EnerGulf Resources Receives Second 2 Year Renewal Period on Block 1711 Offshore Namibia
DALLAS, TEXAS (March 29, 2012), EnerGulf Resources Inc. (TSX-V: ENG; FSE: EKS) (“the Company”) is pleased to announce the Company has received from the Minister of Mines and Energy of the Republic of Namibia for Block 1711, the second two year renewal period, from March 31, 2012 to March 31, 2014.
EnerGulf recently announced the Company received a prospective oil resources report for four prospects and nine leads on Block 1711, Offshore Namibia, including a mean estimate of 3.166 Billion barrels of potentially recoverable oil (see EnerGulf News Release February 21, 2012). The report was prepared by independent oil and natural gas reservoir engineers Netherland Sewell and Associates, Inc. (“NSAI”) of Dallas, Texas (www.netherlandsewell.com) and is available on SEDAR (www.sedar.com) and on the EnerGulf website (www.energulf.com).
NSAI estimates the unrisked gross (100 percent) prospective oil resources for the prospects and leads as of December 31, 2011, to be:
Gross (100%) Unrisked Prospective Oil Resources (MMbbl)
|Low Estimate||Best Estimate||High Estimate||Mean|
Block 1711 comprises 2.2 million acres (8,900 square km) and is situated in the Namibe basin off the northern coast of Namibia along the international boundary with Angola. The coventurers in Block 1711 are currently EnerGulf 15% (with a possible additional 4%), PetroSA 10%, NAKOR 10% (carried), NAMCOR 7% (carried), HRT 2.7% and Kunene Energy .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 potential qualified industry participants with the consent of the Namibian Ministry of Mines and Energy. EnerGulf will continue as the interim Operator under the Joint Operating Agreement (EnerGulf News Release October 12, 2011).
On behalf of the Board of Directors, EnerGulf Resources Inc.
Jeffrey L. Greenblum, Chairman & CEO