EnerGulf Offered 17% Interest in Namibia Offshore Block 1711 Exploration License
11/7/05
HOUSTON, Nov 07, 2005 (BUSINESS WIRE) --
EnerGulf Resources Inc. (TSX VENTURE:ENG) is pleased to announce that the Ministry of Mines and Energy of the Republic of Namibia has notified EnerGulf that it is offered a 17% interest in Block 1711 offshore Namibia exploration license.
In an official letter of offer addressed to PetroSA, (the South African parastatal petroleum company), a copy of which was delivered to EnerGulf by the Ministry, the Ministry informed the parties, that the exploration license for Block 1711 will be issued, upon acceptance of the offer, as per the following interests: PetroSA 70% and operator, EnerGulf 17%, Namcor 10% (the Namibian parastatal petroleum company) and local BEE group(s) 3%. Under the terms of the offer, PetroSA will be solely responsible for carrying Namcor and the local BEE group(s) during the exploration phase.
The minimum exploration work required by the Ministry, as stated in its offer, is a detailed technical review, seismic reprocessing and site surveys, with a minimum exploration expenditure of US $700,000. Upon acceptance of the offer, EnerGulf's financial commitment is 17% of such amount and all exploration and development costs thereafter.
The Ministry's letter includes an invitation to the parties to the exploration license signing ceremony scheduled for November 17, 2005.
11/7/05
HOUSTON, Nov 07, 2005 (BUSINESS WIRE) --
EnerGulf Resources Inc. (TSX VENTURE:ENG) is pleased to announce that the Ministry of Mines and Energy of the Republic of Namibia has notified EnerGulf that it is offered a 17% interest in Block 1711 offshore Namibia exploration license.
In an official letter of offer addressed to PetroSA, (the South African parastatal petroleum company), a copy of which was delivered to EnerGulf by the Ministry, the Ministry informed the parties, that the exploration license for Block 1711 will be issued, upon acceptance of the offer, as per the following interests: PetroSA 70% and operator, EnerGulf 17%, Namcor 10% (the Namibian parastatal petroleum company) and local BEE group(s) 3%. Under the terms of the offer, PetroSA will be solely responsible for carrying Namcor and the local BEE group(s) during the exploration phase.
The minimum exploration work required by the Ministry, as stated in its offer, is a detailed technical review, seismic reprocessing and site surveys, with a minimum exploration expenditure of US $700,000. Upon acceptance of the offer, EnerGulf's financial commitment is 17% of such amount and all exploration and development costs thereafter.
The Ministry's letter includes an invitation to the parties to the exploration license signing ceremony scheduled for November 17, 2005.
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