Energulf Resources (ENG-V)
68.6 million o/s
<$0.2 million (as of Aug 31, 2012)
Dec 21, 2012 - Update News Release
At EnerGulf Resources Inc.'s annual general meeting held on Dec. 17, 2012, Jeff Greenblum, Clive Brookes and Tom Fetters were re-elected as directors, and Eliecer Palacios was elected as a new director. Mr. Greenblum continues as chairman of the board and chief executive officer, and Mr. Brookes as chief financial officer. All other resolutions were passed as set out in the notice of annual general meeting.
The company continues its efforts to secure sources of financing and qualified participants for its projects.
Lotshi block, onshore Democratic Republic of the Congo
The Lotshi block onshore DRC is drill ready with plans for a three- to four-well drill program for the summer of 2013. The block is situated on the far west side of the DRC contiguous to Cabinda, Angola, next to the Atlantic Ocean. As previously reported, a prospective resource estimate for the Lotshi block has been prepared and includes a mean estimate of 313,176,000 barrels of potentially recoverable oil. The report was prepared by DeGolyer and MacNaughton (D&M), an independent international petroleum consulting firm located in Dallas, Tex. The report is available on SEDAR and on the EnerGulf website. The block is believed to be on trend with the billion-barrel M'boundi field in Republic of Congo. EnerGulf has also recently completed the construction of a school and a health clinic on the block for the local communities, per the terms of the production sharing contract.
Block 1711, offshore Namibia
EnerGulf continues on behalf of the government of Namibia to find a majority participant for block 1711. The company is marketing the project and is conducting data room presentations with qualified industry potential participants. The company intends to secure a joint venture participant in the first half of 2013. A prospective resource report for block 1711 was prepared covering four prospects and nine leads. The report includes a mean estimate of 3,166 million barrels of potentially recoverable oil. The report was prepared by independent oil and natural gas reservoir engineers at Netherland Sewell and Associates Inc. of Dallas, Tex., and is available on SEDAR and the EnerGulf website. EnerGulf has a 15-per-cent working interest in block 1711. The coming work program calls for a 3-D seismic program in the southern part of the block with a follow-up well.
Newly elected member to the board of directors, Mr. Palacios, is a senior vice-president and the energy strategist with Maxim Group in New York, where he focuses on identifying investment opportunities in the oil and gas space across the capital structure. Prior to joining Maxim Group, he was an equity analyst with Carrelton Asset Management, natural resources long/short equity fund, where he covered mid- and small-cap exploration and production, refining, offshore drilling, and services companies. Prior to Carrelton, he traded crude oil, refined products and natural gas derivatives for Citigroup's energy trading desk based in Houston, and was an analyst at Tribeca Global Management covering refiners for a long/short equity energy/utilities hedge fund. Mr. Palacios has a master of business administration degree from the Johnson School at Cornell University and a bachelor of arts degree in economics from Instituto Tecnologico Autonomo de Mexico.
Mr. Greenblum, EnerGulf chairman and chief executive officer, comments: "We are finding strong interest in our projects among various major and mid-size energy companies. Drilling activity continues in Namibia with Galp Energia of Portugal's recent partnership with HRT of Brazil in three offshore blocks. BP, Petrobras and Tullow are also active in the area. We believe we have two world-class projects with relatively low geological and geopolitical risk compared to other West Africa opportunities. We are confident that the quality of our Namibian and DRC assets will continue to attract the interest of oil majors and large independents in the region. We have worked hard so that the DRC Lotshi block is now drill ready. Also, we are delighted to have Eliecer Palacios join our board, and look forward to benefiting from his considerable expertise in the energy and capital markets."
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