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2006-01-31 05:19 ET - News Release
Mr. Jim Askew reports
ENERGULF PROJECT UPDATE
EnerGulf Resources Inc. is pleased to release the following update on its projects:
Lotshi block, Democratic Republic of Congo (DRC)
EnerGulf has paid the $500,000 (U.S.) signature bonus pursuant to the production sharing contract (PSC) that was granted in November, 2005, by the DRC government. It now awaits DRC presidential decree. EnerGulf has been granted a 90-per-cent interest in the PSC, which covers the Lotshi block, onshore Congo coastal basin. EnerGulf is planning an aggressive exploration program to begin as soon as possible. Additionally, EnerGulf is continuing its efforts to acquire other acreage in the area.
Namibia block 171
The exploration licence is being finalized and EnerGulf understands it should be ready for signature by late February or early March. EnerGulf has been offered a 17-per-cent interest in block 1711.
Nigeria OPL 252
The EnerGulf/Derock joint venture continues to pursue its interest in OPL 252 and remains in discussions concerning the future of the block with various parties, including the Nigerian government, potential industry partners and financing sources. EnerGulf understands that participation in the block by any parties will be at the discretion of the government of Nigeria. EnerGulf is the technical partner of the EnerGulf/Derock joint venture and has a 60-per-cent interest in the JV. EnerGulf also continues with its geotechnical work regarding the block.
Tanga block, Tanzania
EnerGulf understands from The Tanzania Petroleum Development Corp. (TPDC) of the United Republic of Tanzania, that TDPC continues to review EnerGulf's proposed PSA and that no final decision has been made as to the offer. If the proposed PSA is not accepted in its current form by TPDC, EnerGulf, as previously announced in Stockwatch, may re-evaluate the Tanga block and its strategic importance to the company.
Longoria 174 No. 1, Duval county, Texas
EnerGulf has been advised by Killam Oil Co., the operator of the well, that the initial testing on the Longoria 174 No. 1 was unable to be performed due to technical completion complications, and further operations were suspended over the holiday season. Completion operations on the well recommenced last week, using a different completion technique. EnerGulf will advise as results become available.
Brian Irwin, a director of EnerGulf, has recently retired from the company's board of directors. Mr. Irwin has also recently retired as a partner from his Vancouver law firm, DuMoulin and Black. EnerGulf thanks Mr. Irwin for his years of service to EnerGulf, and wishes him good health and happiness in his retirement.
EnerGulf chairman of the board, Jeff Greenblum, comments: "EnerGulf has set high goals for 2006 and we are making substantial progress towards our objective of becoming a world-class international exploration and production company. EnerGulf is planning an aggressive exploration program in the DRC. We expect block 1711 in Namibia to be formally signed in the near future and then, look forward to participation in its planned exploration program. The EnerGulf/Derock JV continues to pursue the PSC for OPL 252, Nigeria, and EnerGulf awaits word from TDPC on the Tanga block, Tanzania. Also, we continue to pursue and evaluate additional oil and gas opportunities.
"Increasing global demand for oil continues to be the driving force behind rising energy prices creating unprecedented opportunity. This opportunity, however, must be measured by the continually changing political climate and risks. We monitor global events very closely and assess political risks, as we do geologic and financial risks in each project. To our shareholders that have expressed concern over the recent increased violence in Nigeria, be assured that we are keenly aware of the situation and that it is being assessed as a part of our overall project risk profile, just as we evaluate the political climate in other areas that we are interested in."
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