Dec 14, 2015
Mr. Gagan Goel, Director Essel Group Middle East Has Been Appointed as Vice Chairman of Simba Energy Inc. Canada
Essel Group Middle East (EGME) is pleased to announce that Mr Gagan Goel has been appointed as the Vice Chairman of Simba Board of Directors and has also become the largest single shareholder of the company.
Earlier this year EGME had entered into a definitive farmout agreement with Simba Energy Inc. Canada wherein EGME will earn 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.
Additionally, EGME and Simba are now moving forward in the next stage of the exploration which is to finalize a seismic contract to commence work in the first quarter 2016 on Block 2A in Kenya. It is anticipated that the seismic will cover approximately 500 line.
Mr. Gagan Goel commented, "We hope our direct participation on the Board of Simba will protect 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".
"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 Simba Energy Inc.