Energulf Resources Inc. ENGFF

Energy

Energulf Resources Inc is an oil and gas exploration company. Along with its subsidiaries, the company acquires and develops oil and gas projects in the Gulf of Mexico in Africa and Albania. The company's assets are located in Canada, Namibia, Albania and the Democratic Republic of Congo. Majority of the revenue is derived from the properties in Canada.

GREY:ENGFF - Post by User

Energulf Resources Inc.

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Post by Columbus1494on Sep 23, 2015 12:55pm

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Post# 24128449

Keep or lose Lotshi?

Current contracts are expressly stated to remain in force and it is implicitly understood that they will therefore remain governed by the previous petroleum law (ordinance-law No. 81- 013 dated 2 April 1981). Current contracts are then to be governed by the new petroleum law upon any renewal.

Im not sure I interpret the text above right.
It could Imo mean that Energulf automatically gets a new three year work period,but Im not sure.
According to the new law the initial work period is three years.It can be extended for two years two times.
How do you interpret the above text?
Anyway Energuf now says their prospects are in good standing.