energulf update on kunene 1 well offshore namibia

EnerGulf's Update on Kunene #1 Well Offshore Namibia

05-31-2008

EnerGulf has been notified by the operator of the Kunene #1 well on Block 1711 offshore Namibia, Sintezneftegaz Namibia Ltd., that due to weather delays coupled with various mechanical issues, the well is now expected to continue drilling for oil and gas beyond the estimated and previously announced 50 – 60 days to reach a total depth of 4,400 meters.

The 4,400 meter total depth is now anticipated sometime around the middle of June. A decision to then continue drilling to a depth of approximately 5,500 meters has not yet been determined.

The Republic of Namibia has classified the Kunene #1 as a “tight hole”, meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.