Simba Essel Energy Inc SMBZF

Hassan Hassan Quotes

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Block 2A is a large tract of land, over 7,800 sq km, and is neighboured by acreage held by Afren to the north and Africa Oil and Marathon to the west. This is a region that has become white hot following Tullow Oil’s impressive Ngamia-1 oil strike in Block 10BB earlier this year. Simba hopes to leverage that heat and has hired Ernst & Young to help it find the right partner to accelerate work on the block.

Hassan said this would be a “transformational event” for the company. It also, he said, would be a difficult deal for him personally as his chairman, John King Burns, the former Global Head of Structured Derivative Finance for Barclays Metals Group in London, has charged him with getting the “best deal ever in Kenya”. “Part of the strategy is to let Tullow have another strike and add a bit more value for us,” he quipped. The company would like to reduce its equity to 49 per cent and get a two to three well carry; with the data room closing shortly, investors may not have too much longer to wait for news of this process.

THAT MEANS A BIGGER DEAL THAN AOI/MARATHON NEXT DOOR.

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