Petroleum Africa
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Friday, June 12, 2015
Essel Group, a diversified firm with interest in many sectors, has now entered the oil and gas arena in Africa. The company picked up a 60% stake in Simba Energy’s PSCs in Kenya, Chad, and Guinea.
The exact details of Essel’s investment were not revealed but a statement on Simba’s website quoted Robert Dinning, Simba’s president and CEO as saying, “Simba is now ready to proceed to the next level in the development of its portfolio of exploration assets. This includes completion of a seismic program in Kenya leading up to the drilling of our first exploration well on Block 2A, and advancing our exploration programs in Chad and Guinea.
“We are delighted to enter into this agreement with the Essel Group which will provide Simba with strong financial, technical, and marketing support to advance development of our properties.”
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