EnerGulf Pursues Oil Exploration in East Africa.HOUSTON -- EnerGulf Resources Inc. (TSX VENTURE:ENG ENG electronystagmography. ENG abbr. electronystagmography ENG enzootic nasal granuloma. ) is pleased to announce it has entered into a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. ("MOU") with JEBCO JEBCO John E. Boeing Co., Inc. (Chelsmford, MA) Seismic Ltd. (www.jebcoseis.com) to explore for petroleum on the Tanga Tanga (täng`gə, –gä), city (1994 est. pop. 190,000), capital of Tanga prov., NE Tanzania, a port on the Indian Ocean. It is a commercial, industrial, and transportation center, connected by rail with the interior of Tanzania. Block along the coast and offshore Tanzania in East Africa. The 8,000 sq. km. Tanga Block has potential for several significant petroleum accumulations. Oil seeps and multiple source units have been identified in the area and prolific sand development may be seen both within the Miocene and the Cretaceous with secondary targets in the Eocene and Paleocene. Existing seismic indicates the presence of multiple hydrocarbon traps. The paleographic pa·le·og·ra·phy n. 1. The study and scholarly interpretation of earlier, especially ancient, writing and forms of writing. 2. a. The documents whose writing is so studied. b. development history of the Tanga Block area shows periodic development of restricted marine environments as well as deeper water marine sedimentation. JEBCO reports the presence of rich oil prone source rock. EnerGulf believes the eastern coast of Africa is highly prospective for significant hydrocarbon systems. JEBCO holds an option granted to it by the Tanzanian Petroleum Development Corporation ("TPDC TPDC Training Performance Data Center TPDC Terphenyldicarboxylate ") whereby JEBCO has the exclusive right to negotiate the terms of and conclude with TPDC a Hydrocarbon Exploration License and Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. covering the Tanga Block. JEBCO has also entered into an agreement with TPDC whereby JEBCO has the exclusive right to conduct a new 2-D seismic survey covering the block. Under the terms of the MOU, JEBCO will transfer to EnerGulf all its interest through the drilling and evaluation of the first well on the Tanga Block in exchange for a 5% carried interest through the drilling and evaluation of the first well. JEBCO will then have the right to participate for a 5% working interest in future activities on the block. The MOU is subject to the conclusion and execution of a Definitive Agreement between EnerGulf and JEBCO, the Geophysical Data Acquisition Agreement between JEBCO and TPDC, the Hydrocarbon Exploration License and Production Sharing Agreement between EnerGulf and TPDC and all necessary regulatory approvals. Commenting for EnerGulf, Jeff Greenblum, Chairman of the Board said, "The Tanga Block agreement moves EnerGulf's business plan forward including our Pan-African strategy of assembling a strong portfolio of high impact exploration opportunities. Further, it marks our entry into Tanzania and will allow us to play a major role in exploring for and developing the area's vast oil and gas potential." On Behalf of the Board of Directors of ENERGULF RESOURCES INC. "James Askew", President The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy of this news release. |
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