EnerGulf expects to have a joint operating agreement in place and exploration underway in the Namibe basin asset by the end of this quarter.
The block is located south of the international maritime boundary with Angola and is operated by Chinese contractor Shaanxi Yuyang Petroleum Technology Engineering.
Shaanxi’s local entity, Gazania 148 Investments, will have a 75% working interest in the licence, while state oil company Namcor will retain a 10% carried interest through to first production.
The
