frontier plays in congo and offshore namibia - … presentation may 2011 final.pdf · frontier...
TRANSCRIPT
ENERGULF
EnerGulf: Directors
• Jeffrey L. Greenblum: Chairman of the Board, CEO
• Clive Brookes: Director, CFO
• Tom Fetters: Director
• Joe Soliz: Director
ENERGULF
EnerGulf: Technical Staff
• The Honorable Andimba Toivo Ya Toivo: Senior Advisor for African Affairs
• Dr. Yves Neuville : Special Advisor to the Chairman and CEO
• Dr. Joe Davis: Geologist, Digital Prospectors
• Dr. James Edwards: Senior Advisor for Exploration and Acquisitions
• Israel Hernandez: Senior Advisor for deepwater drilling, engineering, and operations
• Prof. Albert Ongendangenda: Director General – EnerGulf Congo SARL - Kinshasa office
• Andy Bagot, Drilling Management and Coordination
ENERGULF
Management and
Staff Experience
Experience at big and mid oil: Exxon, Mobil, Philips, BP, BHP, Arco, UNOCAL, Triton, United Meridian, Ocean Energy, etc.
Government Experience: DOE, DOC, USGS; Namibia Ministry of Mines & Energy; DRC
Regional Play Experience: West Africa and Deep Offshore
ENERGULF
EnerGulf – Operator, 90% WI
Cohydro 10% (carry)
Block area - 500 km2
Perenco production from DRC, 28,000 bo/d
Recent exploration activity in Cabinda South block by ROC oil (now Petroplus) – successful wells
M’boundi field on trend
Lotshi Block
ENERGULF
West Congo Area PlayM’boundi / Lotshi
In 2007, ENI purchased Burren Energy, owner of
apprx 31% of field for $3.6B and paid Muriel &
Prom $1.4B for apprx 44% of the field.
In 2010, ENI farmed into 55% of the block
contiguous and south of LotshiThe Chela Dolomite
produces from the giant Rabi-Kounga field in
Gabon and smaller fields in Gabon.
•The giant M’boundi field in the Republic of Congo
produces from a sand stratigraphically equivalent to
the Lucula.
•The giant Malongo field offshore Cabinda
produces primarily from Lucula-equivalent sands.
•The Lacula Formation also has mature source
shales in the area.
•The Bucomazi has mature source rocks in the
area as well as reservoir-quality sands.
•The basement wash unit has produced oil at Lindu
and from wells onshore Cabinda.
ENERGULF
Lotshi Block 2011 Drill
Program
Prospects include a 4-way structural closure, a 3-way closure,
and stratigraphic trap.
– Each prospect represents an independent play compared to what has been previously tested in the area, and addresses the main cause of prospect failures to date (inadequate trap/seal).
– The Lucula Formation is one of the primary targets in each prospect. The Bucomazi is also a primary target in one prospect and fractured basement or “basement wash” is a primary target in two of the prospects. The Chela Dolomite is a secondary target in each prospect.
– Dallas Prospect – 2300 m
– Other Prospects – 1500 m
– Approximate 30 days to drill each
– Current pro forma AFE – apprx. $8.5 million per well
– Commence drilling operations – apprx. beginning of September
Continue drill program in 2012 based on 2011
ENERGULF
EnerGulf Work Program
Conducted airborne magnetics and airborne gravity data over block in 2008
Completed 2D seismic survey in October of 2010
Prospective resource report completed May 2011
Plan to drill 2-3 wells in 2011
ENERGULF
Northernmost Offshore Block
in Namibia
Namibe Basin – No previous
exploration drilling.
Interim Operator:
EnerGulf 10% WI
Co-Venturers:
NAKOR - 70% WI
PetroSA – 10% WI
Namcor – 7% (carry)
HRT Kunene Energy (BEE) –
3% (carry)
A N G O L A Namibia
Block 1711
ENERGULF
Water Depth – 772 m
Spud – April 9, 2008
TD @ 5050 m, July 19, 2008
Testing - August 7-25, 2008
(EnerGulf non-consented)
Rig released September 7, 2008
Well Status - P&A-suspended
Kunene 1
ENERGULF
Kunene #1 Results
Working petroleum system
Tested 23,000-acre structure on a 2,200,000-acre block
Detailed well results pending completion of the operator’s evaluation
Kunene Prospect
Hartmann Prospect
ENERGULF
1711 Other Prospects
Several other prospects have been identified on the block
Evaluate these prospects in light of Kunene 1 results
Santos and Namibe Basins were juxtaposed during early Atlantic Ocean rifting. Re-evaluate 1711 in light of major oil discoveries recently in the Santos Basin in Brazil.
Both EnerGulf blocks are located in rift basins that are not only on-trend to producing basins in West Africa, but are conjugate to key rift basins in Brazil.
ENERGULF
Corporate Structure
Capitalization as of May 3 2011
Issued and Outstanding:65,521,641
Warrants:14,030,247
Options:6,390,000
ENERGULF
Disclaimer
Certain disclosure in this release, including the private placement, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to the Company’s operation as an oil and gas exploration company that may cause future results to differ materially from those expressed or implied by those forward-looking statements. Readers are cautioned not to place undue reliance on these statements as they involve known and unknown risks, uncertainties and other factors that may cause a hinge in assumptions and the actual outcomes and estimates may be materially different from the estimated or anticipated future results, achievements or positions expressed or implied by those forward-looking statements. The Company disclaims any intentions or obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.