Simba Essel Energy Inc Provides Update On Kenya
NOVEMBER 21, 2017, Vancouver, British Columbia – 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.
Simba Essel Energy Inc. Issued 51-101 National Instrument by Sproule International Limited that Identifies 29 Prospect Leads for Block 2A in Kenya
November 3, 2017, Vancouver, British Columbia – SIMBA E Energy Inc. (the “Company”) (TSX Venture: SMB) (Frankfurt: GDA) (OTCQX: SMBZF) is pleased to announce that Sproule International Limited has completed a NI 51-101 report for Block 2A in Wajir, Kenya. Sproule’s report consists of an assessment of prospective resources of the Company’s interests within the Block 2A in the Mandera Basin in Kenya. This report was prepared to assess the Company’s P&NG resources according to definitions that are consistent with the standards of National Instrument 51-101.
Five main horizons were identified in the interpretation. The youngest of these, Ken 6 is interpreted to be lower Jurassic (Liassic) in age. Four other deeper seismic markers of uncertain age were also evaluated. These horizons are from youngest to oldest, Ken 5 (Triassic), Post-Rift, Upper Syn-Rift, Lower Syn-Rift and Basement.
Twenty-nine leads and prospects have been mapped seismically at the Ken 5, Upper Syn-Rift and Lower-Syn-Rift levels. In conjunction with areas defined on these horizons and reservoir parameters defined from possible analogs, low, best, and high estimates of undiscovered petroleum in-place and prospective resources have been calculated. Most of the structural closures can be classified as three-way dip closures bounded by extension faults. In addition, there were number of structural closures in the form of pinching out and four-way dip closures. In total the gross unrisked undiscovered petroleum initially in-place is 437.7 MMboe.
The portion of the Mandera Basin underlying Block 2A is prospective as it exhibits a petroleum system with a trend of improving reservoir quality upwards in the possible hydrocarbon bearing leads and prospects. Also, the passive seismic which responds to reservoir quality to produce a response also indicates a continuous systemic profile of improving quality. Passive Seismic is an indictor of hydrocarbons and is used in places like Alberta (Canada) to monitor hydrocarbon front movement in water floods projects.
The agreement between the various reserve parameters over the prospects in terms of contacts and areal extant suggests migration has occurred. The Tarbaj oil seep located immediately north of Block 2A suggests the presence of an active petroleum system with oil migrating up dip and being biodegraded as it raises to the surface.
Many of the prospects and leads are coincidental to the same structural event and are stacked one on top of the other. This means a single well can evaluate 2 or 3 prospects or leads. The Company is contemplating additional seismic to further detail prospects and to choose the best location for drilling. Objective is to develop a dual or triple prospect location.
The Company plans to drill an exploration well of approximately 3,000 metres in 2018 in Block 2A to test two or more intervals. This well would fulfill the first part of its drilling commitment to the production sharing contract on Block 2A.
James Dick, P.Geo., P.Eng., Chief Technical Officer of the Company, and a Qualified Person in accordance with National Instrument 51-101, has reviewed and approves the technical disclosure in this news release.
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 he 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.
Simba Essel Energy And Essel Group Middle East Sign Contract To Commence FTG Survey In Liberia
September 11, 2017, Simba Essel Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) advises that its partner Essel Group Middle East (EGME) have signed an agreement with Bell Geospace to conduct a comprehensive airborne FTG (Full Tensor Gravity Gradiometry) survey across Simba’s exploration block in Liberia.
The contract will see Bell Geospace fly Full Tensor Gravity Gradiometry (FTG) surveys across 2,962km2 of the onshore coastal strip of Liberia lying within the known extent of the Roberts-Bassa basin.
Bringing its considerable strength in high resolution gravity technology, Bell Geospace will commence survey flights during last quarter 2017 and early 2018. The outcome of the surveys will provide processing and interpretive surveys resulting in 3D imaging of the complex sub-surface geology of this highly prospective exploration block.
Bell Geospace will use a Basler BT-67 flying at low altitude to conduct the survey.
Mr. Hassan Hassan, Managing Director, Operations, Simba Essel Energy Inc. comments: “We are very pleased to once again work with Bell Geospace and look forward to beginning the next stage in the development of our Liberian Hydrocarbon Reconnaissance Permit. Acquiring FTG data over the onshore/shallow water will provide valuable data which will be critical in planning the future seismic program”.
