EnerGulf continues evaluating potential new projects
2005-12-23 05:50 ET - News Release
Mr. Jim Askew reports
ENERGULF YEAR END UPDATE
EnerGulf Resources Inc. is releasing a year-end update on its current projects. Jeff Greenblum, EnerGulf chairman of the board, comments: "The year 2005 has been an exciting year for EnerGulf, as we have made incredible progress in pursuing our Pan-African business plan of assembling a strong portfolio of high-impact oil and gas exploration opportunities, as well as adding world-class talent to our technical team. We evaluated many areas of interest, entered into memorandums of understanding (MOU) covering three highly prospective areas, participated in drilling a well in south Texas and have been awarded offshore prospecting licence (OPL) 252 in Nigeria. After entering into MOUs in Namibia, Tanzania and the Democratic Republic of Congo (DRC), we advanced each of the MOUs to their next level. In Namibia, we have been offered a 17-per-cent interest in block 1711, which we accepted; in the DRC, we have been granted a production-sharing contract (PSC); and in Tanzania, we have submitted a proposed production-sharing agreement (PSA). Each of these major projects is a work in progress, and their acquisition phase requires patience and discretion to achieve maximum accretion for our shareholders. We look forward to another hard working and exciting year in upcoming 2006, continuing to build on this year's extraordinary accomplishments. We appreciate and value our significant shareholder support."
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