Petroleum Africa
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Friday, December 20, 2013
Simba Energy Inc. has terminated negotiations with Ajax Exploration Ltd. for the definitive farm-out agreement in respect to a 66% interest and operatorship of e its 100% owned Block 2A, onshore Kenya. The parties originally executed a MoU which contemplated that Ajax would carry out additional exploration and drill one exploration well. The parties subsequently attempted to complete negotiations for a definitive farm-out agreement but were unable to come to agreement on an acceptable program. Accordingly, both parties have mutually decided to terminate negotiations.
Simba further advised that it is currently in advanced negotiations with another party regarding a potential farm-in on two of the assets in the Simba portfolio and anticipates an announcement in the near future.
Simba also announced that, subject to regulatory approval, certain creditors of the company have agreed to accept an aggregate of 1,887,493 common shares of Simba having a deemed value of $0.06 per share in settlement of debt owed by Simba for past services provided by such creditors.
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