RE: RE: RE: Remember Black Marlin Printzen
The deal was a 35% premium in what was considered back in 2010 a no oil zone frontier in a really bad climate.
There is now an abundance of discoveries in East Africa and the best blocks have been taken up. Black merlin had done around only 250Km of seismic on one of their blocks.
Don't you think that Simbas acerage in kenya Mali Chad and Guinea Liberia and Ghana is only worth what the share price reflects. Yes some Junior Stocks have come down 1000% does that mean they will be taken out on the cheap?? I beg to differ.
Bowleven have just paid 10 million for a 50% stake. I think this was the last deal done in Kenya onshore.
If 100% of our Kenya block could cost 30 million for example looking at the Bowleven deal 20 million for 100 % 10 million for work done then we are worth as a company less than what our Kenya block is alone. So the other 4 countries are worth minus our market cap??
I do not expect Simba to walk away less than 250 million for the whole package when you consider Glencore paid 300 million for 20% of Griffiths property next door. Yes we are not at the same stage as Griffiths in terms of proving our assett, but when hassan and jim say we think our Chad blocks are better than griffiths then it is only a matter of opinion from other companies geologists to verify the what Simba claim. It all depends on what the bigger fish think. If they feel and think we got what we think we got then I am for one not complaining.
SImba will not be taken out on the cheap. I know a deal for 40 Million is a minimum for farming 50% of Kenya so that is 2.5 times more than our market cap.
Add to that the other blocks then you can see the potential for Simba.
ATB
BR
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