EnerGulf Expects DrillShip Deep venture on block 1711 in namibia by next week

EnerGulf Expects DrillShip Deep Venture on Block 1711 in Namibia by Next Week

04-01-2008

As previously reported on AOJ, Block 1711 project operator, Sintezneftegaz Namibia Ltd., contracted the drillship DeepVenture on behalf of itself and the other co-venturers on Block 1711 (EnerGulf, PetroSA and NAMCOR) to drill the Kunene #1 well. EnerGulf has been notified by the project operator, that Exxon has completed its drill program in Angola with the Deep Venture; however Exxon has various customs issues to sort out with the Angola customs authorities regarding the release of the vessel. The operator is hopeful that the vessel should be released for the drilling of the Kunene #1 by next week. EnerGulf will update the status of the drill ship when it has received official notification the Deep Venture has been released and is underway to the drill site.

Block 1711 is situated in the Namibe basin off the northern coast of Namibia along the international boundary with Angola. The two separate exploration prospects, the Kunene and Hartmann, have been identified by extensive modern seismic data on the 893,100 hectare (2.2 million acre) block. Based on a Prospective Resource Assessment provided by Netherland Sewell & Associates, Inc. (see news release dated September 8, 2006), the co-venturers are targeting a potential multi-billion barrel oil and gas resource on Block 1711. EnerGulf has a 10% working interest in the block.

Also, Jeff Greenblum has assumed the additional titles of President and CEO of EnerGulf, with Jim Askew resigning as President and a Director to accept a position with a private energy company. His new position requires he resign all oil and gas directorships to avoid any potential conflicts of interest. However, Mr. Askew will remain an advisor to EnerGulf.