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SIMBA COMPLETES DEFINITIVE AGREEMENT WITH ESSEL GROUP ME FOR BLOCK 2A, KENYA, ESSEL WILL FUND 100% OF EXPLORATION EXPENSES
December 3, 2015, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) is pleased to announce it has executed a definitive farmout agreement (“Definitive Agreement”) with Essel Group Middle East DMCC (“Essel Group Middle East”) on Block 2A in Kenya wherein Essel Group Middle East will earn a 60%participating interest in Block 2A by funding 100% of exploration expenses until the completion of the drilling of 2 conventional wells on Block 2A.
The Definitive Agreement follows the formal approval that Simba received from the Government of Kenya on August 27, 2015 of the farmout with Essel Group Middle East. The transaction remains subject to TSX Venture Exchange (TSXV”) 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 kilometers.
Mr. Gagan Goel, of the 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 US$100 million will be focused on this effort”.
The previously announced private placement financing for gross proceeds up to $2,100,000 has been submitted for TSXV 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 CEO.
Essel Group Middle East is part of Essel Group India, a business conglomerate that has over the past three decades achieved diverse and prominent growth across media, entertainment, packaging, infrastructure, precious metals, and energy and technology sectors. The Essel Group has recently endeavored to diversify further with investments into the hydrocarbon resource sector and has committed full support to advance Simba’s African O & G portfolio through the exploration and appraisal phases in accordance to each governing PSC by way of joint operating agreements on a per asset basis.
Simba Energy Inc. provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore production sharing contracts (“PSCs”) in Kenya and Guinea and PSCs under continuing negotiation in Chad, Liberia and Ghana. Simba’s mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.
An updated corporate presentation covering technical & other material and information on Simba’s exploration portfolio and activities in Africa is now 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
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.
Forward-looking Information
Certain statements made and information contained herein may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements relate to future events or the Company’s future performance, business prospects or opportunities. Forward-looking information includes, but are not limited to, statements with respect to the intention to finalize a seismic contract and commence work early in 2016 on Block 2A in Kenya, and for the seismic work to cover approximately 500 line kilometers. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results “may”, “may have”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Although management believes that the assumptions made and the expectations represented by such forward-looking information are reasonable, there can be no assurance that forward-looking information herein will prove to be accurate. Forward-looking information by its nature is based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Simba’s actual results, events or achievements to be materially different from those anticipated by such forward-looking information. Simba believes that the expectations reflected in the forward-looking information is reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. The forward-looking information involves risks and uncertainties relating to, among other things, the ability of Simba to come to terms with the party with which it is to negotiate a seismic contract, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking information. Simba does not intend, and does not assume any obligation, to update the forward-looking information, except as required by applicable laws.
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SIMBA ANNOUNCES PRIVATE PLACEMENT AND APPOINTMENT OF A DIRECTOR
November 2, 2015 / TheNewswire / Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (OTCQB: SMBZF) is pleased to announce a financing by way of private placement that contemplates issuing up to 42 million units for gross proceeds up to $2,100,000. Each Unit will comprise one (1) common share and one half warrant where each full warrant is exercisable into a common share at a price of $0.075 per share for a period of two years.
In conjunction with the financing, the Company is pleased to announce the appointment of Mr. Gagan Goel as a director of the Company. Mr. Goel is currently Managing Director, Essel Group Middle East, located in Dubai, UAE and will also serve as Vice-Chairman of the Board.
“We are delighted to have Gagan Goel join our Board of Directors and serve as Vice-Chairman” said Robert Dinning, President and CEO.
The Essel Group has recently endeavored to diversify further with investments into the hydrocarbons resource sector and has committed full support to advance Simba’s enviable African O&G portfolio through the exploration and appraisal phases in accordance to each governing PSC by way of Joint Operating Agreements on a per asset basis.
Simba Energy Inc. provides investors very well positioned exposure to oil and gas exploration in key areas of Africa with active onshore PSCs in Kenya and Guinea and PSC’s under continuing negotiation in Chad, Liberia and Ghana. Simba’s premise is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.
An updated corporate presentation covering technical & other material and information on Simba’s exploration portfolio and activities in Africa is now 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.
SIMBA RECEIVES KENYA GOVERNMENT APPROVAL FOR FARM-IN TO ESSEL GROUP
August 27, 2015, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (OTCQX: SMBZF) is pleased to announce it has received formal approval from the Government of Kenya for its farm-in agreement with Essel Group, as announced June 8, 2015. Under the terms of the farm-in agreement, Essel Group Middle East (Dubai) (“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’).
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.
Mr. Gagan Goel, Managing Director, Essel Group Middle East commented on developments to date, “…with the government’s consent we are very excited to begin our JV investment into Block 2A and look forward to completing the 2D seismic as soon as possible. We believe this next phase of work will yield excellent upside potential for drilling exploration at a number of high quality prospects and targets in Kenya.”
The JV partner’s have agreed to a minimum exploration program for Block 2A comprising additional 2D seismic, possible 3D seismic, and drilling on at least two prospects over the next 12 to 18 months, with a minimum estimated cost of $60 million USD.
