Energulf Resources's Profile
ENERGULF RESOURCES INC.
200 - 675 West Hastings Street, Vancouver, British Columbia V6B 1N2
Tel: (604) 408-1990 Fax: (604) 801-5499
www.energulf.com
TSX.V Trading Symbol: ENG
24,047,094 shares issued and outstanding
ENERGULF RESOURCES TO START DRILLING PROGRAM AT OFFSHORE NAMIBIA BLOCK 1711 WHILE AWAITING PRESIDENTIAL DECREE IN DRC
Energulf Resources is an international oil and gas exploration and production company. Energulf, under the guidance of Jeff Greenblum – Chairman of the Board, are pursuing exciting prospects in several African nations in order to capitalize on the ever growing demand for oil & gas resources. These areas have shown fantastic potential from seismic surveys and direct hydrocarbon indicators. Energulf believes that there has never been a better time to maximize shareholder value by focusing on the world’s most exciting prospective hydrocarbon regions.
OFFSHORE BLOCK 1711-NAMIBIA, AFRICA
INSHORE LOTSHI BLOCK-DEMOCRATIC REPUBLIC OF CONGO, AFRICA
These prospects represent the forward movement of Energulf’s Pan-African business plan of building a strong portfolio of high impact exploration opportunities.
BLOCK 1711-NAMIBIA
"Namibia Block 1711 contains the most attractive undrilled structure that I have seen in over 40 years of exploring for oil and gas internationally."
Dr. Bill St. John
Energulf’s Senior Advisor for African Exploration
Energulf Namibia Ltd., wholly owned subsidiary of Energulf Resources Inc., has been formally assigned a 10% working interest in offshore Namibia Block 1711. Under the terms of the agreements Energulf has been assigned a 10% working interest (paying 10% of the
exploration and development costs), being a 9.5% net revenue interest (after the underlying royalty to Namibia). The operator of the block is Sintezneftegaz, a federation of Russia oil & gas company based in Moscow, with a 70% interest. PetroSA, South Africa’s national oil company, holds a 10% interest. The remaining 10% is divided between NAMCOR, the national oil company of Namibia, and local black empowerment (BEE) groups at 7% and 3% respectively. Sintezneftegaz will be solely responsible for carrying the NAMCOR and BEE group’s interests.
The exploration license is granted for a term of four years, with two additional two year renewal exploration periods. The initial work program provides for geophysical work in year one and requires the drilling of two exploration wells (the first well to be drilled by at least year two). The minimum exploration expenditure over the initial four year period is US$8,400,000, and a further US$3,700,000 combined over both two year renewal periods.
In September 2006 Energulf received Netherland, Sewell & Associates, Inc. prospective resource assessment of the Kunene and Hartmann prospects in Block 1711. The report is in accordance with Canadian NI 51-101 and other Canadian, United States and International standards.
PROJECT HIGHLIGHTS
Two big prospects: 23,000 and 84,000 acres
3.2 billion BOE most likely – 6.0 billion BOE upside – NSAI resource assessment
Active petroleum system present
No wells in the basin
Spectacular direct hydrocarbon indicators
FUTURE PLANS
Over the course of 2007 Energulf will be looking to contract a rig for the drilling of the exploratory wells. Haliburton has been contracted to develop the drilling program and engineering monitoring for the Kunene #1 exploratory well construction. The contract for the environmental impact assessment for scheduled drilling operations on Block 1711, required by the PSC, has been awarded to Risk-Based solutions of Namibia. Drilling is scheduled to commence by March 2008.
LOTSHI BLOCK-DRC
Energulf Africa Ltd., a wholly owned subsidiary of Energulf Resources Inc., has been granted by the granting authority of the Democratic Republic of Congo a hydrocarbon exploration and production concession covering the Lotshi block in the "Les Zones du Bassin Cotier" (ZBC). Under the terms of the concession grant, Energulf has agreed to pay a signature bonus to the DRC government of US$500,000 for a 90% interest in the five year exploration license and will provide a bank guarantee of an additional US$500,000 towards the work program on the block. Energulf will be the operator of the block and will carry Cohydro, the parastatal oil company of the DRC, for a 10% interest in the block.
The Lotshi block covers approximately 475 square km of the ZBC in the onshore coastal salt basin of western DRC and is contiguous to the highly prospective Cabinda area of Angola. The offshore blocks of Cabinda closest to the ZBC contain the giant (more than 500 million barrels of recoverable reserves) Malongo and Takula field complexes operated by Chevron.
