agreement<\/a>, Essel Group Middle East (Dubai) will earn a 60% participating interest in Simba’s African portfolio, including Block 2A in Kenya, in exchange for providing Simba a full carry through funding of all required exploration as governed by each concession’s respective Production Sharing Contract\/Agreement.<\/p>\nFollowing the approval Simba says Essel has confirmed their commitment to invest over $100 million in Simba’s portfolio in the next 12 to 18 months, including Kenya with the two partners having commenced the planning and scheduling of the next 2D seismic\u00a0work in support of finalizing locations to drill initial exploration wells at Block 2A, Kenya in 2016.<\/p>\n
“With the government’s consent we are very excited to begin our JV investment into Block 2A and look forward to completing the 2D seismic as soon as possible. We believe this next phase of work will yield excellent upside potential for drilling exploration at a number of high quality prospects and targets in Kenya,” says Essel Group Middle East Managing Director Gagan Goel.<\/p>\n
The JV partner’s have at the same tme agreed to a minimum exploration program for Block 2A comprising additional 2D seismic, possible 3D seismic, and drilling on at least two prospects over the next 12 to 18 months, with a minimum estimated cost of $60 million USD.<\/p>\n
“We expect to finalize arrangements to commence additional seismic work on Block 2A in the next 30 to 60 days. Now that the Government of Kenya has approved the participation of the Essel Group in Block 2A, our shareholders should benefit from the strong exposure of a fully funded and exciting exploration program over the next 12 to 24 months” remarked Robert Dinning, President and CEO.<\/p>\n
By acquiring and interpreting up to 500 line kms of 2D seismic data by the end of 2015 the Company expects to finalize drilling locations at two primary prospects, M1 & M3 in the Mandera basin, as well as advance the status of lead A1 and possibly other targets in the Anza basin.<\/p>\n
Additionally, this next phase of seismic will 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Simba Energy has announced it has received formal approval from the Government of Kenya for its farm-in agreement with Essel Group. Under the terms of the farm-in agreement, Essel Group … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[26,34,166,273,3529,3299,1252,1494,2312],"class_list":["post-3274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-2d-seismic","tag-3d-seismic","tag-anza-basin","tag-block-2a","tag-drilling-prospects","tag-essel-group","tag-kenya","tag-mandera-basin","tag-simba-energy","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/01\/thumnail_simba_energy.jpg?fit=300%2C200&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-QO","jetpack-related-posts":[{"id":3054,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-energy-enters-agreement-essel-group-middle-east-invest-3-african-countries\/","url_meta":{"origin":3274,"position":0},"title":"Simba Energy Enters Into Agreement With Essel Group Middle East To Invest In 3 African Countries","author":"","date":"June 8, 2015","format":false,"excerpt":"Simba Energy has announced it has executed an Agreement with Essel Group Middle East, of Dubai, UAE, a subsidiary of Essel Group India, wherein Essel Group will earn a 60% participating interest in Simba's existing Production Sharing Contracts (PSC's) in Kenya, Chad and Guinea. Simba will be carried on all\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/01\/thumnail_simba_energy.jpg?fit=300%2C200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4164,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-completes-definitive-agreement-with-essel-group-for-block-2a-kenya\/","url_meta":{"origin":3274,"position":1},"title":"Simba Completes Definitive Agreement with Essel Group for Block 2A, Kenya","author":"","date":"December 4, 2015","format":false,"excerpt":"Simba Energy has announced it has executed a definitive farm-out agreement with Essel Group Middle East DMCC on Block 2A in Kenya wherein Essel Group Middle East will earn a 60%participating interest in Block 2A by funding 100% of exploration expenses until the completion of the drilling of 2 conventional\u2026","rel":"","context":"In \"2D seismic\"","block_context":{"text":"2D seismic","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/2d-seismic\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/block-2a.png?fit=301%2C269&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5886,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-energy-approves-essel-group-transactions-rebrands-to-simba-essel\/","url_meta":{"origin":3274,"position":2},"title":"Simba Energy Approves Essel Group Transactions, Rebrands to Simba Essel","author":"","date":"April 24, 2017","format":false,"excerpt":"Simba Energy has announced that at its recent annual general meeting 97.8% of the common shares held by disinterested shareholders voting at the AGM were voted in favour of ratifying, confirming and approving the two agreements the Company had entered into with Essel Group Middle East DMCC in 2015. Pursuant\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/01\/thumnail_simba_energy.jpg?fit=300%2C200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7206,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-essel-seeks-drilling-permit-block-2a\/","url_meta":{"origin":3274,"position":3},"title":"Simba Essel Seeks Drilling Permit for Block 2A","author":"","date":"October 24, 2018","format":false,"excerpt":"Block 2A operator Simba Essel has submitted a technical presentation to the Ministry as part of their application to obtain a formal permit to drill after review of data pertaining to the interpretation of seismic data from the recent survey which produced a total of five hundred and twenty (520)\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/10\/Block-2A.png?fit=663%2C586&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/10\/Block-2A.png?fit=663%2C586&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/10\/Block-2A.png?fit=663%2C586&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":4300,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-energy-raises-2-1-million-to-fund-exploration-in-kenya\/","url_meta":{"origin":3274,"position":4},"title":"Simba Energy Raises $2.1 Million To Fund Exploration In Kenya","author":"","date":"January 28, 2016","format":false,"excerpt":"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\u2019s Production Sharing Contracts in Kenya, and general working capital purposes. The Canadian Explorer that recently received formal approval\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/01\/thumnail_simba_energy.jpg?fit=300%2C200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5978,"url":"https:\/\/www.oilnewskenya.com\/index.php\/essel-engages-sproule-update-new-resource-estimate-block-2a-kenya\/","url_meta":{"origin":3274,"position":5},"title":"Essel Engages Sproule To Update New Resource Estimate On Block 2A, Kenya","author":"","date":"May 18, 2017","format":false,"excerpt":"Simba Essel Energy has announced that its partner \u2013\u00a0Essel Group Middle East (EGME)\u00a0has contracted the services of Sproule International Limited to complete 2D seismic interpretation services, a prospective resource estimate, and an updated NI 51-101 report for block 2A in Wajir,\u00a0Kenya. The scope of work involves an update of Sproule\u2019s\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/block-2a.png?fit=301%2C269&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=3274"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3274\/revisions"}],"predecessor-version":[{"id":3275,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/3274\/revisions\/3275"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/344"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=3274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=3274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=3274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}