By acquiring and interpreting up to 500 line kms of 2D seismic data by the end of 2015 the Company expects to finalize drilling locations at two primary prospects, M1 & M3 in the Mandera basin, as well as advance the status of lead A1 and possibly other targets in the Anza basin. Additionally, this next phase of seismic will confirm depths and support the volume estimates necessary for a revised resource estimate and risk category for the concession’s prospects and other secondary targeted structures.
“We expect to finalize arrangements to commence additional seismic work on Block 2A in the next 30 to 60 days. Now that the Government of Kenya has approved the participation of the Essel Group in Block 2A, our shareholders should benefit from the strong exposure of a fully funded and exciting exploration program over the next 12 to 24 months” remarked Robert Dinning, President and CEO.
About Essel Group Middle East:
Essel Group Middle East (EGME) is multi-national business headquartered in Dubai, Essel Group ME oversees the business interests of the Essel Group in the Middle East and Africa. The primary focus of the group is the mining of minerals, exploration of oils and hydrocarbons and the acquisition of natural resource assets. Essel Group (Mumbai) is a business conglomerate that has, in past four decades, grown into a diverse and prominent industries such as media, entertainment, packaging, infrastructure, precious metals, and energy and technology.
About Simba Energy:
Simba Energy Inc. is an oil and gas exploration company with active onshore PSCs in Kenya and Guinea and PSC’s under continuing negotiation in Chad, 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 available in a presentation 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.
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SIMBA ENERGY ENTERS IN TO AN AGREEMENT WITH ESSEL GROUP MIDDLE EAST TO INVEST INTO ITS PORTFOLIO OF AFRICAN OIL AND GAS PROJECTS
June 8, 2015, Vancouver, British Columbia,Simba Energy Inc. (the “Company”) (TSX Venture: SMB) (Frankfurt: GDA) (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.
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SIMBA ENERGY ANNOUNCES CLOSE OF PRIVATE PLACEMENT
February 13, 2015, Vancouver, British Columbia. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQB: SMBZF) (the “Company”) announces that is has completed a nonbrokered private placement (the “Private Placement”) of a total of 15,000,000 units for gross proceeds of $450,000. Each and unit consists of one common share and one-half of a non-transferable common share purchase warrant, with each full warrant exercisable for a period of two years from the closing date at a price of $0.05 per share. The securities are subject to a four-month hold period as required under applicable securities law.
The Company plans to use the proceeds of the Private Placement to fund exploration commitments associated with the Company’s Production Sharing Contracts in Kenya and Guinea, and general working capital purposes.
The Company also announces it has granted stock options to officers, directors, and consultants, under its stock option plan, for the purchase of up to 7.2 million common shares of the Company for a period of 5 years at a price of $0.06 per share.
About Simba Energy
Simba Energy Inc. is establishing itself as a diversified international explorer and developer with a growing oil and gas acreage position in Africa, with onshore Production Sharing Contracts in Kenya, Guinea and Chad.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & CEO
For further information, contact: Mark Sommer, info@simbaenergy.ca, Toll Free: 1‐ 855‐777‐4622.
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.
SIMBA ENERGY ANNOUNCES PRIVATE PLACEMENT
January 30, 2015, Vancouver, British Columbia. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQB: SMBZF) (the “Company” or “Simba Energy“) has completed a non-brokered private placement involving the sale of up to 15,000,000 units at a price of Cdn$0.03 per Share. Each unit will consist of one common share and one-half of a non-transferable common share purchase warrant, with each full warrant exercisable for a period of two years from the closing date at a price of $0.05 per share, to raise gross proceeds of up to Cdn$450,000 (the “Private Placement“). No finders’ fees or commissions will be paid in connection with the placement.
Net proceeds from the Private Placement will be used towards funding and exploration commitments associated with the Company’s Production Sharing Contracts, payment of certain trade payables, and for general working capital purposes.
Closing of the Private Placement is subject to receipt of all regulatory approvals, including the approval of the TSX Venture Exchange. The Shares will be subject to a hold period of four months and one day from date of issue of the Shares.
About Simba Energy
Simba Energy Inc. is establishing itself as a diversified international explorer and developer with a growing oil and gas acreage position in Africa, with onshore Production Sharing Contracts in Kenya, Guinea and Chad.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & CEO
For further information, contact: Mark Sommer, info@simbaenergy.ca, Toll Free: 1- 855-777-4622.
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.
Simba updates on block 2a, Kenya
December 18, 2014, Vancouver, British Columbia. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (the “Company” or “Simba”) is pleased to update it’s shareholders on activities in Kenya where it holds a 100% interest on the Production Sharing Contract (PSC) for onshore Block 2A.
“While we have been actively negotiating with numerous parties who have expressed interest in a farm-in to Block 2A, the technical team has finalized a program to acquire up to 400 kms of 2D seismic designed to target drilling locations on prospects and leads in two basins, and also yield volumetrics that will support revised resource estimates. The Company expects to sign a contract and commence the initial 2D seismic program in the first quarter of 2015.”, stated Robert Dinning, President & CEO.