PROJECT HIGHLIGHTS
83% - 90% working interest
5 year term renewable for two additional five year terms
600 km of existing 2D seismic data
Potential for several hundred million barrels of oil
FUTURE PLANS
Pursuant to DRC law, the concession grant requires presidential decree, which Energulf believes shall be forthcoming shortly. A further 225 km of new seismic data is planned.
Management & Directors
Broker Fact Sheet
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ENG Broker Fact Sheet
Thu Mar 29, 2019Fact sheet details
Company Links
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Sun Jun 01 2008, 06:04PM22 reasons to own ENG.
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Tue Jul 01 2008, 03:14PMJune 26th story regarding Namibia expects results from Sintez in 5 weeks.
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Sun Mar 23 2008, 08:24AMNamibia Offshore Development Corporation
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Tue Mar 11 2008, 04:00PMVideo of analyst comments on ENG.
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Mon Mar 10 2008, 07:22AMNamibia off shore description
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Mon Mar 10 2008, 07:19AM
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Sat Feb 16 2008, 11:22AMGovernment website
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Fri Feb 15 2008, 11:10AMSenior Adviser for African and other international oil and gas exploration operations EnerGulf Resources Inc. (TSXV: ENG) is pleased to announce that Dr. Bill St. John has agreed to join the company as its Senior Adviser for African and other international oil and gas exploration operations. Dr. St. John is a world-renowned international geologist and petroleum explorationist and a recognized expert on Africa’s geology having lived and worked in Africa for many years. He has been active in exploration there for Hunt Oil and Vanco Energy and as technical advisor to the World Bank. Dr. St. John holds Bachelors, Masters and Ph.D. degrees in Geology from the University of Texas. His distinguished international career began as a geologist with American Overseas Petroleum (CalTex) in Libya in 1960, and progressed through various, primarily international, positions with Exxon Corp. and as President and CEO of Primary Fuels Inc., (a subsidiary of Houston Industries/Reliant Resources (RRI)) where Dr. St. John built Primary Fuels into a worldwide exploration and production operator. Primary Fuels was sold in early 1989 for US$310 million. In the 1990's, Dr. St. John was Technical Adviser to Ethiopia for the World Bank and Vice President and General Manager for Ethiopia Hunt Oil and Niger Hunt Oil Companies. He subsequently was appointed Vice President, New Ventures for Vanco Energy and was instrumental in helping Vanco to acquire acreage in Morocco, Senegal, Cote d’Ivoire, Equatorial Guinea, Namibia and Madagascar. Houston-based Vanco is now the world’s largest deepwater license holder, offshore Africa. Dr. St. John is particularly well known for his expertise on East Africa geology having authored the 12 volume "Hydrocarbon Potential of East Africa Offshore". Additionally, Dr. St. John has authored numerous articles throughout his career dealing with tectonics, sedimentary provinces, giant fields, and frontier areas. EnerGulf has granted Dr. St. John a stock option exercisable to purchase up to 50,000 common shares of EnerGulf at a price of Cdn$0.20 per share for a period of five years. Commenting, Jeff Greenblum, Chairman of the Board of Directors, said: "We are very pleased to have Dr. St. John join EnerGulf. His expertise and experience will add much to the success of our strategy in positioning EnerGulf in high impact exploration opportunities, especially in West and East Africa".
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Fri Feb 15 2008, 11:10AMChairman of the Board Mr. Greenblum is the managing director of Rio Mining and Energy, Inc., a natural resource consultancy and investment firm. He is formerly a senior executive with Diamond Fields Resources, Inc., which was later acquired by Inco, Ltd. (C$4.3 billion transaction - Voisey’s Bay Nickel Discovery). Prior to his association with Diamond Fields, Mr. Greenblum served as a senior Bush administration official under President George H.W. Bush at both the U.S. Department of Energy and the U.S. Department of Commerce. While at the Department of Energy, he served as Senior Executive in the Office of Fossil Energy. Among his responsibilities were the Naval Petroleum Reserve (in charge of Elk Hills Field - 1.719 Billion/Bbls recoverable reserves:AAPG-Giant Field), Strategic Petroleum Reserve, Clean Coal Technology Program and the Enhanced Oil Recovery Technology Program. At the Department of Commerce, Mr. Greenblum served in international trade administration as Director, Office of Africa, responsible for U.S. investment and trade policy with Africa. Previous to his service in the Bush administration, Mr. Greenblum was a senior executive with KP Exploration, Inc., a wholly owned oil and gas subsidiary of Kidder, Peabody and Company. During his tenure with KP Exploration, the company drilled over 200 oil and gas wells, primarily in south Texas and Oklahoma