Simba-Essel JV.officially filed with the TSX, Sedar,Nock,etc Simba Energy Inc.
905 West Pender Street, Suite 210
Vancouver, British Columbia V6C 1L6
Item 2 Date of Material Change
August 26, 2015
Item 3 News Release
A news release dated August 27, 2015 was disseminated to the TSX Venture Exchange and
through various other approved public media and filed on SEDAR with the securities
commissions of British Columbia and Alberta.
Item 4 Summary of Material Change(s)
Simba Energy Inc. (“Simba”) received formal approval from the Government of Kenya on
August 26, 2015 for its farm-in agreement with Essel Group Middle East (Dubai) (“Essel”).
Under the terms of the farm-in agreement, Essel will earn a 60% participating interest in Simba’s African portfolio, including Block 2A in Kenya, in exchange for providing Simba a full carry through funding of all required exploration as governed by each concession’s respective Production Sharing Contract/Agreement (“PSC” or “PSA”).
Item 5 Full Description of Material Change
5.1 Full Description of Material Change
Simba received formal approval from the Government of Kenya on August 26, 2015 for its farmin agreement with Essel. Under the terms of the farm-in agreement, Essel will earn a 60% participating interest in Simba’s African portfolio, including Block 2A in Kenya, in exchange for providing Simba a full carry through funding of all required exploration as governed by each concession’s respective PSC or PSA.
As a result of government approval in Kenya, Essel has confirmed their commitment to invest over $100 million USD 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 2D seismic work in support of finalizing locations to drill initial exploration wells at Block 2A, Kenya in 2016.