EnerGulf gets boost in offshore Namibia reserves estimate

Offshore staff

DALLAS – EnerGulf Resources Inc. (TSX-V: ENG; FSE: EKS) has an estimate from Netherland Sewell and Associates Inc. estimating prospective oil resources at four prospects and nine leads offshore Namibia in block 1711 at 3.166 Bbbl of potentially recoverable oil.

Block 1711 comprises 2.2 million acres (8,900 sq km) in the Namibe basin off the northern coast of Namibia along the international boundary with Angola.

The co-venturers in block 1711 are EnerGulf 15% (with a possible additional 4%), PetroSA 10%, NAKOR 10% (carried), NAMCOR 7% (carried), HRT 2.7%, and Kunene Energy 0.3% (carried).

EnerGulf has been granted the authority to market and negotiate the terms for the remaining 51% to 55% interest in block 1711 with the consent of the Namibian Ministry of Mines and Energy.

EnerGulf has determined that block 1711 has at least five Paleocene-Eocene turbidite sand prospects and leads. They comprise a current mean recoverable resource estimate per the NSAI report of more than 2 Bbbl. It is noted that the syn-rift play in block 1711 is geologically similar to the presalt plays in the Santos basin offshore Brazil and in the Upper Congo basin of West Africa.

In addition to the turbidite and syn-rift plays, the company has identified a new play involving structures in basement rocks.


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