About Essel Group Middle East
Essel Group Middle East (“EGME”) is a diversified natural resources company with a focus on the exploration, development and production of oil, gas and mining assets. The group targets assets in proven basins with near-term production potential and it has operations in Kenya, Guinea, Ghana, Liberia, and Eritrea. EGME is backed by Essel Group, a global conglomerate with a 40-year history spanning numerous industries including the media, packaging, entertainment, infrastructure, education and metals. For further information, please visit www.esselgroupme.com
About Simba Essel Energy
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 underdeveloped or not previously exploited.
For further information, please visit: www.simbaenergy.ca
ON BEHALF OF THE BOARD
“Robert Dinning”
President & 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.
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.
Simba Energy Announces Acquisition Of Shares
Gagan Goel (the “Offeror”) announces that on June 27, 2017 the Offeror, the Chairman and a director of Simba Essel Energy Inc. (“Simba”), acquired beneficial ownership and control of 10,569,214 common shares (“Shares”) of Simba at a deemed price of $0.07 per Share pursuant to the settlement of $739,845 of debt (the “Transaction”). The Shares were acquired under the terms of the Transaction by Mr. Goel, through Essel Group Middle East DMCC (“EGME”), which is controlled by the Offeror. The 10,569,214 Shares represent approximately 2.6% of Simba’s issued and outstanding common shares.
Prior to the Transaction, the Offeror exercised control or direction [67,914,975] securities of Simba. As a result of the acquisition of the Shares, the Offeror beneficially owns and controls over an aggregate of [78,484,189] common shares of Simba and [16,957,487] common share purchase warrants of Simba, collectively representing approximately [22.8]% of the issued and outstanding common shares of Simba, assuming the exercise of the common share purchase warrants.
The Shares were acquired by the Offeror for investment purposes. The Offeror may increase or decrease his beneficial ownership or control of securities of Simba as the circumstances or market conditions warrant.
To obtain a copy of the early warning report filed by the Offeror, please contact the Offeror at +971-506-34-2804 or refer to Simba’s SEDAR profile at www.sedar.com.
About Simba Essel Energy
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 underdeveloped or not previously exploited.
For further information, please visit: www.simbaenergy.ca.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & 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.
Simba Announces Closing Of Shares For Debt
June 30, 2017, Simba Essel Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) announces that it has completed the shares for debt transaction (the “Transaction”) originally announced on May 24, 2017 after receiving approval of the TSX Venture Exchange.
Pursuant to the Transaction, the Company issued 10,569,214 common shares of the Company (the “Shares”) at a price of $0.07 per Share to Essel Group Middle East DMCC (“EGME”) to settle debt for advances and direct payments made by EGME to the Company’s creditors in the amount of $739,845 (the “Debt”).
Gagan Goel, who is Chairman and a director of Simba, controls EGME and is the Managing Director of EGME and Punkaj Gupta, who is the Chief Executive Officer and a director of Simba, is the Chief Executive Officer of EGME. As such, EGME is a related party of the Company and the issuance of the Shares is a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied upon exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a), respectively, with respect to the issuance of the Shares, as the securities of the Company are not listed on a senior specified stock exchange and at the time the Transaction was agreed to, neither the fair market value of the Debt, nor the fair market value of the consideration for the Transaction, exceeded 25% of the Company’s market capitalization.
The Shares are subject to a statutory hold period which expires on October 28, 2017.
About Simba Essel Energy
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 underdeveloped or not previously exploited.
For further information, please visit: www.simbaenergy.ca.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & 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.
Simba Energy Announces Approval of Essel Group Transactions Simba’s Name to Change to Simba Essel Energy Inc.
April 21, 2017, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) is pleased to announce that at its recent annual general meeting (the “AGM”), 97.8% of the common shares held by disinterested shareholders voting at the AGM were voted in favour of ratifying, confirming and approving the two agreements the Company had entered into with Essel Group Middle East DMCC (“EGME”) in 2015. Pursuant to the first agreement, dated June 15, 2015, EGME was granted the right to earn a 60% interest in Simba’s production sharing contracts (the “PSCs”) in Kenya, Chad and Guinea by contributing 100% of the funding to carry out an exploration program on the PSCs, which funding would be provided by EGME.
