2005-12-01 09:21 ET - News Release
Mr. Jeff Greenblum reports
ENERGULF GRANTED WEST AFRICAN OIL EXPLORATION CONCESSION
Pursuant to EnerGulf Resources Inc.'s previously announced memorandum of understanding with the Democratic Republic of Congo, its wholly owned subsidiary, EnerGulf Africa Ltd., has been granted by the granting authority of the DRC, being the Ministry of Energy, a hydrocarbon exploration and production concession covering the Lotshi block in the Les Zones du Bassin C tier (ZBC).
Under the terms of the concession grant, EnerGulf has agreed to pay a signature bonus to the DRC government of $500,000 (U.S.) for a 90-per-cent interest in the five-year exploration licence and will provide a bank guarantee of an additional $500,000 (U.S.) toward the work program on the block. Additionally, EnerGulf will be the operator of the block and will carry Cohydro, the parastatal oil company of the DRC, for a 10-per-cent interest in the block. The signature bonus will be paid from general working capital. Pursuant to DRC law, the grant requires Presidential decree, which EnerGulf has been informed should be forthcoming shortly.
The Lotshi block covers approximately 475 square kilometres 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 (S.W. Carmalt and Dr. Bill St. John). Immediately adjacent to the ZBC in onshore Cabinda are several undeveloped shallow oil discoveries in blocks held by Devon, Occidental and ROC. The ZBC is also immediately adjacent to the East-Mibale, Laiwenda-Kinkasi and Muana-Banana fields operated by Perenco. Onshore oil production from the Perenco fields is about 9,000 barrels of oil per day. Offshore production from Perenco and Chevron in DRC waters account for about 18,000 barrels of oil per day.
More detailed information regarding the geology, hydrocarbon potential and proposed work program of the Lotshi block will be provided in the near future.
Additionally, EnerGulf is in continuing negotiations for further acreage in the ZBC and will provide information as events warrant.
Commenting on the signing of the licence, Jeff Greenblum, EnerGulf chairman of the board, stated: "The signing of the Lotshi block concession is an important step for EnerGulf as it moves our business plan into its next and exciting phase. We will continue to seek out opportunities of interest while now beginning an aggressive exploration program on this highly prospective property. We thank the government of the DRC and look forward to continued discussions regarding other areas of the ZBC and to working with them towards successful exploration efforts in the Congo Salt basin."
We seek Safe Harbor.
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