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Namibia: Black Gold Proves Elusive At Kunene
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Namibia Economist (Windhoek)
8 August 2008
Posted to the web 8 August 2008
Chamwe Kaira
Windhoek
With so much speculation in recent months that Namibia was close to striking oil, EnerGulf - the explorer - was a bearer of bad news this week when it announced that the reserves at the Namibe Basin, south of Angola, would probably not be commercial produced.
For sometime now, EnerGulf has been drilling on the Kunene 1. The company said the completion of the project revealed the bad news.
"The well had significant hydrocarbon shows. EnerGulf believes the results of the operations to date have enhanced the prospectivity of Block 1711 by demonstrating that hydrocarbons are present. The company believes that the Namibe Basin, south of Angola, will probably not be a commercial producer," said Jeff Greenblum, EnerGulf Chairman of the Board and CEO.
However, Sintezneftegaz Namibia Ltd, which is a partner of the project, is determined to test the well for natural gas in a particular zone, Greenblum said.
The test is estimated to take an additional 16 days. EnerGulf has elected not to participate in this operation. EnerGulf believes the Kunene well information will allow EnerGulf to evaluate existing prospects and identify new leads and prospects on the block.
Although, EnerGulf has elected not to participate in the testing of the well, per the Joint Operating Agreement, EnerGulf may elect to pay 100% of its share of the test's costs it would have incurred had it participated, and an additional sum of the same amount, to reinstate its pro rata rights in a commercial discovery in the interval being tested.
Greenblum said the Petroleum Agreement between the government of Namibia and the parties has been amended to reflect that the parties have been relieved from performing all other minimum exploration work obligations required over the Initial Exploration Period. Included is the minimum exploration expenditure and the requirement to drill a second well, because as per the agreement, the Kunene 1 well drilled below the original planned depth of 4400 metres to a depth of 5050 metres below sea level and tested the syn-rift.
Energulf has engaged Petrophysical Solutions Inc. (PSI), of Houston, Texas, as consultants primarily to provide expert oil and gas electric log analysis and rock and fluid interpretation for the Kunene 1, and guidance for Energulf's Block 1711 and Lotshi Block exploration programs.
The Economist has established that the government has classified the Kunene 1 as a "tight hole", meaning no information regarding the well may be released until such time as the government determines to make the information public.
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"Our drilling operation took much longer than expected due to tough weather and downhole conditions, but we persevered. The data obtained through the drilling and logging of the well provides exciting encouragement to continue our exploration program of the block," said Greenblum. "We are looking forward to aggressively pursuing our Block 1711 and DRC Lotshi Block exploration activities and other opportunities of interest," he added.
A clammy blackbird.
A circle of life is the natural field of a country, in a luminous care now forgetting an answer; and this is my dreamland, the sound of a blackbird and an ancient desire.
Francesco Sinibaldi
http://amicipoesia.mondoweb.net/topic814.html
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