Energulf Granted West African Oil Exploration Concession

Source: www.gulfoilandgas.com 12/1/2005, Location: Africa

EnerGulf Resources Inc. announced that its wholly owned subsidiary, EnerGulf Africa Ltd., has been granted by the granting authority of Congo, being the Ministry of Energy,, a hydrocarbon exploration and production concession covering the Lotshi Block in the "Les Zones du Bassin Côtier" (ZBC).

Under the terms of the concession grant, EnerGulf has agreed to pay a signature bonus to the Congo government of US$500,000 for a 90% interest in the 5 year exploration license and will provide a bank guarantee of an additional US$500,000 towards the work program on the block. Additionally, EnerGulf will be the operator of the block and will carry Cohydro, the parastatal oil company of the Congo, for a 10% interest in the block. The signature bonus will be paid from general working capital. Pursuant to Congo law, the grant requires Presidential decree, which EnerGulf has been informed should be forthcoming shortly.

The Lotshi Block covers approximately 475 square km of the ZBC in the onshore coastal salt basin of western Congo and is contiguous to the highly prospective Cabinda area of Angola. The offshore blocks of Cabinda closest to the ZBC contain the giant (more than 500 million barrels of recoverable reserves) Malongo and Takula field complexes operated by Chevron (S.W. Carmalt and Dr. Bill St. John). Immediately adjacent to the ZBC in onshore Cabinda are several undeveloped shallow oil discoveries in blocks held by Devon, Occidental and ROC. 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 barrels of oil per day. Offshore production from Perenco and Chevron in Congo waters account for about 18,000 barrels of oil per day. More detailed information regarding the geology, hydrocarbon potential and proposed work program of the Lotshi Block will be provided in the near future.


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