GREY:SMBZF - Post by User
Post by
blackredon Sep 24, 2012 10:35am
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Post# 20406400
Tim
Tim The terms of the 1st year work programme have to be finalised. I think we will know more about the deal by or on the 0of October. I think once we have the signature we shall see the full deal.
Simba Energy Inc. ("Simba" or the "Company") (TSXV: SMB; Frankfurt: GDA; OTCQX: SMBZF), the onshore Pan-African oil & gas explorer, is pleased to announce that a Protocole d'Accord has been signed between Simba Energy Inc. and the Republic of Chad granting the Company 100% interests in the Production Sharing Contracts (PSCs) on three prospective oil & gas concessions in the Doba, Doseo and Erdis basins. By signing the Protocole d'Accord, both parties agree to finalize the first year work program and execute the PSC documentation by October 20, 2012.
Simba's Managing Director of Operations, Hassan Hassan stated, "Simba is very enthusiastic about the potential of having secured 100% interests in these three concessions. Each block is potentially a company maker in its own right and nicely complements our existing asset portfolio in terms of long-term growth potential. We consider this a unique and significant early-in opportunity for the Company and its shareholders."
ATB
BR