EnerGulf Resources Inc.: Namibia Block 1711 Update
(Thomson Reuters ONE) - HOUSTON, TEXAS -- (MARKET WIRE) -- 07/22/09 -- EnerGulf ResourcesInc. (TSX VENTURE: ENG)(FRANKFURT: EKS) ("EnerGulf"): EnerGulfreports that the Ministry of Mines and Energy of Namibia has releaseda Press Statement dated July 21, 2009 regarding Block 1711. Thestatement is as follows:"In March 2006, Sintezneftegaz (70%) together with its co-venturersEnerGulf Resources Inc (10%), PetroSA (10%) and Namcor (7% carriedinterest) signed a Petroleum Agreement with the Government of theRepublic of Namibia in connection with the exploration of oil and gasin block 1711. A local BEE group, Kunene Energy joined later with a3% carried interest. The License Block is located in the northernpart of the Namibian continental shelf and is part of Kwanza-Cameroonoil and gas bearing province. In the northern part of the provincenamely in northern and central basins of Angola (Cabinda, Kwanza) theproven oil and gas bearing reserves capacity are contained in thecarbonate sediments of Albian age. The oil fields of PakassaFormation in the lower Congo basin and Bento Formation in the Kwanzabasin were chosen and used as analogues of the Cretaceous carbonatereservoirs. Furthermore additional seismic reinterpretation andreprocessing over the Kunene and Hartman prospects have demonstratedthat both these structures can be correlated with the Apto-Albiansediments of the South West African margin.The operator and the co-venturers applied extreme effort anddedication to the evaluation of oil and gas in the license block. Thesite for the Kunene-1 exploratory well was determined on the basis ofthe reprocessed and reinterpreted 2000 km of 2D seismic and 685km2 of3D seismic data that was originally acquired by Vanco. The well wasspudded in June 2008 and drilled to a total depth 5052 meters belowmean sea level as per the Agreement with the Namibian Government. TheKunene-1 well is the first ever well to be drilled in Block 1711 overthe Kunene prospect of the Namibe basin, testing a large 4 way dipstructural closure.The geological analysis of the drilling results, indicate the oil andgas potential of Block 1711 as well as good prospects for the regionas a whole. There were gas shows in the Albian and Aptian sediments,confirmed by wire-line logging. It was not possible to fully evaluatethe hydrocarbon potential of the penetrated section due tooperational problems during testing. The reservoir quality of thetested zones was not very good, perhaps due to nearby igneousactivity. However, seismic interpretation suggests that alteration ofthe sediments by the igneous activity may be localized to an areanear the borehole, and therefore both the tested zones and someuntested zones have great potential. PetroAlliance Service Co. ofMoscow, a subsidiary of Schlumberger, estimates that the 4,698m -4,748m interval could contain a potential gas resource of up to 14trillion cubic feet.All in all, the Government of the Republic of Namibia is happy toannounce that Sintezneftegaz Namibia and its co-venturers have mettheir minimum work commitments to it under this license under oftenvery difficult conditions. The global financial meltdown of last yearnegatively affected exploration efforts, however it is anticipated,that exploration activities will continue with the view to establishmore accurately the quantities and commerciality of the hydrocarbonsin block 1711."As previously reported, EnerGulf elected not to participate in thetesting program of the 4,698m to 4,748 interval. EnerGulf is not inreceipt of a copy of the PetroAlliance report mentioned in the pressstatement and it has not verified the potential resource and theestimate may not be compliant with NI 51-101. Although EnerGulfelected not to participate in the testing of the interval, per theJoint Operating Agreement, the Company may elect to pay 100% of itsshare of the test's costs it would have incurred had it participated,and an additional sum of the same amount, to re-instate its pro ratarights in a commercial discovery in the interval that was tested.EnerGulf reported on the completion of drilling activities, that theKunene #1 well had significant hydrocarbon shows and believes theresults of the operations prior to the attempted well test enhancedthe prospectivity of Block 1711 by demonstrating that hydrocarbonsare present. EnerGulf looks forward to continuing in the explorationprogram of the block.EnerGulf Resources Inc. is a publicly traded international oil andgas exploration company focused on maximizing shareholder value bytargeting high impact opportunities in the world's most prospectivehydrocarbon regions.On Behalf of the Board of Directors of EnerGulf Resources Inc.Jeff Greenblum, Chairman and CEOCertain disclosure in this release constitute forward-lookingstatements that are subject to numerous risks, uncertainties andother factors relating to EnerGulf's operations as an oil and gasexploration company that may cause future results to differmaterially from those expressed or implied by those forward-lookingstatements and readers are cautioned not to place undue reliance onthese statements. EnerGulf disclaims any intentions or obligations toupdate or revise any forward looking statements whether as a resultof new information, future events, or otherwise.Neither TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.Contacts:Progressive Investor RelationsBen Curry(604) 689-2881info(at)energulf.comwww.energulf.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 22.07.2009 - 20:19 Uhr
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