EnerGulf Resources Inc. has released an update on the 2.2-million-acre Block 1711 offshore Namibia.
The prospective oil and contingent gas resources report prepared by the firm Netherland Sewell and Associates Inc. includes an unrisked gross mean estimate of 3.166 billion barrels of oil on the block.
EnerGulf’s stake in the block increased from 10% to 15%-19%. The company has been granted the authority to negotiate off the remaining 51%-55% of the project to partners.
EnerGulf plans to run a 3D seismic program over the block this year to delineate the targets in greater detail as well as identify additional ones. Plans for drilling will be finalized once a new operating partner is secured.