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EnerGulf Provides Update on Nigeria Block 252

Source: www.gulfoilandgas.com 12/15/2005, Location: Africa

With respect to Nigeria Oil Prospecting License (“OPL”) 252 (the “block”), the EnerGulf/Derock JV has been granted an extension until January 30, 2006 to pay the required signature bonus. EnerGulf has licensed the Veritas 3D seismic data covering the block, and as technical partner of the EnerGulf/Derock JV, is conducting a continuing evaluation, which is developing estimates as to the hydrocarbon potential of the block. EnerGulf is currently engaged in ongoing discussions with various parties, including qualified potential industry partners, regarding the future of the block. Developments will be made public as appropriate.

Commenting on current events, Jeff Greenblum, Chairman of EnerGulf’s Board of Directors said “We are in discussions with various parties regarding the future operations and financial obligations that are associated with signing OPL 252’s Production Sharing Contract (PSC). Progress has been made to date and these discussions are ongoing. However, an opportunity of this size and nature, presents complex issues and no assurances can be made at this time regarding the signing of the PSC.“

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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