UPDATE: EnerGulf Provides Corporate Update; Shares Down Slightly Late Morning
EnerGulf Resources Inc. (ENG.V)report that the lawsuit brought against it by Veritas DGC Limited and Veritas Geophysical (Nigeria) Limited has been dismissed by the Supreme Court of British Columbia. Costs of the action have been awarded to EnerGulf as the prevailing party to the litigation. Veritas' claim of $700,000 plus interest is now eliminated as a Company contingent liability. The claim related to seismic data provided by Veritas to Energulf in 2005.
Lotshi Block, Onshore Democratic Republic of Congo: The Company continues its efforts to secure funding and to identify qualified participant(s) for the drill ready Lotshi Block, onshore Democratic Republic of Congo.
Block 1711, Offshore Namibia: EnerGulf continues to search for qualified potential participants and make data room presentations for Block 1711 as the Government of Namibia works to restructure the interests in the block by seeking a new majority participant. A prospective resource report for Block 1711 was prepared covering four prospects and nine leads. The report includes a mean estimate of 3,166,000,000 barrels of potentially recoverable oil.
Energulf is down half a cent to 19 cents late morning.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.