Petroleum Africa
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Wednesday, April 26, 2017
Essel Group ME (EGME) announced that Simba Energy Inc. has become Simba Essel Energy Inc. The Simba name change was effective on April 24.
At its recent annual general meeting, shareholders of Simba voted in favor 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 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 program and other related data assembled in preparation of a drill program later this year on Block 2A, Kenya.
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