EnerGulf renews Block 1711 exploration license offshore Namibia

Source: EnerGulf Resources

EnerGulf Resources announced that the Exploration License for offshore Block 1711, has been renewed for an additional 2 year period by the Ministry of Mines and Energy, Republic of Namibia. The Exploration License was originally granted in March 2006 for an initial term of four years and provided for two additional two year renewal exploration periods. 

The co-venturers in Block 1711 are NACOR Investments Limited, an affiliate of the Sintez Group LLC (70% interest), EnerGulf Resources Inc (10% interest), PetroSA (10% interest), Namcor (7% carried interest) and Kunene Energy (the BEE - 3% carried interest). 

Block 1711 is situated in the Namibe basin off the northern coast of Namibia along the international boundary with Angola. Two separate exploration prospects, the Kunene and Hartmann, have been identified by extensive modern seismic data on the 893,100 hectare (2.2 million acre) block. 

In August 2008, EnerGulf reported that drilling and logging operations on the Kunene #1 had been completed to a depth of 5,050 meters below sea level in 772 meters of water. The well had significant hydrocarbon shows. EnerGulf believes the results of the operations to date have enhanced the prospectivity of Block 1711 by demonstrating that hydrocarbons are present. 

EnerGulf's COB/CEO, Jeff Greenblum stated, "With the receipt of our Block 1711 license renewal, we look forward to expeditiously continuing our work program to identify promising drill targets."

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