EnerGulf Receives Extension for the Lotshi Block
07:30 EDT Tuesday, April 14, 2015
TORONTO, ONTARIO--(Marketwired - April 14, 2015) - EnerGulf Resources Inc. (TSX VENTURE:ENG)(FRANKFURT:EKS) ("EnerGulf" or "the Company") is pleased to announce the receipt of a Letter of Extension granted from the Government of the Democratic Republic of Congo ("DRC"), whereby extending the first five year period of the Production Sharing Contract between the government and EnerGulf Africa Ltd for the Lotshi Block. The Exploration Permit is extended into February 2016, with the expectation of the drilling of at least one well in the upcoming year. The Extension represents the Company's strong relationship with the DRC. The Company will be reviewing its plan of action and timeline with the Office of the Minister of Hydrocarbons over the coming days. The Company continues to hold discussions with numerous operational and financial participants; and is looking forward to the drilling on the Lotshi Block in accordance with the Extension.
About EnerGulf: EnerGulf Resources Inc. is a Toronto, Canada based oil and gas exploration company trading on the Toronto TSX Venture Exchange (TSX VENTURE:ENG) and the Frankfurt Exchange (EKS). It also has offices in Kinshasa, Democratic Republic of Congo. EnerGulf's subsidiaries are: EnerGulf Africa Ltd., EnerGulf Namibia Ltd., EnerGulf Congo, SARL and EnerGulf Corporation. EnerGulf hold a 90% working interest in the Lotshi Block, Onshore Democratic Republic of Congo, which covers approximately 507 square kilometers, with seven independent prospective hydrocarbon prospects. EnerGulf holds a 15% working interest in Block 1711, Offshore Republic of Namibia, which covers approximately 8,891 square kilometers, with nine independent prospective hydrocarbon prospects. EnerGulf has obtained Prospective Resources Reports for the Lotshi Block and Block 1711, which Reports are available on the EnerGulf website.
Readers are cautioned not to place undue reliance on these statements as they involve known and unknown risks, uncertainties and other factors that may cause a change in assumptions and the actual outcomes and estimates may be materially different from the estimated or anticipated future results, achievements or positions expressed or implied by those forward-looking statements. The Company disclaims any intentions or obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
On Behalf of the Board of Directors of ENERGULF RESOURCES INC.
John D. Elmore, Director & President
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