email from MarkHi Robert,
Simba Energy and Essel’s (EGME) 60-40 Joint Venture will extend across Simba’s entire portfolio, including Liberia and the new HRL-002 permit. EGME will be paying exploration costs for the FTG and 2D seismic in Liberia as well as the costs associated with drilling. The partnership with EGME will be extended through all of Simba’s current assets, notably; Kenya, Guinea, Chad, Liberia and Ghana.
Presently the contract with EGME was for Kenya, Guinea and Chad where Simba owned the rights to existing PSC’s. The plan was always to extend the partnership across Simba’s portfolio as the other outstanding PSC’s such as Liberia and Ghana are brought on line. The partnership will be increased to include those other assets once the necessary permits and/or PSC’s have been granted to Simba Energy and exploration work is allowed to commence.
The next phase will be the organizing and planning for seismic to be acquired in Liberia. The FTG (gravity) will be acquired first, to then be followed up by 2D seismic over the most desired areas of interest. Once Simba & EGME completes the necessary seismic work, the Liberians will issue a formal PSC which will allow Simba Energy to drill its first well in Liberia!
Simba’s managing director of operations, Mr. Hassan estimates Simba and EGME can start shooting FTG in Liberia in about 3-4 months, then the 2D seismic will follow once the FTG is completed and analyzed.
For now the focus for Simba Energy and EGME remains in Kenya and the data interpretation is nearly completed. Simba’s technical team will be meeting in 2-3 weeks and are expecting a presentation from the Xodus Group who are currently managing Simba and EGME’s formal data interpretation. The interpretation will locate the first of several drilling targets in Kenya and will help to narrow down the estimated upcoming drilling timelines.
Simba Energy’s entire team and its partner Essel (EGME) are extremely encouraged by the preliminary results at this stage. So far the data has exceeded the technical team and Simba’s CTO, Jim Dicck’s expectations.
Also, the Company understands the need to improve overall communications with its shareholders and the investing public. Simba Energy will be taking steps toward improved efficiency regarding estimating operational timelines and how it relates to ongoing exploration work in Africa.
The company will be updating and overhauling its website and there will be a new corporate presentation uploaded in the coming weeks!
I will do my best to keep you informed and as always please don’t hesitate to contact me if you have any questions or concerns.
Best regards,
Mark
Mark Sommer VP Corporate Communications Simba Energy Inc. SMB – TSX Venture Suite 210-905 West Pender St. Vancouver, BC V6C-1L6 Canada #604-629-9647 - Direct #604-641-4450 - Office #855-777-4622 - Toll free mark@simbaenergy.ca www.simbaenergy.ca P Please consider the environment before printing this email.
From: Robert YYY[mailto:robert.yyy@yyy.yy]
Sent: Tuesday, April 11, 2017 3:28 AM
To: 'Mark Sommer'
Subject: Re: Simba Energy News Release!!
Hello Mark,
Thanks for good news.
Are costs for Work Program for NR-002 going to be paid by Simba or Essel till Reconnaissance License NR-002 is converted to PSC?
Thanks,
Kind regards,
Robert