The recent airborne high resolution FTG (Full Tensor Gradiometry) carried out by Bell Geospace, combined with previously acquired passive seismic, reprocessed seismic, and earlier drill log data, provides a significant data set all of which strongly supports Block 2A’s excellent exploration potential and merit to carry out a next phase of 2D seismic acquisition
The 7,802 kms² concession comprises highly prospective areas within two basins, the Mandera and Anza basins, both of which have proven working petroleum systems and where these FTG results have confirmed two prospects and a number of significant leads.
In the southern extents of the Mandera basin the Tarbaj oil seep, located just north of Block 2A’s northern boundary, has confirmed marine origin source rocks deeper in the basin in Lower / Mid Jurassic. Just to the south in the central portion of Simba’s concession the FTG survey results identified five structural features with independent closures varying in size from 30kms² to +100kms². Two of the structures are high ranking and drill ready prospects, M1 (85 kms²) and M3 (102 kms²) that have 4 way closures clearly correlated by earlier 2D seismic, passive seismic and now FTG, and lie in a tilted fault block, up to the north, targeting depths from 1,500 to 1,750 metres, and share 1,600+ MMboe potential (unrisked). The Company has completed designs to acquire 265 kms of additional 2D seismic over and around these two prospects to determine depths, volumetrics and drill locations.
Lying within the western portion of Block 2A are the eastern margins of the Anza basin where a proven “String of Pearls” that trends from 30kms to the northwest in Block 9 at the Sala commercial gas discovery (with oil shows) where Africa Oil, as part of their 50/50 JV with Marathon Oil, continues with the third of five planned wells, south through Simba’s concession to the Badada prospect in Block 2B (held 55% by Premier Oil, 30% by Taipan Resources and 15% by Tower Resources). The first exploration well at the ‘pearl’ type Badada prospect is scheduled to spud early in January 2015 just south of Simba’s concession boundary. The northern extents of the Badada prospect lie within Simba’s concession.
Within the Anza basin portion of Simba’s concession the FTG identified six structural features for follow up. The Company’s primary lead in the Anza basin, ‘A1’ at 45 kms², lies entirely within the concession and is expected to upgrade to prospect status and/or yield drilling targets after the next phase of 2D seismic (100kms) designed to evaluate structure and the anomalies on the known ‘Pearl’ trend.
A revised Corporate Presentation that summarizes the technical rationale supporting the exploration potential at Block 2A, and the other assets within Simba’s portfolio, has been uploaded to the Company’s website.
James W. Dick P Geol., P. Eng., (APEGGA) is a qualified person in accordance with National Instrument 51-101 and has reviewed and approves the technical disclosure in this news release.
ON BEHALF OF THE BOARD
“Robert Dinning”, President & CEO
For further information, contact: Mark Sommer, mark@simbaenergy.ca, Toll Free: 1‐ 855‐777‐4622.
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.
Simba Energy retains star finance GMBH
October 30, 2014, Vancouver, British Columbia, Simba Energy Inc. (“Simba” or the “Company”) (TSX.V: SMB; Frankfurt: GDA; OTCQX: SMBZF), the pan-African onshore exploration oil & gas company, is pleased to announce that it has retained services of Star Finance GmbH (“Star Finance”), an investor relations firm from Switzerland to provide investor relations services in Europe.
Effective as of September 1st 2014, Star Finance has been and will continue to provide investor relations, marketing and consultant services for the European market to Simba Energy Inc. for a period of twelve months. Star Finance will be paid an annual fee of $75,000 CDN plus allowable disbursements.
About Star Finance:
Star Finance GmbH is one of the founding members of Stockteam Germany – a network of Europe-based individual investor relations companies and communication specialists (www.stockteam-germany.com). Stockteam Germany is a one-stop-shop for European investor relations and corporate communication activities and is offering a large variety of state-of-the-art services to its clients, including lead generation, media coverage and dissemination (on- and offline), news release translation and dissemination, social media relations, online investor video conferences, institutional roadshows and (dual-) listing assistance for German stock exchanges. These activities are long-term focussed and bundled into tailor-made packages for each individual client.
About Simba Energy:
Simba Energy Inc. is an international oil & gas exploration company focused on onshore Pan-African opportunities. The Company holds a diversified portfolio of 100% or majority interests in several prospective oil & gas exploration assets in Kenya, Chad and Guinea.
In addition to its 100% interest in Kenya’s Block 2A, Simba holds a 60% interest in Blocks 1 & 2, onshore Republic of Guinea and holds 100% interests in three prospective oil & gas blocks in the Republic of Chad. The Company is also the successful applicant for Block 3 in Mali and has applications pending for onshore blocks in Liberia and Ghana.
Simba’s objective is to establish itself as a diversified international developer and producer with a growing oil & gas acreage position and significant upside potential for shareholders.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & CEO
For further information, contact: Mark Sommer, info@simbaenergy.ca, Toll Free: 1‐ 855‐777‐4622.
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.