sintezneftegaz update

EnerGulf's Update on Kunene #1 Well Offshore Namibia

This, from African Oil Journal...

05-31-2008

"EnerGulf has been notified by the operator of the Kunene #1 well on Block 1711 offshore Namibia, Sintezneftegaz Namibia Ltd., that due to weather delays coupled with various mechanical issues, the well is now expected to continue drilling for oil and gas beyond the estimated and previously announced 50 – 60 days to reach a total depth of 4,400 meters.

The 4,400 meter total depth is now anticipated sometime around the middle of June. A decision to then continue drilling to a depth of approximately 5,500 meters has not yet been determined.

The Republic of Namibia has classified the Kunene #1 as a “tight hole”, meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public."

- I have now decided that I would like to see a placement that will accomodate drilling of KN-2, Borsano-1 and an exploration well at SS West before the expiry of March 09 options.