EnerGulf Update Block 1711 Offshore Namibia
HOUSTON, TEXAS -- (Marketwire) -- 06/17/10 -- EnerGulf Resources Inc. (TSX VENTURE: ENG)(FRANKFURT: EKS) ('EnerGulf'): EnerGulf is pleased to announce that the Operating Committee for Block 1711 met in Windhoek, Namibia and has approved a 'Work Program' for Year 1 of the Exploration License renewal. The work program will commence immediately and is designed to fully evaluate the results of the Kunene #1 well and analyze their impact on the block. This will allow the co-venturers to identify future drill targets (including possible re-entry of the well), plan additional seismic and further evaluate the current and additional prospects.
EnerGulf reported on the completion of drilling activities of the Kunene #1 well, that significant hydrocarbon shows were encountered and management believes the results of operations has significantly enhanced the prospectivity of Block 1711 by demonstrating the presence of hydrocarbons.
The blocks co-venturers are: NACOR Investments Ltd. (70% - an affiliate of Sintez Group); EnerGulf Resources Inc (10%); PetroSA (10% - a national petroleum company of South Africa); NAMCOR (7% - the national petroleum company of Namibia) and, Kunene Energy (3% - the local BEE group).
EnerGulf's CEO, Jeff Greenblum, comments, 'We have always been excited about Block 1711 and look forward to continuing our work to explore and develop the potential of this 2,200,000 acre block. The Kunene #1 was the first well in the Namibe Basin and confirmed the existence of hydrocarbons and a working petroleum system. We anticipate that the results of this work program will guide us towards a successful exploration and drilling program.'
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 and CEO
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.
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.
Contacts:
Progressive Investor Relations
Ben Curry
(604) 689-2881
info@energulf.com
www.energulf.com
