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Thursday, November 23, 2017
Simba Essel Energy plans to move forward with a 3D seismic program on its acreage in Kenya. The decision follows the receipt and review of the Sproule 51-101 report on Block 2-A.
The 3D survey will cover approximately 160 sq km over its most promising area in early 2018. The Sproule report identified 29 prospect leads; the highest ranking targets would benefit from additional seismic (3D) to help further delineate and identify the best drilling targets on Block 2-A.
Simba’s partner, Essel Group Middle East (EGME) advises that in addition to identifying the first drill targets, the company is proceeding with plans to bring a drilling rig into Kenya and mobilize the rig on Block 2-A in Wajir. EGME also intends to commence with site preparation early in 2018 in preparation for the drill program which will occur in H2 2018.
EGME further advises that negotiations are underway regarding a loan facility with a financial institution in Kenya for $40 million to fund on-going operating expenses including the planned drill program later in 2018.
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