In November 2015, the Company entered into a definitive farmout agreement with EGME on Block 2A in Kenya wherein EGME may earn a 60% participating interest in Block 2A by funding 100% of exploration expenses until the completion of 2 conventional wells on Block 2A.
Given the receipt of shareholder approval, the TSX Venture Exchange has advised that it has no objection to Simba proceeding with the EGME transactions. In addition, the Company is changing its name to “Simba Essel Energy Inc.” effective on Monday, April 24, 2017.
The Company’s shareholders re-elected the incumbent board of directors, approved the appointment of PricewaterhouseCoopers LLP as the Company’s new auditor, re-approved the Company’s stock option plan and ratified, confirmed and approved the issuance of 600,000 common shares to Hassan Hassan as part of a shares for debt settlement of management fees owed to a corporation controlled by Mr. Hassan.
The Board of Directors are to meet next week to review the seismic programme, and other related data assembled in preparation of a drill program later this year on Block 2A.
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 Energy
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
“Robert Dinning”
President & 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.
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.
Simba Energy Executes Agreement with the National Oil Company of Libera (Nocal) and Doubles Size of Block Acreage to include Shallow Offshore
April 10, 2017, Vancouver, BC – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (OTCBB: SMBZF) is pleased to announce it has executed an agreement with the National Oil Company of Liberia (NOCAL) for the issuance of a new Hydrocarbon Reconnaissance License NR-002 that includes Simba’s existing concession area as well as new exploration acreage that has been increased by an additional 1,595.7 km2 for a total of 2961.7 km2.
The newly expanded exploration area connects Simba’s existing onshore concession of 1366 km2 with the addition of the newly acquired 1,595.7 km2 of shallow offshore acreage which adjoins offshore blocks, LB-14 operated by Chevron Corp. (CVX:NYSE) as well as LB-13 operated by Exxon Mobile Corp. (XOM:NYSE).
See map attached below or visit Company’s website.
The agreed Work Program for this next period in Liberia contemplates the following:
- The increased concession area will be governed by a newly issued Hydrocarbon Reconnaissance License NR-002 covering a term of two (2) years.
- Simba shall submit to the Environmental Protection Agency (EPA), an Environmental and Social Impact Statement and Plan
- Airborne acquisition, data processing and interpretation of Full Tensor Gravity Gradiometry (FTG) with detailed report of evaluation and results that will be submitted for NOCAL’s review.
- An initial phase of 2D seismic data acquisition
- 3D acquisition as deemed necessary by Simba and as mutually agreed by NOCAL.
Under terms of the Hydrocarbon Reconnaissance License NR-002, once the initial Work Program has been successfully completed, Simba Energy will apply for conversion of the existing Hydrocarbon Reconnaissance License NR-002 to a formal Production Sharing Contract (PSC). All exploration costs of the reconnaissance program will be cost recoverable.
Mr. Punkaj Gupta, CEO of Simba commented, “We are delighted to have finalized this agreement that will allow Simba Energy to begin the next phase of exploration in Liberia. The upcoming exploration work will start with an airborne FTG program to be followed by a 2D seismic survey across the desired area of exploration. We are also excited to have been granted the opportunity to investigate and explore the highly prospective shallow offshore area located directly across from and adjacent to block LB-13 operated by Exxon Mobile (XOM:NYSE) and LB-14, operated by Chevron (CVX:NYSE).
The Company also announces that 7,500,000 warrants were recently exercised by Simba’s largest independent shareholder for net proceeds of $375,000 CAD to be used for general working capital purposes.
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
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.
Technical Update on Processing of Acquired Seismic Data on Block 2A, Kenya
March 3, 2017, Vancouver, British Columbia, Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (OTCBB: SMBZF) and Essel Group Middle East (“EGME”) are pleased to announce that the 2D seismic acquisition programme on Block 2A in Wajir, Kenya has been successfully completed.
The survey, which was carried out by Africa Geophysical Services Ltd. (“AGS”), has acquired a total of five hundred and twenty (520) kilometres of 2D seismic lines on the Block 2A which lies within the Mandera basin in Eastern Kenya.
