Energulf Resources Inc. ENGFF

RE: RE: ENG 1711

[Columbus1494]

Interesting points all of you.
But why did ENG take over as interim operator and why were the cores sent to Houston to Digital Prospectors,
a company engaged by ENG?
We know that Sintez was in deep problems and didnt do anything to move 1711 forward since 2008.
In a russian interview that can be found on Sintez`s website their CEO speculates on whether they will sell their stake or stay in the project.
We know from russian media that Sintez proposed continued work on 1711 in the amount of 140 m $ but
Sintez was only going to pay half of the amount.That proposal was going to be discussed between the JV partners
this summer.That suggests that Sintez wanted to change the share structure in the project by selling a part of their
interest.With ENG becoming interim operator and being in charge of the core analysis could it be
that they recieved an offer from Sintez regarding increasing their share?ENG`s answer could depend on the
core results.Im not sure if Sintez wants to sell all their interest in 1711,it could depend on the degree of
economic problems they have at the moment,if any,they could have recovered completely if they won the case
against RWE in London.
Wallywill,Im not sure that any of the companies in the JV can count on receiving permission from the namibian
government regarding a new license for 1711 when this one ends next year.If they dont drill or at least do some
more seismic work they risk losing the license.At the moment the companies in the JV are Sintez`hostages. 
If the core results are really good it would be logical that Jeff Greenblum would try to make maximum benefit out of that for ENG,if not by buying out Sintez completely at least substantially to become operator and move
the project forward.