hanks for your email and continued support in Simba Essel Energy Inc. www.simbaenergy.ca
The Sproule report (NI 51-101 compliant) is due to be completed in July, 2017 at which time Simba Essel Energy will have an updated, independent resource/reserve estimate including; volumetrics, potential hydrocarbons in place, as well as chances for drilling success for each lead (potential structure) that’s been identified from the data collected.
The report will also help Simba’s technical team to identify and pinpoint the first of several drilling targets for block 2-A, in Kenya!
Simba hopes to have other operational developments secured by then such as the 100% PSC ownership in Guinea (presently Simba/EGME hold 60% interest in the PSC). Negotiations are now complete and Simba is waiting for the final documentation from the government of Guinea. This could be announced in the next 3-4 weeks which should coincide with Simba’s plans to arrange for and shoot FTG (Gravity) surveys in both Guinea and Liberia later this year.
As at May 25, 2017, the negotiations for a new PSC have been completed and Simba has submitted a draft agreement to the government of Guinea for final approval. (from the most recent Quarterly financial statements released on May 30, 2017)
Simba Essel’s partner EGME have nearly completed acquisition process for a producing oil & gas asset based in Jordan. There will be more information available as the transaction is finalized however I can say this should have a direct impact on Simba Essel Energy when the project has been finalized. I cannot elaborate much further at this time but there will be clarification when the asset is officially acquired by EGME and any implications concerning Simba will be disclosed.
Regarding the drilling rig for Kenya, Simba Energy’s partner, EGME entered into a definitive agreement to acquire a new skid mounted drilling rig. The AC-VFD drilling rig possesses power of 2,000 HP and it will be used by the Company during its exploration activity on Block 2A.
Simba Essel Energy are anticipating confirmation from its partner, EGME as far as when delivery of the drilling rig for Kenya is expected. The Company will make a formal announcement and update its shareholders when there is definitive information available.
Please don’t hesitate to contact me if you have any other questions or concerns.
Best regards,
Mark
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