RE:SIMBA ENERGY TO ACQUIRE 2D SEISMIC IN KENYA’S IN EARLY 2016Full release, Essel Group committing $100 Million (us) to explore Kenya, 2 wells next year!
(Essel Group has a market cap of $10 Billion+)
Simba Energy signs definitive deal for block 2A 2015-12-03 12:21 ET - News Release
Mr. Robert Dinning reports
SIMBA COMPLETES DEFINITIVE AGREEMENT FOR BLOCK 2A, KENYA
Simba Energy Inc. has executed a definitive farm-out agreement with Essel Group Middle East DMCC on block 2A in Kenya, wherein Essel Group Middle East will earn a 60-per-cent participating interest in block 2A by financing 100 per cent of exploration expenses until the completion of the drilling of two conventional wells on block 2A. The definitive agreement follows the formal approval that Simba received from the government of Kenya on Aug. 27, 2015, of the farmout with Essel Group Middle East. The transaction remains subject to TSX Venture Exchange approval.
Additionally, Simba and Essel Group Middle East now intend to finalize a seismic contract to commence work early in 2016 on block 2A in Kenya. It is anticipated that the seismic will cover approximately 500 line kilometres.
Gagan Goel of Essel Group Middle East, who was recently appointed vice-chairman of Simba's board of directors, commented: "We hope our direct participation on the board of directors will enhance shareholder interests regarding project development planned on both current and future assets in Africa. Our commitment of investing $100-million (U.S.) will be focused on this effort."
The previously announced private-placement financing for gross proceeds up to $2.1-million has been submitted for TSX-V approval with closing expected early in December, 2015.
"We are delighted to enter into this definitive agreement with the Essel Group Middle East, which will provide Simba with strong financial and technical support as the company proceeds with its planned seismic program with the objective to drill an exploration well in 2016. We are also delighted that Gagan Goel has joined our board of directors and will serve as vice-chairman and assist us in the development of our properties," said Robert Dinning, president and chief executive officer of Simba Energy.
We seek Safe Harbor.