Energulf Resources Inc. ENGFF

Canada's EnerGulf and SA's Petro SA

[TechnicalBuy]

This out on Friday TB ****************************************************************** Canada's EnerGulf and SA's Petro SA ready for oil exploration The Ministry of Mines and Energy will later this month award a oil exploration licence to a consortium that includes EnerGulf Resources Inc and South Africa's PetroSA, a senior official in the ministry said this week. EnerGulf Resources Inc is listed on the Toronto TSX Venture Exchange and the Frankfurt Exchange (EKS). Petroleum Commissioner Immanuel Mulunga said in an interview in Windhoek that PetroSA will hold a 70% stake in the licence, EnerGulf 17%, the state-owned petroleum company Namcor 10% and local black empowerment partners will have a 3% stake. Final discussions are still going on before the licence is issued, Mulunga said. PetroSA is expected to carry Namcor, which in turn is expected to carry the empowerment partners during the exploration phase. The minimum exploration work required by the ministry is a detailed technical review, seismic reprocessing and site surveys with a minimum exploration expenditure of U$700,000. Block 1711 lies on the international boundary with Angola and has two defined hydrocarbon exploration prospects. Two more exploration licences will be awarded before the end of year, Mulunga said. “Hopefully with all these licences, we hope to find oil”, said Mulunga. https://www.economist.com.na/18nov/18-11-19.htm