtained in drilling the Kunene-1 well has enhanced the oil and gas prospects for our 2.2 million acre block offshore Namibia. We are greatly anticipating the results of the state of the art laboratory analysis of the rock properties encountered in the well so that we can expeditiously move forward in planning the next potential drilling project for the block."
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