On Aug. 6, 2008, EnerGulf made an announcement regarding results of drilling operations on the Kunene-1 oil and gas well, offshore Namibia, pending further oil and gas electric log analysis and rock and fluid interpretations.
Thereafter, Sintezneftegaz Namibia Ltd., the operator of the Block 1711 project per the Petroleum Agreement and related Joint Operating Agreement (JOA), proposed a test program to test the well for natural gas in a particular zone. The Company elected not to participate in that particular program, and has not yet received results from it or any other well analysis or interpretation. On December 24, 2008, a recent Namibian news article was posted online in at least one North American discussion forum. That article suggests that the Kunene-1 may be commercially viable. Trading volume and price of the Company's shares thereafter increased. The Company is not aware of any undisclosed information which may explain that increase.
A meeting of the Operating Committee made up of the operator and non-operators (including EnerGulf) pursuant to the JOA is being scheduled for early 2009 to review the 2008 work program and to consider the operator's proposal for the 2009 work program. That meeting will be followed by technical committee reviews when petrophysical, stratigraphic and geochemical analyses of core, cuttings and drill gas are available, and seismic interpretation integrating the drill results has been completed.
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