RE: What news is expected next from ENG?My bet would be that they decided to extend drilling. If there is gas as the rumors are actually "stating" and if i red Panda posts correctly "presence of gas may increase chance of finding oil" so why not go all the way...
Concerning costs, there is already costs overrun and this information come from the MD& A posted on SEDAR.
FYI, Energulf has to pay 10% of the overrun. I think that all partners involved in this play will either go "all in" to reach the final 5 500 meters target or they would already had stopped drilling, unless they have not reach the 4 400 meters zone yet. Wasting money in just not an option with "what we all know" about economy...
Here is the quote from the MD & A :
The cost to drill the Kunene #1 well to the targeted total depth of 4,400 meters below sea
level was estimated to be approximately US$78 million and an additional approximate
US $9 million, if it is decided by the co–venturers to penetrate deeper objectives, of up to
5,500 meters below sea level. The project has encountered some delays and the
Company anticipates that there will be additional costs over the original estimates.
EnerGulf has a 10% interest and is responsible for 10% of the costs.
In June 2008, Sintezneftegaz Namibia Ltd. advised that the well is now expected to
continue drilling for oil and gas beyond the previously announced mid June estimate to
reach a total depth of 4,400 meters. The 4,400 meter total depth is now anticipated in July
2008. A decision to then continue drilling to a depth of approximately 5,500 meters hasnot yet been determined.