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Message: Venture is driving us down

I don´t have any insight into timing ...

…but I think it could be quite soon, because

  • -onshore project organisation is much easier than for offshore
  • -I mean it is also no problem to get a rig in DRC (there are enough companies around the Lothsi Block)
  • -they had over two years time for planning behind the lines

Additionally, DRC could be once more interesting. In an older NR “Project update” from January 30, 2006 there is a nice statement (maybe) for the near future.

Lotshi Block, Democratic Republic of Congo(DRC):

EnerGulf has paid the US$500,000 signature bonus pursuant to the Production Sharing Contract (“PSC”) that was granted in November 2005 by the DRC government. It now awaits DRC Presidential Decree. EnerGulf has been granted a 90% interest in the PSC which covers the Lotshi Block, onshore Congo Coastal Basin. EnerGulf is planning an aggressive exploration program to begin as soon as possible. Additionally, EnerGulf is continuing its efforts to acquire other acreage in the area.

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