Apr 26, 2017
Simba Energy becomes Simba Essel Energy
Essel Group ME ("EGME") is pleased to announce that Simba Energy Inc. has become "Simba Essel Energy Inc." effective on Monday, April 24, 2017.
At its recent annual general meeting, shareholders of Simba voted in favour of approving the two agreements that Simba entered into with EGME in 2015. This included an agreement under which EGME was granted the right to earn a 60% interest in Simba's production sharing contracts (the "PSCs") in Kenya, Chad, Liberia, Ghana and Guinea, by contributing 100% of the funding to carry out an exploration program on the PSCs.
Following receipt of shareholder approval, the TSX Venture Exchange has also advised that it has no objection to Simba proceeding with the EGME transactions.
Simba's Board of Directors is to meet in the near future to review the seismic programme and other related data assembled in preparation of a drill program later this year on Block 2A, Kenya.