Sintezneftegaz Namibia has transferred its interest in Block 1711 to Nakor Investments, a company affiliated with Sintezneftegaz/Sintez group of the Russian Federation.

The company said that it is now anticipated that the geophysics/geology work program required to evaluate the Kunene #1 well data and correlate it to the existing 2D and 3D seismic should commence in the near future. This work program will evaluate the Kunene, the Hartmann and other potential prospects on the block to understand their hydrocarbon and reservoir potential, as well as to determine possible drill locations.

Block 1711 which comprises 2.2 million acres, is situated in the Namibe basin off the northern coast of Namibia along the international boundary with Angola. EnerGulf has a 10% working interest in Block 1711.

The company had entered into a contract with China National Administration of Research Institute of Coal Geophysical Exploration (CGE) to conduct a seismic acquisition program of the Lotshi Block to further define the prospectivity of the block and to identify optimal drill targets, and that preparatory work to prepare for the survey was underway.

CGE has been delayed in commencing operations on schedule. EnerGulf is in negotiations to contract with other seismic companies, as it is assumed CGE is not able to fulfill its obligations.

The Lotshi block covers approximately 500sqkm of the Les Zones du Bassin Cotier in the onshore coastal salt basin of western DRC. EnerGulf is the operator of the project. The block is contiguous to Cabinda, Angola and is on trend with the M’Boundi field in Republic of Congo and situated in a similar geological setting.