Simba Essel Energy Inc SMBZF

RE: RE: Net Carry $12.4million and Back costs

[PapaFritz]

this looks fantastic, well done simba, well done

Highlights of MOU:

 

• The transaction provides a significant investment in Simba's Kenya asset, delivering a fully carried predrill exploration program and a commitment to drill and carry Simba for one exploration well;

 

• Ajax is to commit to a work program including drilling one well for Simba representing a gross investment of up to $36.5-million (U.S.) (assuming a well cost of $25-million (U.S.) in Kenya);
• Ajax will pay Simba up to $3.1-million (U.S.) in back costs. In addition, Ajax will provide a net carry of up to $12.4-million (U.S.) (assuming a well cost of $25-million (U.S.)).