EnerGulf has provided the following update on its projects in the Democratic Republic of Congo ("DRC") and Namibia.
EnerGulf signed the Joint Operating Agreement (JOA) with COHYDRO, the national oil and gas company of the DRC, setting out the various terms of which EnerGulf, as Operator, is to manage the exploration activities on its Lotshi Block. The Lotshi Block covers approximately 475 square km of the Les Zones du Bassin Cotier in the onshore coastal salt basin of western DRC contiguous to Cabinda, Angola, and is in relatively close proximity to the offshore Cabinda, Malongo and Takula field complexes operated by Chevron; the onshore and offshore Perinco fields in DRC; and onshore M'Boundi field, operated by ENI in the Republic of Congo. COHYDRO is non-operator and has a 10% carried interest in the block. EnerGulf owns the remaining working interest in the block. The JOA is considered an important step forward in the process. The company is now preparing for a seismic program to further define the prospectivity of the block and to identify optimal drill targets.
With respect to the Kunene No. 1 oil and gas well, Block 1711, offshore Namibia, EnerGulf still awaits the laboratory analysis of the various geological and hydrocarbon properties encountered in the well, from the Operator, Sintezneftegaz Namibia Ltd. so that a 2009 work program can be approved. The government of Namibia has classified Kunene No. 1 as a "tight hole," meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.
EnerGulf Resources Inc. is a publicly traded international oil and gas exploration company focused on maximizing shareholder value by targeting high impact opportunities in the world's most prospective hydrocarbon regions.
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