News Release
Drilling Commences on Block 1711 Offshore Namibia
HOUSTON, TEXAS - April 9, 2008 - EnerGulf Resources Inc.
(TSX-V:ENG)
The project operator, Sintezneftegaz Namibia Ltd.,
has advised that drilling has commenced on the Kunene #1 well on Block 1711
offshore Namibia. Sintezneftegaz contracted the drillship Deep Venture on behalf
of itself and the other co-venturers on Block 1711 (EnerGulf, PetroSA and
NAMCOR) to drill the Kunene #1 well.
The costs to drill this well to the targeted total
depth of 4,400 meters below sea level, are estimated to be approximately US$79
million and an additional approximate US $9 million, if decided by the
co-venturers to penetrate deeper objectives, of up to 5,500 meters below sea
level. The drilling time is estimated to be approximately 50-60 days to 4,400
meters and an additional approximate 10 days to 5,500 meters. EnerGulf has a 10%
interest in Block 1711 and is responsible for 10% of the costs.
Block 1711 is situated in the Namibe basin off the
northern coast of Namibia along the international boundary with Angola. The 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.
Based on a Prospective Resource Assessment provided by Netherland Sewell &
Associates, Inc. (see news release dated September 8, 2006), the co-venturers
are targeting a potential multi-billion barrel oil and gas resource on Block
1711.
Commenting for EnerGulf, Chairman of the Board and
CEO, Jeff Greenblum said, ?We are very
pleased to announce the commencement of drilling on Block 1711 in the Republic
of Namibia. Our evaluation of Block 1711 indicates the potential for a world
class hydrocarbon reservoir. At this time of historic energy prices, we look
forward to the results of this initial test well. Our capital structure allows
us the flexibility to drill the Kunene #1, as we initiate our exploration
program for the Lotshi Block in the Democratic Republic of
Congo".
EnerGulf Resources Inc. is a publicly traded
international oil and gas exploration company focused on maximizing shareholder
value by targeting high impact opportunities in the world?s most prospective
hydrocarbon regions.
On Behalf of the Board of Directors of ENERGULF RESOURCES
INC.
Jeff Greenblum, Chairman of the Board
Certain disclosure in this release,
including the proposed private placement, use of proceeds, and management?s
assessment of EnerGulf's plans and projects, 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. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this news
release.
EnerGulf Resources
Inc.
200 - 675 West Hastings Street, Vancouver BC, V6B 1N2
Tel:
604.408.1990
Fax: 604.608.4822
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Energulf Resources Inc
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CODE : ENG.V |
ISIN : CA29266X1050 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Energulf is a and oil exploration company based in Canada. Energulf holds various exploration projects in Namibia. Its main asset in production is LOTSHI BLOCK in Congo Dem. Rep. of and its main exploration property is KUNENE in Namibia. Energulf is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.0 millions as of today (US$ 1.6 millions, € 1.4 millions). Its stock quote reached its highest recent level on September 30, 2005 at CA$ 6.65, and its lowest recent point on July 05, 2017 at CA$ 0.02. Energulf has 99 320 000 shares outstanding. |