The survey, which was carried out by Africa Geophysical Services Ltd. (“AGS”), has acquired a total of five hundred and twenty (520) kilometres of 2D seismic lines on the Block 2A which lies within the Mandera basin in Eastern Kenya.
James W. Dick, P. Geol., P. Eng., Chief Technical Officer of the Company stated that the data quality was excellent and its coverage combined with the historical 2D, the Full Tensor Gradiometry (“FTG”), and Passive Seismic (“IPDS”) has provided an excellent picture of the structural and depositional style of the Mandera Basin in Block 2A.
The specific aim of the seismic survey was to evaluate and detail the present prospects as well to use the enhanced quality of the data to seek out additional leads previously not identified due to old chaotic data in the Historical 2D. The survey met and exceeded all its objectives.
Currently the lines are being processed with very good results. This process should be finished in the next 30 days. Preliminary interpretations of the structural and stratigraphic data based on fast-track seismic sections is promising. The combination of the previous work and the recent data acquisition has resulted in a significant improvement in understanding the depositional environment in that there is good support between the various evaluation tools. In particular, the relationship between the FTG and the recent 2D seismic acquisition adds a much higher level of prospectively for the block.
James Dick, P.Geol., P.Eng., Chief Technical Officer of the Company, and a Qualified Person in accordance with National Instrument 51-101, has reviewed and approves the technical disclosure in this news release.
Once final data processing is complete, integrated interpretation work will begin on all existing datasets and mapping the various levels to evaluate optimum locations for drilling. The ultimate objective being to find the most optimum location for the first exploration well on block 2A. This work is expected to be completed in near future.
James Dick, P.Geol., P.Eng.,Chief Technical Officer of the Company, and a Qualified Person in accordance with National Instrument 51-101, has reviewed and approves the technical disclosure in this news release.
Once final data processing is complete, integrated interpretation work will begin on all existing datasets and mapping the various levels to evaluate optimum locations for drilling. The ultimate objective being to find the most optimum location for the first exploration well on block 2A. This work is expected to be completed in near future.
Punkaj Gupta, Chief Executive Officer (CEO) and a Director of Simba Energy said;
“The completion of the 2D seismic acquisition programme is another major milestone for Block 2A and we are greatly encouraged by the early interpretations of the results. The survey has shown that Block 2A contains very favourable structural and stratigraphic conditions, and we remain on course to meet our target of commencing drilling later this year.”
About Simba Energy Inc. 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. For further information, please visit http://www.simbaenergy.ca
About Essel Group Middle East
Essel Group Middle East (“EGME”) is a diversified natural resources company with a focus on the exploration, development and production of oil, gas and mining assets. The group targets assets in proven basins with near-term production potential and it has operations in Kenya, Guinea, Ghana, Liberia, Chad and Eritrea. EGME is backed by Essel Group, a global conglomerate with a 40-year history spanning numerous industries including the media, packaging, entertainment, infrastructure, education and metals. For further information, please visit www.esselgroupme.com.
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. For further information, please visit http://www.simbaenergy.ca
ON BEHALF OF THE BOARD
“Robert Dinning”
President & Director
For further information, contact:
Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or info@simbaenergy.ca.
Or:
Dorothy Burwell / Charles O’Brien / Benita Barretto, Finsbury +44 20 7251 3801
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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SMB_News_summary_March_3_2017.pdf
Simba announced 2D seismic completion/new video
December 16, 2016, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (OTCBB: SMBZF) and Essel Group Middle East (“EGME”) are pleased to announce that the 2D seismic acquisition program on Block 2A in Wajir, Kenya has been successfully completed by Africa Geophysical Services Ltd (“AGS”). The survey has acquired a total of 520 kilometres of 2D seismic data on the block lying within the Mandera basin. Multi-level quality control checks were applied throughout the project to achieve a best quality outcome.
The seismic data acquired is currently being interpreted to determine petroleum systems, and various structural leads. This processing, integration and interpretation is now underway and it is anticipated it to be completed in early Quarter 1 in 2017. A further technical update will be provided as information becomes available.
