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EnerGulf Resources Inc. entered into a heads of agreement with Africa Onshore Drilling Ltd. (AOD) whereby AOD would provide a drill rig and related services for up to three wells for EnerGulf's upcoming 2012 drill program on its Lotshi Block in the Democratic Republic of Congo (DRC).
The agreement is subject to the parties executing a comprehensive drilling and ancillary services agreement.
EnerGulf is the operator of the project, with 90% interest; and Congolaise des Hydrocarbures, the state oil company of the DRC, holds 10% carried interest.