EnerGulf has signed a contract with The Geophysical Institute of Israel (GII) to conduct the upcoming 2D seismic acquisition program on its Lotshi Block located onshore in the Democratic Republic of Congo (DRC). GII will immediately prepare for mobilization to the block and plans to complete the high quality seismic survey in July, 2010. The survey is designed to further define the prospectivity of the block and to identify optimal drill targets. The contract with GII replaces the contract with CGE referenced in the Company's news release of January 13, 2010.
GII has conducted oil and gas seismic surveys in over 7 countries since 1997. GII has conducted three 2D and/or 3D seismic surveys since 2005 for ROC Oil Company Ltd. on its Cabinda South Block in Angola, immediately contiguous to the Lotshi Block on the Lotshi Block's western boundary. ROC announced on February 18, 2010, that its Castanha-1 well had struck light oil over 15 gross metres below a depth of 2214 metres in the Chela formation on the Cabinda South 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. 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.
EnerGulf has achieved the following milestones concerning its Lotshi Block work program:
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