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Friday, June 13, 2014
EnerGulf Resources Inc. has been signed a Strategic Exploration Agreement with Gazania 148 Investments (Pty) Ltd. for Namibia’s offshore Block 1711. The agreement includes a negotiated JOA for Block 1711 which has been submitted to the Ministry of Mines and Energy and Namcor for review and approval.
The agreement grants EnerGulf a 15% working interest, Gazania a 75% working interest, and NAMCOR a 10% carried working interest to production. It also strengthens the relationship with Gazania, optimizes the exploration potential of Block 1711, and ensures cost containment for EnerGulf.
EnerGulf will have a carried interest until Gazania completes its work program obligations under the agreement, including all 3D offshore seismic, processing, interpretation, and other operating and exploration expenses, and a drill site is approved by the technical advisory committee (TAC), comprised of the parties and the government. EnerGulf will incur no costs until the first day of the month after approval of a drill site by the TAC which is expected in 18-24 months.
John D. Elmore, President of EnerGulf, states “The Strategic Exploration Agreement and Operating Agreement provide no direct costs to EnerGulf for a high quality geological and geophysical program for Block 1711 that is expected to cost between $25 and $40 million. The Agreement also provides for enhanced marketing opportunities under its joint marketing terms. EnerGulf is excited to work with Gazania and expeditiously move the Block 1711 program forward and to its successful development, especially as Repsol and its partners are currently drilling a well on Block 1911 offshore Namibia, two blocks due south of Block 1711.”
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