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[beacker38]

Source MARKET NEWS
Date 04/11/2006
Time 05:33:02 AM
Company Energulf Resources Inc.
Title Makes
Discovery in Texas Production Set to Comme





DMIS Processed No CDNX Symbol: ENG
Exchange: VSE Symbol: ENG
Exchange: Symbol:
Exchange: Symbol:








Press Release




[200/News Release] ENG V ENERGULF RESOURCES INC APR 11 2006 05:31 AM Makes
Discovery in Texas Production Set to Commence --->@NEWS RELEASE ENERGULF
RESOURCES INC. ("ENG-V:ENGFF-0")
- Makes Discovery in Texas - Production Set to Commence

EnerGulf Resources Inc. is pleased to announce it has been notified by
Killam Oil Company, the operator of the Longoria 174 No.1 well in Duval
County, Texas, has been completed as a producing gas well and is being
hooked up to pipeline facilities. Gas production from the Yegua sands
should commence flowing within the week.
EnerGulf has paid 5 percent of costs on the 1,291.9 acre Longoria 174
prospect to earn a 5 percent working interest in the prospect and a
surrounding area of mutual interest. The Longoria 174 No. 1 is located in
a highly prospective area of South Texas. A multi-well drilling program is
now anticipated.
Killam has designated the Longoria 174 No. 1 as a tight hole, meaning
that all further information will be kept confidential for a period of time
due to the competitive exploration environment in the immediate area.
Killam Oil Company was founded in 1921 by legendary Texas wildcatter
O.W. Killam and is privately owned by the Killam family. Killam Oil
Company pioneered oil exploration in South Texas (Webb, Zapata and Duval
counties in Railroad Commission District 4, which is the largest gas
producing district in Texas) and currently operates some 280 wells with
participation in approximately 550 wells. Killam is one of the top
producers of natural gas in the area.
Commenting on the Longoria 174 No.1, Jeff Greenblum, EnerGulf Chairman
of the Board stated, "After finalizing our interest in the Exploration
License for Block 1711 offshore Namibia, we are very happy to learn that
gas is expected to be sold into the pipeline this week for the Longoria 174
No. 1 well in South Texas of which we have an interest. These two events
validate our strategic goals of balancing stable production with high
impact exploration opportunities. We expect to participate in more
drilling with Killam Oil in the future in an effort to increase our
production at a time of historic energy prices. Meanwhile, we continue our
efforts to build a strong portfolio of high impact exploration
opportunities throughout Africa."
On Behalf of the Board of Directors of
ENERGULF RESOURCES INC.
"Jim Askew", President

[kfe1000]

FG Targets N69bn from Awards of 14 Oil Blocks
Militants threaten fresh attacks
By Mike Oduniyi, 04.12.2006

