EnerGulf Resources Inc. announced 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 said, "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."