GREY:ENGFF - Post by User
Post by
Columbus1494on Jan 22, 2011 9:44am
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Post# 18011617
ENG Congo activities
ENG Congo activitiesENG was in discussions with other companies already in 2006 regarding farm in deals in Congo.
There also were discussions about ENG receiving rights to other blocks in Congo,these statements
shows that ENG had/(has?) the right to further acreage in Congo:
"DEMOCRATIC REPUBLIC OF CONGO (DRC): EnerGulf has had discussions with other companies in the area of EnerGulf’s Lotshi Block regarding joint operations. EnerGulf also has further rights to nearby acreage and is interested in acquiring other acreage in the area. EnerGulf has begun design on an aggressive work program for the Lotshi Block and other potential areas. The company has paid the signature bonus and awaits Presidential decree required for local publication of its PSA."
and:
"EnerGulf’s wholly owned subsidiary, EnerGulf Africa Ltd. was granted an oil and gas PSC covering the Lotshi Block (420 sq. km) in the Congo Salt Basin, onshore, DRC. Per the terms of the PSC, and after Presidential decree, EnerGulf will pay a signature bonus of US$500,000 for a 90% interest in the PSC and will provide a letter of credit of US$500,000 toward its work program. EnerGulf will be the operator of the Block and will carry Cohydro, the parastatal oil company, for a 10% interest. EnerGulf has also been informed by the Ministry of Energy, that it will be granted and/or participate in additional blocks and is continuing to negotiate for further interests in the area. Preliminary technical work needed to commence the work program is currently ongoing."