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Federal Government yesterday launched a fresh bid process for the award of 14 oil blocks with the target of earning about $540 million (N69.12 billion) revenue from signature bonuses on the acreage.
The Niger Delta militants responsible for the current loss of about 25 percent of the country’s oil production have again threatened to launch fresh attacks on oil companies operating in the region to demonstrate their opposition to the stakeholders’ meeting convened last week by President Olusegun Obasanjo to resolve the crisis in the region.
Speaking at the launch of the bid round in Lagos, DPR Director, Mr. Tony Chukwueke said government had placed a minimum signature bonus of $50 million on each of the 10 deepwater blocks that would be on offer or $500 million, while the remaining four oil blocks in the Continental Shelf attract a minimum signature bonus of $10 million per block totaling $40 million.
The Federal Government earned over $1 billion when it auctioned 44 oil blocks last year.
Chukwueke said that the nine deep offshore blocks on offer were the acreage in which oil majors namely Shell, ExxonMobil, Chevron and Total had mandatorily relinquished 50 percent of their holding.
They are OPL 209 from where oil major ExxonMobil made the huge Erha oil field discovery, OPL 212 which had Shell's Bonga deepwater field, OPL 211, OPL 213, OPL 216 where Chevron’s Agbami field was discovered , OPL 217 relinquished by Norway’s Statoil, OPL218, OPL220 and OPL246, where France's Total is drilling the Apko field.
The remaining deep offshore block OPL 252, was withdrawn from Energulf/Derock consortium which won it at the 2005 licensing round but could not pay the $81 million signature bonus it had offered.
The remaining four blocks located in the Continental Shelf according to the DPR boss, were also allocated during the last year’s bid round but the winners defaulted. They are OPL 289 won by the Ethiope Power/ Chasewood Consortium for a fee $252.25 million; OPL 471 allocated to Videocon/Continental Oil & Gas/Sapid Petroleum for $125 million; OPL 233 won by Clean Water Refinery Ltd at $120 million signature bonus; and OPL 281 by Hudson Petroleum/Energy Pioneer for $75 million.
“To avoid the problem we have before, any company that bids in this round will deposit 25 percent of the signature bonus he bids that day, so that if he defaults he loses the 25 percent deposit," he said.
For next month’s bid conference where the oil majors except one were shut out, Chukwueke said that the DPR pre-qualified only companies that had shown commitment to be Nigeria’s strategic partners in the downstream energy sector, with investment not less than $2 billion.
The companies approved to submit bid packages at the conference include Transcorp Plc, three Indian consortia namely the ONGC/Mittal Group, Global Steel Holding, and ONGC/Videsh, the Nigerian Agip Oil Company, BG/Sahara Energy Consortium and Cleanwaters Consortium.
Others were China National Petroleum Corporation (CNPC), China Petroleum Company from Taiwan, INC Natural Resources and Ni-Delta United Oil Company, nominated to represent the interest of the oil producing states in the Niger Delta.
“Mr. President has agreed that the Niger Delta states can come together and come up with projects that lead to re-development of the delta. We have made provisions for that,” said Chukwueke.
According him, it was a deliberate strategy by the Nigerian government to match investment in the country's critical downstream energy sector with the lucrative oil exploration where international market prices are currently huge incentives to operators.
"Companies who are really interested in developing Nigeria's downstream have been approaching the government at various levels. What we have done is to collate all these companies and try to encourage them launch these downstream projects," he said.
He aid further that for instance, the India's Global Steel is a core investors in the Ajaokuta Steel Company, Delta Steel Company and the National Iron Ore Mining Company and the commercial development of Nigerian gas, while ONGC/Mittal has pledged to construct a rail line linking the eastern part of the country with the west.
Agip on the other hand has an Independent Power Project (IPP) in Okpai, near Warri in Delta State, while BG Group is a key partner in the $6 billion OK LNG project, said the DPR boss.
To ensure that the beneficiaries fulfilled their downstream investment pledges, the contract terms to be signed with the Federal Government provide that 20 percent of the investment committed is executed within 18 months of being allocated the block
“In the Production Sharing Contract agreement that we would sign with the companies, there will be provisions that if (downstream) projects don't take off within 18 months, the blocks can be taken back by the government," he said.
Meanwhile, Niger Delta militants appeared not persuaded with renewed efforts to solve the socio-economic problems in the region as the group responsible for cut in about 25 per cent of Nigeria's crude oil production said yesterday it would launch fresh attacks on oil companies operating in the Niger Delta to demonstrate its opposition to ongoing peace effort initiated by the Nigerian government. Movement for the Emancipation of the Niger Delta (MEND) said in statement e-mailed to media houses, that the attacks would commence "April 25, seven days after the proposed inauguration of the committee" set up by the Nigerian government to look into the socio-economic problems in the delta.



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[tradejunkie]

Zur Meldung übder die neue Bid Round in Nigeria!

Wunderst sich den niemand, dass Block 252 der EINZIGE Deep Offshore Block aus der 2005 Bid Round ist, der versteigert werden soll???




Und noch mal für alle die es gestern (im anderen Thread) verpasst haben und weil mich eine sehr, sehr nette Boardteilnehmerin darum gebten hat!



Hab 'ne Kopie des Original-Bohr-Antrags von Killam zu Longoria 174 #1 besorgt und noch so ein paar Sachen.



LONGORIA 174 #1:

Lage (sehr viel Öl und Gas drumherrum):




38822 ist "unser" Loch.




Original-Antrag:




Computer-Antrag:




Genehmigung:

[JAY25]

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