March 21, 2016, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) announces that through its subsidiary Company Simba Africa Rift Limited, a contract has been executed with Africa Geophysical Services LLC, (AGS) a Company incorporated under the laws of Sultanate of Oman, for the purpose of 2D Seismic Data Acquisition and Processing on Block 2A Wajir, Kenya.
Simba Africa Rift Limited and its farm in partner Essel Group ME (EGME), have agreed that the 2D Seismic Data Acquisition and Processing program will cover approximately 500 line km of survey and it is expected that preliminary field work and mobilization will commence in mid to late April, 2016 with the full survey to commence in early May 2016. It is expected that the work will take about 60-75 days to complete to be followed by interpretation of the data.
“We are pleased to finalize this contract and to commence the field work to obtain the necessary data. This will allow the Company to plan a drill program later this year.” said Robert Dinning, President and CEO, Simba Energy Inc.
The next phase of the exploration will see EGME and Simba Energy Inc. jointly acquire an oil drilling rig. “The drilling process will start as soon as we get a positive seismic result”, commented Gagan Goel, MD EGME and Vice – Chairman, Simba Energy Inc.
About Essel Group Middle East:
Essel Group ME 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. 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.
About Simba Energy:
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.
ON BEHALF OF THE BOARD
President & CEO
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than the statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Forward looking information in this news release includes, without limitation, all statements regarding the use of proceeds. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that cause the actual results to differ materially from those in forward-looking statements include: results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness in government approvals, continued availability of capital and financing and general economic, market and business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.