Tickers: PINX:SMBZF, XTSX:SMB
Tags: Oil & Gas
Vancouver, British Columbia / TheNewswire / November 21, 2017 - Simba Essel Energy Inc. (the "Company" or "Simba") (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) is pleased to provide the following update regarding exploration activities in Kenya.
After a review of the Sproule report, (the 51-101 report), the Company now plans to proceed with a 3D seismic program covering approximately 160 square kilometers over its most promising area in early 2018. The Sproule report identified 29 prospect leads, the highest ranking targets would benefit from additional seismic (3D) to help further delineate and identify the best drilling targets on block 2-A.
Simba's partner, Essel Group Middle East (EGME) advises that in addition to identifying the first drill targets, the Company is proceeding with plans to bring a drilling rig into Kenya and mobilize the rig on block 2-A in Wajir. EGME also intends to commence with site preparation early in 2018 in preparation for the drill program which will occur in the second half of 2018.
EGME further advises that negotiations are underway regarding a loan facility with a financial institution in Kenya for $40 million USD to fund on-going operating expenses including the planned drill program later in 2018.
About Essel Group Middle East (EGME)
EGME is a diversified conglomerate operating primarily in the Europe, Middle East, Africa and Asia pacific region. EGME is part of Essel Group, the Indian multinational conglomerate operating in a broad spectrum of industries including media, packaging, infrastructure and technology. Building on Essel Group's 90-year history of developing and promoting businesses, EGME is leading the Group's regional expansion and currently operates subsidiary businesses in the natural resources, energy, industrial supply and logistics, education and financial services sectors. For further information, please visit www.esselgroupme.com
About Simba Essel Energy Inc.
Simba provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore PSC in Kenya, final negotiations for a new PSC in Guinea, a new Hydrocarbon Reconnaissance Permit in Liberia and PSCs under negotiations in Chad and Ghana. Simba's mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited. For further information, please visit: www.simbaenergy.ca
On behalf of the Board of Directors,
"Robert Dinning"
President and Director
For further information, contact: Mark Sommer at +1-604-629-9647 or
Toll Free: 1-855-777-4622, or info@simbaenergy.ca
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.
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