Energulf hopes to strike oil and gas

Written by Administrator

EnerGulf Resources, as interim operator of Block 1711, announced last week that it is coordinating the exploration work programme approved by the co-venturers to further evaluate the current and additional prospects, identify future drilling locations and consider potential re-entry of the Kunene #1.

The block is situated in the Namib basin off the northern coast of Namibia along the international boundary with Angola. The work will further evaluate the current and additional prospects, as well as identify future drilling locations and consider potential re-entry of the well.

According to EnerGulf, the oil exploration prospect that have been identified by extensive modern seismic data on the 893,100 hectare (2.2 million acre) block which reached a total depth of 5,050 metres had significant hydrocarbon shows.

“Most of the work is focused on properly evaluating the results of the Kunene #1 well and integrating this information with existing seismic data. The work also involves evaluating samples from the well for several different types of marine and terrestrial microfossils. A detailed petrographic study of samples from the side-wall cores, is almost complete. This new data is being evaluated and integrated with the available 3-D and 2-D seismic. Additional leads are also being developed and we expect various results to be ready in the 2nd Quarter 2011,” the company said in a statement.

The company further said that the block’s co-venturers met the initial work requirement by drilling the Kunene #1 well utilising the drill ship Deep Venture. The block’s co-venturer, Nakor Investments currently holds a 70% interest in the block, which was transferred from Sintezneftegas Namibia. Energulf Resources owns 10% paying interest. South African national oil company, PetroSA, also owns a 10% paying interest. NAMCOR, the Namibian national oil company has a 7% carried interest in the block. Kunene Energy, a Namibian company, also has 3% carried interest.

The CEO of EnerGulf, Jeff Greenblum, said the company is pleased to report that its exploration work programmes for the Block 1711 is on schedule.
“This sets the stage for an exciting year of 2011 for EnerGulf. The valuable geological work we are completing for Block 1711 should yield additional prospects and lead the way forward to unleash the potential of this outstanding block,” Greenblum said.
When the Ministry of Mines and Energy in September last year appointed EnerGulf Resources as interim operator for the oil and gas potential block, the petroleum commissioner in the Ministry of Mines and Energy, Immanuel Mulunga, told the Economist that the Ministry supports the exploration work programme of the EnerGulf Resources.

He added that the ministry renewed the license for a further period of two years from 31 March 2010 to 31 March 2012, with specific work that needs to be carried out in this two year period.

EnerGulf is a publicly traded international oil and gas exploration company that focus on maximising shareholder value by targeting high impact opportunities in the world’s most prospective hydrocarbon regions.

link: http://www.economist.com.na/index.php?option=com_content&view=article&id=23185:energulf-hopes-to-strike-oil-and-gas&catid=593:general-news