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EnerGulf granted 15% interest in new petroleum agreement for Namibia Block 1711


Published Jul 1, 2013
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Energulf to begin drilling on block 1711 offshore Namibia

EnerGulf Resources Inc. has been granted a 15% interest under a new Petroleum Agreement (the "New PA") recently approved by the Namibian Government for Block 1711, offshore Namibia.

The parties to the New PA are the Government of the Republic of Namibia, Ministry of Mines and Energy, Gazania 148 Investments (PTY) Ltd. (Gazania) and EnerGulf Namibia Ltd. (EnerGulf), a wholly owned subsidiary of the Company. The Operator will be Shaanxi Yuyang Petroleum Technology Engineering Co. Ltd.

Gazania will have a 75% working interest in the 1711 project, EnerGulf will have a 15% working interest and NAMCOR will have a 10% carried interest to production. The New PA replaces in its entirety the 2006 Petroleum Agreement under which the Company participated in the drilling of the Kunene #1 offshore well during 2008 in which hydrocarbons were produced in the well bore, however not commercial.

Tags: EnerGulf Resources Inc.



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