Energulf Resources Inc. Elects Eliecer Palacios as New Director; Plans to Drill 3-4 Well Drill Program of Lotshi Block Onshore Democratic Republic of Congo for the Summer of 2013
The Lotshi Block onshore Democratic Republic of Congo is drill ready with plans for a 3-4 well drill program for the summer of 2013. The Block is situated on the far west side of the DRC contiguous to Cabinda, Angola, next to the Atlantic Ocean. As previously reported, a prospective resource estimate for the Lotshi Block has been prepared and includes a mean estimate of 313,176,000 barrels of potentially recoverable oil. The report was prepared by DeGolyer and MacNaughton. The block is believed to be on trend with the billion barrel M'boundi field in Republic of Congo. EnerGulf has also recently completed the construction of a school and a health clinic on the Block for the local communities, per the terms of the Production Sharing Contract.