VANCOUVER, BC / ACCESSWIRE / June 8, 2015 / Simba Energy Inc. (the "Company") (TSX Venture: SMB) (Frankfurt: GDA.F) (OTCQX: SMBZF) is pleased to announce it has executed an Agreement with Essel Group Middle East, of Dubai, UAE, a subsidiary of Essel Group India, wherein Essel Group will earn a 60% participating interest in Simba's existing Production Sharing Contracts (PSC's) in Kenya, Chad and Guinea. Simba will be carried on all future exploration costs.
"Simba has successfully obtained Production Sharing Contracts in three countries in Africa and is now ready to proceed to the next level in the development of its portfolio of exploration assets. This includes completion of a seismic program in Kenya leading up to the drilling of our first exploration well on Block 2A, and advancing our exploration programs in Chad and Guinea. We are delighted to enter into this Agreement with the Essel Group which will provide Simba with strong financial, technical, and marketing support to advance development of our properties" said Robert Dinning, President and CEO.
Essel Group Middle East is a wholly owned subsidiary of Essel Group India, a prominent business conglomerate located in Mumbai India that has been operating for over three decades and has a diverse business presence across media, entertainment, packaging, infrastructure, precious metals and technology sectors. The current market capitalization of Essel Group India is US$12 Billion. The Essel Group is diversifying further by their entry into the hydrocarbon sector and their investment into Simba's existing Production Sharing Contracts (PSC's) in Kenya, Chad and Guinea with farm in agreements to earn a 60% participating interest.
About Simba Energy: Simba Energy Inc. is an oil and gas exploration company with active onshore PSCs in Kenya, Guinea and Chad and PSC's under continuing negotiation in Liberia and Ghana. Simba focuses on onshore oil and gas exploration in areas that are under-developed or not previously exploited.
Technical & other presentation material and information about Simba's exploration portfolio and activities in Africa are readily available on the company's website, www.simbaenergy.ca .
ON BEHALF OF THE BOARD
"Robert Dinning"
President & CEO
For further information, contact: Mark Sommer at +1-604-629-9647 or Toll Free: 1-855-777-4622, or info@simbaenergy.ca.
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Simba Energy Inc.
