Energulf Signs Contract for Seismic Program

Source: www.gulfoilandgas.com 4/30/2009, Location: Africa

EnerGulf is pleased to announce it has signed a contract with CGE (China National Administration of Research Institute of Coal Geophysical Exploration) to conduct the upcoming 2D seismic acquisition program on its Lotshi Block located onshore in the Democratic Republic of Congo (DRC).

The high quality seismic survey is planned to commence by late summer following the receipt of the necessary exploration permits. The survey is designed to further define the prospectivity of the block and to identify optimal drill targets.

CGE, a state holding company registered in Beijing, was founded in 1974 and is fully certified to engage in oil and gas, coal and coal-bed methane seismic exploration, processing and interpretation. CGE has prior oil and gas seismic survey experience in Les Zones du Bassin Côtier of the DRC and was chosen after a tendering process as the most qualified and economic operator among a number of qualified vendors.

The Lotshi Block covers approximately 475 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. The Block is contiguous to Cabinda, Angola and is on trend with the M’Boundi giant field in Republic of Congo and situated in a similar geological setting. The Lotshi Block is also 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 has approved the grant of incentive stock options under its Stock Option Plan to directors and officers for the purchase of a total of 70,000 common shares in its capital exercisable on or before April 29, 2014 at a price of $0.40 per common share.


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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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