Press release
EnerGulf Receives Presidential Decree for the Lotshi Block, Democratic Republic of Congo
HOUSTON, TEXAS--(Marketwire - March 18, 2008) - EnerGulf Resources Inc. (TSX VENTURE: ENG) -EnerGulf is pleased to announce the Hydrocarbon Exploration and Production Sharing Contract ("PSC") granted to its wholly owned subsidiary EnerGulf Africa Ltd., covering the Lotshi Block, located onshore in the Democratic Republic of Congo ("DRC"), has been ratified by Presidential Decree (ordinance) and is now effective.
The Lotshi Block covers approximately 475 sq km of the Les Zones du Bassin Cotier (ZBC) in the onshore coastal salt basin of the western DRC. It is contiguous to the highly prospective Cabinda area of Angola. The offshore blocks of Cabinda closest to the ZBC contain the giant (more than 500MM barrels of recoverable reserves) Malago and Takula field complexes operated by Chevron. 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 bpd. Offshore production from Perenco and Chevron in DRC waters account for about 18,000 bpd.
EnerGulf will be the operator of the block and la Congolaise des Hydrocarbures ("Cohydro"), the state owned oil company of the DRC, will have a 10% carried interest in the block. The 5 year minimum work commitment provided for in the PSC is US$33,500,000.
Commenting for EnerGulf, Chairman of the Board Jeff Greenblum stated, "We are extremely excited about receiving the Presidential Decree ratifying our PSC and believe the Lotshi Block has the potential to become a cornerstone for EnerGulf's growth. We are looking forward to beginning the aggressive exploration program planned for this highly prospective area in the onshore coastal basin of the DRC."
On Behalf of the Board of Directors of
ENERGULF RESOURCES INC.
Jeff Greenblum, Chairman of the Board
Certain disclosure in this release, including the proposed private placement, use of proceeds, and management's assessment of EnerGulf's plans and projects, 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Contacts:
Progressive Investor Relations
Ben Curry
(604) 689-2881
Email: info@energulf.com
Website: www.energulf.com
This announcement was distributed by Hugin.
The issuer is solely responsible for the content.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release EnerGulf Receives Presidential Decree for the Lotshi Block, Democratic Republic of Congo here
News-ID: 40024 • Views: …
More Releases for DRC
DRC mining community prepares for BIG bash in Lubumbashi in June as DRC Mining W …
It's official, DRC Mining Week is back in Lubumbashi from 1-3 June, and to say that the industry is excited about its homecoming is an understatement. This long-running, award-winning and flagship expo and conference returns to the heart of the Copperbelt and the bustling mining hub of the DRC to celebrate the region's unlimited resilience, successes and opportunities.
The event boasts longstanding and loyal support from many sector leaders, including…
Medical Recruitment Market Is Going To Boom | DRC Locums, Apex K.K., Impellam
The latest research on “Global Medical Recruitment Report 2021” offered by HTF MI provides a comprehensive investigation into the geographical landscape, industry size along with the revenue estimation of the business. Additionally, the report also highlights the challenges impeding market growth and expansion strategies employed by leading companies in the “Market”.
Get Free Sample PDF including full TOC, Tables and Figures and Available customizations) in Global Medical Recruitment: https://www.htfmarketreport.com/sample-report/3116730-global-medical-recruitment-market-7
Proceeding further, the…
Returning to Lubumbashi: DRC Mining Week is “embracing the recovery”
“We are ready to embrace the recovery and celebrate the mining sector which has once again proven its resilience amidst a global and sweeping pandemic, says Emmanuelle Nicholls, the Group Director, Mining and Natural Resources at Clarion Events Africa, who have been the organisers of DRC Mining Week for the last 17 years.
“DRC is still an exciting destination for investors and business in the sector has by no means come…
Mining potential of DRC in focus next week in Cape Town
The DRC's Minister of Mines, the Honourable Prof Willy Kitobo Samsoni, will address the DRC Mining Investment Breakfast next week, Wednesday 5 February, in Cape Town. It will gather financiers, technology suppliers and successful mining operators who have been part of the sector in the DRC for many years, thanks to this country's generous reserves of copper, gold, diamonds, cobalt, lithium and coltan amongst others. The growing numbers of electric…
“Standard Bank remains excited about DRC as important mining investment destin …
“The DRC has the potential to become the world’s largest copper producer through the consistent application of clear and rational mining policy. This would be a game changer for the economy, placing the DRC in a position to transform into a middle-income country by 2050.” This is according to Peter von Klemperer, the Head of Mining and Metals at the Standard Bank Group, and the exclusive Diamond Plus sponsor at…
JENNIFER WHITE LAUNCHES NEW WEBSITE THANKS TO DRC WEB DESIGN
Ottawa-based lawyer and investigator, Jennifer White, has just launched her brand new website thanks to DRC Web Design.
Jennifer White came to DRC Web Design after meeting with Domenica Agostini through their mutual work in law within the city of Ottawa. She has established herself in the city by working alongside companies in the private and public sectors investigating allegations of harassment, discrimination, sexual harassment and sexual violence.
As a…
