RE:Insiders are buying at lowMeltse; simba's seismic is due to start any day now according to the news:
Simba receives government approval for Essel deal
2015-08-27 14:51 ET - News Release
Mr. Robert Dinning reports
SIMBA RECEIVES KENYA GOVERNMENT APPROVAL FOR FARM-IN TO ESSEL GROUP
Simba Energy Inc. has received formal approval from the government of Kenya for its farm-in agreement with Essel Group, as announced on June 8, 2015. Under the terms of the farm-in agreement, Essel Group Middle East (Dubai) will earn a 60-per-cent participating interest in Simba's African portfolio, including block 2A in Kenya, in exchange for providing Simba a full carry through financing of all required exploration, as governed by each concession's respective production sharing contract/agreement.
As a result of government approval in Kenya, Essel has confirmed its commitment to invest over $100-million (U.S.) in Simba's portfolio in the next 12 to 18 months, including Kenya.
Simba and Essel have commenced the planning and scheduling of the next 2-D seismic work in support of finalizing locations to drill initial exploration wells at block 2A, Kenya, in 2016.
Gagan Goel, managing director, Essel Group Middle East, commented on developments to date: "... With the government's consent, we are very excited to begin our joint venture investment into block 2A and look forward to completing the 2-D seismic as soon as possible. We believe this next phase of work will yield excellent upside potential for drilling exploration at a number of high-quality prospects and targets in Kenya."
The JV partner has agreed to a minimum exploration program for block 2A comprising additional 2-D seismic, possible 3-D seismic and drilling on at least two prospects over the next 12 to 18 months, with a minimum estimated cost of $60-million (U.S.).
By acquiring and interpreting up to 500 line kilometres of 2-D seismic data by the end of 2015, the company expects to finalize drilling locations at two primary prospects, M1 and M3 in the Mandera basin, as well as advance the status of lead A1 and possibly other targets in the Anza basin. Additionally, this next phase of seismic will confirm depths, and support the volume estimates necessary for a revised resource estimate and risk category for the concession's prospects, and other secondary targeted structures.
"We expect to finalize arrangements to commence additional seismic work on block 2A in the next 30 to 60 days.
Now that the government of Kenya has approved the participation of the Essel Group in block 2A, our shareholders should benefit from the strong exposure of a fully funded and exciting exploration program over the next 12 to 24 months," remarked Robert Dinning, president and chief executive officer.
About Essel Group Middle East
Essel Group Middle East is a multinational business headquartered in Dubai. Essel Group Middle East oversees the business interests of the Essel Group in the Middle East and Africa.
The primary focus of the group is the mining of minerals, exploration of oils and hydrocarbons, and the acquisition of natural resource assets. Essel Group (Mumbai) is a business conglomerate that has, in the past four decades, grown into diverse and prominent industries, such as media, entertainment, packaging, infrastructure, precious metals, and energy and technology.