Preparations are now under way to commence the previously announced 2D seismic acquisition program on EnerGulf's Lotshi Block in the Democratic Republic of Congo (DRC) in mid September 2009. The program will be conducted by CGE (China National Administration of Research Institute of Coal Geophysical Exploration). CGE has prior oil and gas seismic survey experience in Les Zones du Bassin Cotier of the DRC. Dr. Albert Ongendangenda, Director General of EnerGulf Congo SARL in the DRC, and Dr. Joe Davis, geophysical consultant to EnerGulf from Digital Prospectors will be managing and co-ordinating the program. This high quality seismic survey is designed to further define the prospectivity of the block and to identify optimal drill targets.
The Lotshi Block covers approximately 500 square km of the Les Zones du Bassin Cotier in the onshore coastal salt basin of western DRC. EnerGulf is the operator of the project. The Block is contiguous to Cabinda, Angola and is on trend with the M'Boundi giant field in Republic of Congo and situated in a similar geological setting. The Lotshi Block is also in relatively close proximity to the offshore Cabinda, Malongo and Takula giant field complexes operated by Chevron and the onshore and offshore Perinco fields in DRC.
At the Company's recent Annual General Meeting held on August 18, 2009 the shareholders re-elected Jeff Greenblum, Clive Brookes, Tom Fetters and Joe Soliz to the Board of Directors for the upcoming year and all other resolutions were approved as set out in the information circular.
Jeff Greenblum, EnerGulf Chairman of the Board and CEO states, "We are very pleased to be ready to commence seismic operations on our Lotshi Block in DRC. When the seismic survey is completed, EnerGulf will have achieved a major milestone in its exploration program. The results will enhance our understanding of the block, better enabling us to select optimal drilling locations."
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