GREY:SMBZF - Post by User
Post by
PapaFritzon Aug 20, 2015 11:47am
![](https://assets.stockhouse.com/kentico-cms/0342-00/images/Sprite.svg#id_Post_Views_Icon)
233 Views
Post# 24035881
Comments from Essel Group's M/D re: Simba's properties
Comments from Essel Group's M/D re: Simba's properties
Essel to acquire 60% stake in Canadian firm Simba's African oil & gas exploration assets
BY BHAWNA GUPTA Simba has operations in Chad, Kenya and Guinea. Essel Group Middle East (Essel ME), a whollyowned subsidiary of business conglomerate Essel Group, has signed an agreement with Canadian firm Simba Energy Inc to pick 60 per cent stake in its African oil and gas exploration projects for an undisclosed amount.
Essel ME will invest in Simba's portfolio of existing African exploration projects on a farmin basis, the company said. Dubaibased Essel ME is involved in the business of mineral mining, oil explorations and acquisition of natural resource assets globally.
The company is foraying into hydrocarbon sector and this agreement is a significant step towards this initiative.
"Having reviewed the available data on Simba's blocks along with the surrounding exploration and production success by other major groups, we see a highly undervalued opportunity with strong potential.
We did not want to pass up on this opportunity in what is fast becoming a very competitive environment," said Gagan Goel, MD, Essel Group Middle East.
Recently Essel Group signed an agreement with the Rajasthan government to set up 5 GW of solar power capacity. The solar parks will be set up in Bikaner and Jaisalmer with an investment of Rs 4,000 crore in which both Essel and Rajasthan government will have 50 per cent stake each.
Simba Energy is a oil and gas exploration firm focused on the onshore frontier basins of Africa. Founded in 1990, its portfolio comprises onshore production sharing contracts (PSCs) in Chad, Kenya and Guinea.