A video presentation has been prepared covering its work in Wajir, Kenya and can found on the company website in the next 24 hours. Please follow the link to the website: www.simbaenergy.ca
Punkaj Gupta, CEO of Simba Energy and EGME commented “The data acquired by AGS is extremely good quality and we are greatly encouraged from early interpretations that suggest Block 2A contains very favorable structural and stratigraphic conditions that will lead to defined drill targets”.
About Essel Group Middle East
Essel Group Middle East (“EGME”) is a diversified natural resources company with a focus on the exploration, development and production of oil, gas and mining assets. The group targets assets in proven basins with near-term production potential and it has operations in Kenya, Guinea, Ghana, Liberia, Chad and Eritrea. EGME is backed by Essel Group, a global conglomerate with a 40-year history spanning numerous industries including the media, packaging, entertainment, infrastructure, education and metals. For further information, please visit www.esselgroupme.com.
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. For further information, please visit www.simbaenergy.ca
ON BEHALF OF THE BOARD
“Robert Dinning”
President & Director
For further information, contact:
Mark Sommer at +1-604-629-9647 or Toll Free: 1‐855‐777‐4622, or info@simbaenergy.ca.
Or:
Dorothy Burwell / Charles O’Brien / Benita Barretto, Finsbury +44 20 7251 3801
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 resumes trading
December 15, 2016, Vancouver, British Columbia – Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) announces that its common shares will resume trading on December 16, 2016 following a suspension of trading of its common shares since November 3, 2016 when the British Columbia Securities Commission (the “BCSC”) issued a Cease Trade Order (the “CTO”) as a result of the Company not having filed its audited annual financial statements for the year ended June 30, 2016 (the “Financial Statements”) and associated Management’s Discussion and Analysis.
After the Company filed the Financial Statements, the BCSC revoked the CTO on November 8, 2016, but the TSX Venture Exchange (the “TSXV”) maintained the trading suspension to require the Company to satisfactorily address and disclose identified instances of non-compliance with TSXV policies. This review process was part of the TSXV’s customary review of listed issuers that have been the subject of a CTO.
The Company advises that $405,000 of the $2,100,749 that the Company disclosed as having been raised pursuant to a non-brokered private placement of units that closed on January 21, 2016 was in fact a settlement of outstanding debts with creditors, 4 of whom were directors or officers of the Company at the time. The TSXV advised the Company that it was required to comply with the TSXV’s Shares for Debt policy in respect of the settlement of these outstanding debts. That policy does not allow for non-arm’s length parties to receive units in respect of the settlement of outstanding debts. Consequently, the 4 directors or officers of the Company that received an aggregate of 2,950,000 share purchase warrants as part of the units issued to them have returned such warrants to the Company for cancellation.
In addition, the Company advises that the 34 million units issued to Essel Group Middle East DMCC (“Essel Group”) at a price of $0.05 per unit on May 31, 2016 (the “Essel Group Units”) were issued in connection with Essel Group’s agreement to pay certain creditors and to provide working capital in respect of the Company’s operations, and not for cash paid to Simba’s treasury. The TSXV advised the Company that it should also have applied for approval of this transaction under the TSXV’s Shares for Debt policy and that the Company was not permitted to issue units to Essel Group as Essel Group is not considered to be at arm’s length to Simba.
In addition, further to Simba’s news release of October 11, 2016 in respect of the exercise of 17 million share purchase warrants issued on May 31, 2016 to Essel Group as part of the Essel Group Units (the “Essel Group Warrants”), the Company advises that it did not receive the $1,275,000 aggregate exercise price for the warrants in cash but rather issued the common shares (the “Warrant Shares”) to Essel Group on Essel Group’s agreement to continue to pay the Company’s creditors and to provide funding for the Company’s operations. Essel Group has, to date, paid more than $1,275,000 to Simba’s creditors and on account of Simba’s operations (in addition to $1.7 million of debt and operational expenses incurred in consideration of the 34 million Essel Group Units), In light of the TSXV’s decision to require Simba to cancel the Essel Group Warrants, the Company is in the process of having the Essel Group Warrant Shares returned to treasury and having the Essel Group Warrants cancelled.
The Company’s Board of Directors has implemented a procedure going forward to ensure compliance with TSXV policies. The Company and the Essel Group are both well intentioned and are committed to meeting the highest global standards of compliance and governance.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & 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.
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.