EnerGulf Resources Inc. is pleased to provide project updates on the Lotshi Block in the Democratic Republic of Congo (“DRC”).
State-of-the-art processing of the 2-D seismic that was acquired during the summer of 2010 has been completed. EnerGulf is currently interpreting and mapping the new seismic and integrating it with the older seismic data which we re-processed in 2009. We also plan to integrate the seismic data with the airborne gravity and magnetics data, which was acquired and processed in 2008-09. This work is expected to yield several drillable prospects by the 2nd Quarter 2011, in time for a drilling program, which is anticipated to begin in the late summer. We are currently in the process of canvassing available drilling rigs and drilling engineering consultants for the drill program.
The Lotshi Block covers approximately 500 square km of the Les Zones du Bassin Côtier in the onshore coastal salt basin of western DRC. EnerGulf is the operator of the project and has a 90% interest. The Block is contiguous to Cabinda, Angola where Pluspetrol/ROC Oil Company have drilled 4 wells and encountered oil in the Chela formation on its Cabinda South Block, which is immediately contiguous to the Lotshi Block’s western boundary. They reported the Castanha-1 well struck light oil (33 API) over 15 gross metres below a depth of 2214 metres in the Chela formation, the Castanha- 2 well drilled to a depth of 2,448m encountered a 21metre gross hydrocarbon column, the Castanha-3 well encountered a gross hydrocarbon column of approximately 7 metres, and the Castanha-4 well encountered a gross hydrocarbon column of approximately 15 metres. The Chela sands are a target formation for the Lotshi block. SOCO International has encountered oil shows to the north of the block in the Lower Bucomazi and the Chela formations. The Bucomazi formations are also targets in the Lotshi block.
The Lotshi Block is also on trend with the M’Boundi giant field in Republic of Congo and situated in a similar geological setting and is in relatively close proximity to the offshore Cabinda, Malongo and Takula giant field complexes operated by Chevron and the onshore and offshore Perinco fields in DRC.
EnerGulf’s Chairman/CEO, Jeff Greenblum, comments, “EnerGulf is pleased to report that its exploration work program for the Lotshi (DR Congo) is on schedule. This sets the stage for an exciting year of 2011 for EnerGulf. The Lotshi Block should soon be drill ready, and we are working towards spudding the 1st well of a possible 3 well drill program in late summer, 2011.”
