EnerGulf Drilling Offshore Namibia Delayed

EnerGulf Resources reported that the drilling for the Kunene #1 offshore Namibia has been delayed because of the following reasons.

The contracted drillship, DeepVenture, is currently drilling for ExxonMobil offshore Angola. Sintezneftegaz, the operator, has contracted on behalf of itself and the other co-venturers on Block 1711, EnerGulf, PetroSA and NAMCOR, with Esso Exploration Inc., a division of ExxonMobil, and Larsen Oil and Gas Ltd. (Venture Drilling) for use of the drillship as soon as it completes the drilling of ExxonMobil's well. Latest reports provided to EnerGulf by the operator, Sintezneftegaz, estimate the release date of the rig from ExxonMobil around February 25, 2008. EnerGulf's drilling consultants, based on current information, estimate the rig's release could be earlier depending on ExxonMobil's drill program and drilling contingencies. However, as previously announced, the timing of the rig's release for drilling the Kunene #1 on Block 1711 remains subject to the conclusion of ExxonMobil's drill program for its well.

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