EnerGulf Announces Carried Interest and Joint Operating Agreement for Namibia Offshore Block 1711
12 Junho 2014 - 8:30AM
Marketwired
EnerGulf Announces Carried Interest and Joint Operating Agreement
for Namibia Offshore Block 1711
TORONTO, ONTARIO--(Marketwired - Jun 12, 2014) - EnerGulf
Resources Inc. (TSX-VENTURE:ENG)(FRANKFURT:EKS) ("the Company") is
pleased to announce a Strategic Exploration Agreement between
Gazania 148 Investments (Pty) Ltd ("Gazania") and EnerGulf Namibia
Ltd ("EnerGulf"), a wholly owned subsidiary of the Company, for
Offshore Block 1711, Republic of Namibia ("Block 1711"). The
Agreement includes a negotiated Joint Operating Agreement ("JOA")
for Block 1711 which has been submitted to the Ministry of Mines
and Energy and NAMCOR (National Oil Company of Namibia) for review
and approval. The Petroleum Agreement grants EnerGulf a 15% working
interest, Gazania a 75% working interest, and NAMCOR a 10% carried
working interest to production.
The Agreement strengthens the relationship with Gazania,
optimizes the exploration potential of Block 1711, and ensures cost
containment for EnerGulf. The Agreement provides:
- Carried interest to EnerGulf until Gazania completes its work
program obligations under the Agreement (includes all 3D offshore
seismic, processing, interpretation, and other operating and
exploration expenses) and a drill site is approved by the Technical
Advisory Committee comprised of the parties and government
("TAC")
- No direct costs to EnerGulf until the first day of the month
after approval of a drill site by the TAC (18-24 months)
- Defined course of exploration operations to meet all industry
standards in the development of two independent geological and
geophysical constructs for Block 1711
- Meaningful input for EnerGulf in the development of the work
program and selection of an optimal drill site
- Joint marketing for the mutual benefit of all parties
- Separate marketing after all joint marketing has been
completed
John D. Elmore, President of EnerGulf, states "The Strategic
Exploration Agreement and Operating Agreement provide no direct
costs to EnerGulf for a high quality geological and geophysical
program for Block 1711 that is expected to cost between $25 and $40
million. The Agreement also provides for enhanced marketing
opportunities under its joint marketing terms. EnerGulf is excited
to work with Gazania and expeditiously move the Block 1711 program
forward and to its successful development, especially as Repsol and
its partners are currently drilling a well on Block 1911 offshore
Namibia, two blocks due south of Block 1711."
Block 1711 is an 8,891 square kilometer offshore petroleum
concession on the northern border of the Republic of Namibia.
Netherland, Sewell & Associates (independent oil and natural
gas reservoir engineers) estimates mean gross prospective oil
resources for Block 1711 of 3.17 billion barrels of oil. The full
53-101 report is available on SEDAR (www.sedar.com) and the
EnerGulf website (www.energulf.com).
About EnerGulf
EnerGulf Resources Inc. is a Toronto, Canada based oil and gas
exploration company trading on the Toronto TSX Venture Exchange
(TSX-VENTURE:ENG) and the Frankfurt Exchange (EKS). EnerGulf holds
a 90% working interest in the Lotshi Block, Onshore Democratic
Republic of Congo, which covers approximately 507 square
kilometers, and Estimated Mean Gross Prospective Reserves of 313
Million Barrels of Oil Resources. EnerGulf holds a 15% working
interest in Block 1711, Offshore Republic of Namibia, which covers
approximately 8,891 square kilometers, and Estimated Mean Gross
Prospective Resources of 3.166 Billion Barrels of Oil Resources.
These Reports are available on the EnerGulf website
(www.energulf.com) and on SEDAR (www.sedar.com).
On Behalf of the Board of Directors of
ENERGULF RESOURCES INC.
John D. Elmore, Director & CEO
Neither the 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.
Certain disclosure in this release constitute
forward-looking statements that are subject to numerous risks,
uncertainties and other factors relating to EnerGulf's operations
as an oil and gas exploration company that may cause future results
to differ materially from those expressed or implied by those
forward-looking statements and readers are cautioned not to place
undue reliance on these statements. EnerGulf disclaims any
intentions or obligations to update or revise any forward looking
statements whether as a result of new information, future events,
or otherwise.
Investor Contact:Jonathan BuickThe Buick
Groupjbuick@buickgroup.com416-915-0915
Energulf Resources Inc. (TSXV:ENG)
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