By OGJ editors
HOUSTON, Mar. 10 -- EnerGulf Resources Inc., Vancouver, BC, and National Petroleum Corp. of Namibia (Namcor) has entered into a memorandum of cooperation (MOC) to jointly explore, develop, and produce oil and gas in nonproducing Namibia, specifically on Block 1711, and for gas-to-liquids and related opportunities.
Under terms of the MOC, EnerGulf acquired an option for as much as 25% of Namcor's interest in Block 1711 in the Namibe basin off the northern coast of Namibia along the boundary with Angola. This equates to a 25% working interest in the exploration license that will be granted by the Minister of Mines and Energy.
On the 8,931 sq km block, two separate exploration prospects have been identified by extensive seismic data.
The Kunene prospect—defined originally by 2D and recently confirmed by a 650 sq km 3D seismic program—is a huge, probably Cretaceous, structure that appears to be a carbonate buildup, sealed by a thick Tertiary shale sequence. The structure forms a four-way dip closure covering 95 sq km, with over 675-1,400 m of vertical closure.
Also, abundant direct hydrocarbon indicators are associated with the prospect. The resource potential has been assessed at up to 8 tcf of gas or 1.4 billion bbl of oil, with a mean value of 5 tcf of gas or 733 million bbl of oil.
Several analogs to the Kunene prospect are giant oil and gas fields including El Abra/Tampico in Mexico with reserves of 3 billion bbl of oil, Malampaya/Camago in the Philippines with about 4 tcf of gas and 200 million bbl of oil, and Tengiz in Kazakhstan with 8 billion bbl of oil.
The Hartmann prospect in the southern part of the block has been identified by extensive 2D seismic and is interpreted as a stratigraphic trap that covers 343 sq km with 1,600 m vertical relief. It appears to be a carbonate buildup, the same age of the Kunene carbonate buildup. Its assessed mean recoverable resource potential is 2.2 billion bbl of oil or 16.4 tcf of gas.
