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.