|By Marketwired .||
|June 12, 2014 07:30 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/12/14 -- EnerGulf Resources Inc. (TSX VENTURE: ENG)(FRANKFURT: EKS) ("the Company") is pleased to announce a Strategic Exploration Agreement between Gazania 148 Investments (Pty) Ltd ("Gazania") and EnerGulf Namibia Ltd ("EnerGulf"), a wholly owned subsidiary of the Company, for Offshore Block 1711, Republic of Namibia ("Block 1711"). The Agreement includes a negotiated Joint Operating Agreement ("JOA") for Block 1711 which has been submitted to the Ministry of Mines and Energy and NAMCOR (National Oil Company of Namibia) for review and approval. The Petroleum Agreement grants EnerGulf a 15% working interest, Gazania a 75% working interest, and NAMCOR a 10% carried working interest to production.
The Agreement strengthens the relationship with Gazania, optimizes the exploration potential of Block 1711, and ensures cost containment for EnerGulf. The Agreement provides:
-- Carried interest to EnerGulf until Gazania completes its work program obligations under the Agreement (includes all 3D offshore seismic, processing, interpretation, and other operating and exploration expenses) and a drill site is approved by the Technical Advisory Committee comprised of the parties and government ("TAC") -- No direct costs to EnerGulf until the first day of the month after approval of a drill site by the TAC (18-24 months) -- Defined course of exploration operations to meet all industry standards in the development of two independent geological and geophysical constructs for Block 1711 -- Meaningful input for EnerGulf in the development of the work program and selection of an optimal drill site -- Joint marketing for the mutual benefit of all parties -- Separate marketing after all joint marketing has been completed
John D. Elmore, President of EnerGulf, states "The Strategic Exploration Agreement and Operating Agreement provide no direct costs to EnerGulf for a high quality geological and geophysical program for Block 1711 that is expected to cost between $25 and $40 million. The Agreement also provides for enhanced marketing opportunities under its joint marketing terms. EnerGulf is excited to work with Gazania and expeditiously move the Block 1711 program forward and to its successful development, especially as Repsol and its partners are currently drilling a well on Block 1911 offshore Namibia, two blocks due south of Block 1711."
Block 1711 is an 8,891 square kilometer offshore petroleum concession on the northern border of the Republic of Namibia. Netherland, Sewell & Associates (independent oil and natural gas reservoir engineers) estimates mean gross prospective oil resources for Block 1711 of 3.17 billion barrels of oil. The full 53-101 report is available on SEDAR (www.sedar.com) and the EnerGulf website (www.energulf.com).
EnerGulf Resources Inc. is a Toronto, Canada based oil and gas exploration company trading on the Toronto TSX Venture Exchange (TSX VENTURE: ENG) and the Frankfurt Exchange (EKS). EnerGulf holds a 90% working interest in the Lotshi Block, Onshore Democratic Republic of Congo, which covers approximately 507 square kilometers, and Estimated Mean Gross Prospective Reserves of 313 Million Barrels of Oil Resources. EnerGulf holds a 15% working interest in Block 1711, Offshore Republic of Namibia, which covers approximately 8,891 square kilometers, and Estimated Mean Gross Prospective Resources of 3.166 Billion Barrels of Oil Resources. These Reports are available on the EnerGulf website (www.energulf.com) and on SEDAR (www.sedar.com).
On Behalf of the Board of Directors of
ENERGULF RESOURCES INC.
John D. Elmore, Director & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain disclosure in this release constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to EnerGulf's operations as an oil and gas exploration company that may cause future results to differ materially from those expressed or implied by those forward-looking statements and readers are cautioned not to place undue reliance on these statements. EnerGulf disclaims any intentions or obligations to update or revise any forward looking statements whether as a result of new information, future events, or otherwise.
The Buick Group
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Aug. 23, 2016 05:00 PM EDT Reads: 2,851
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Aug. 23, 2016 04:45 PM EDT Reads: 1,741
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Aug. 23, 2016 04:15 PM EDT Reads: 286
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 23, 2016 04:00 PM EDT Reads: 3,470
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Aug. 23, 2016 03:45 PM EDT Reads: 3,716
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 23, 2016 03:30 PM EDT Reads: 292
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 23, 2016 03:00 PM EDT Reads: 3,769
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Aug. 23, 2016 02:15 PM EDT Reads: 305
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Aug. 23, 2016 02:15 PM EDT Reads: 2,482
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Aug. 23, 2016 01:49 PM EDT Reads: 197
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Aug. 23, 2016 01:45 PM EDT Reads: 1,391
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 23, 2016 01:15 PM EDT Reads: 1,695
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 23, 2016 12:00 PM EDT Reads: 1,981
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Aug. 23, 2016 10:45 AM EDT Reads: 1,353
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Aug. 23, 2016 10:30 AM EDT Reads: 3,305