Simba Energy Raises $2.1 Million To Fund Exploration In Kenya

Simba Energy has closed its previously announced in November 2015 non-brokered private placement to raise gross proceeds of $2,100,749.00 through the issue of shares to fund exploration commitments associated with the Company’s Production Sharing Contracts in Kenya, and general working capital purposes.

The Canadian Explorer that recently received formal approval from the Government of Kenya for its farm-in agreement with Essel Group plans to start its seismic program in Kenya’s Block 2A in early 2016 with the 2D seismic data expected to help identify locations to drill initial exploration wells.

The seismic will involve the acquiring and interpreting of up to 500 line kms of 2D seismic data which will also confirm depths and support the volume estimates necessary for a revised resource estimate and risk category for the concession’s prospects and other secondary targeted structures.

“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,” says President & CEO Robert Dinning.

Author: OilNews

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