{"id":4593,"date":"2016-04-18T19:35:04","date_gmt":"2016-04-18T19:35:04","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=4593"},"modified":"2017-01-25T10:10:01","modified_gmt":"2017-01-25T10:10:01","slug":"simba-energy-to-raise-1-7-million-appoints-new-ceo","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/simba-energy-to-raise-1-7-million-appoints-new-ceo\/","title":{"rendered":"Simba Energy to raise $1.7 million, Appoints New CEO"},"content":{"rendered":"

Simba Energy has announced that it has arranged, subject to receipt of regulatory approval, a private placement financing involving the sale to Dubai-based Essel Group Middle East DMCC to raise gross proceeds of approximately $1,700,000.<\/p>\n

According to Simba Energy President Robert Dining\u00a0proceeds from the Private Placement will be used for working capital for the Company with the company planning to close the Private Placement within 21 days after TSXV approval.<\/p>\n

Earlier this year Simba Energy announced it has closed a non-brokered private placement<\/a> 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.<\/p>\n

Meanwhile Simba has also announced that Robert Dinning has resigned as CEO of the Company effective immediately and that Mr. Punkaj Gupta (a member of the Board of Directors of the Company and the CEO of Essel Group Middle East) has been appointed as the Company\u2019s new CEO.\u00a0 Dinning will continue to act as President and a director of the Company.<\/p>\n

\u201cWe are very pleased to have Punkaj Gupta join our management team and take a leadership role. We believe that his appointment will assist us significantly with the development of our assets in various locations in Africa,\u201d said Robert Dinning, President.<\/p>\n

\u201cWe welcome the appointment of Punkaj Gupta as CEO of Simba.\u00a0 I believe that his appointment represents a step towards both Simba and Essel Group Middle East moving forward on a growth path and aligning their strategies at the grassroots level\u201d, said Gagan Goel, Vice-Chairman of Simba and Managing Director of Essel Group Middle East.<\/p>\n

The new CEO has his work cut out for him including overseeing 2D Seismic<\/a> Data Acquisition and Processing program in Kenya’s Block 2A that will cover approximately 500 line km of survey with preliminary field work and mobilization set to commence in mid to late April, 2016 with the full survey to commence in early May 2016.<\/p>\n

Essel Group Middle East has advised that it has recently endeavored to diversify further with investments into the hydrocarbons resource sector and that it has committed its full support to advance Simba\u2019s African oil and gas portfolio through the exploration and appraisal phases in accordance with each governing production sharing contract by way of joint operating agreements on a per asset basis.<\/p>\n

Simba Energy has active onshore production sharing contracts (PSCs) in Kenya and Guinea and PSCs under continuing negotiation in Chad, Liberia and Ghana.<\/p>\n","protected":false},"excerpt":{"rendered":"

Simba Energy has announced that it has arranged, subject to receipt of regulatory approval, a private placement financing involving the sale to Dubai-based Essel Group Middle East DMCC to raise … 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":[63,671,3299,3301,4354,4352,2078,4353,3302,2312,4355],"class_list":["post-4593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-africa","tag-east-africa","tag-essel-group","tag-essel-group-middle-east","tag-gagan-goel","tag-new-ceo","tag-private-placement","tag-punkaj-gupta","tag-robert-dining","tag-simba-energy","tag-tsxv","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-1c5","jetpack-related-posts":[{"id":4652,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-energy-increases-private-placement-to-2-15-million\/","url_meta":{"origin":4593,"position":0},"title":"Simba Energy Increases Private Placement to $2.15 Million","author":"","date":"May 6, 2016","format":false,"excerpt":"Simba Energy has announced that it has increased the size of its previously announced private placement to raise gross proceeds up to $2,150,000 (43 million units at a price of $0.05 per Unit) from the previous $1.7 million. As disclosed earlier,\u00a0Dubai-based Essel Group Middle East DMCC will acquire 34,000,000 Units.\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":4300,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-energy-raises-2-1-million-to-fund-exploration-in-kenya\/","url_meta":{"origin":4593,"position":1},"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":4164,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-completes-definitive-agreement-with-essel-group-for-block-2a-kenya\/","url_meta":{"origin":4593,"position":2},"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":3054,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-energy-enters-agreement-essel-group-middle-east-invest-3-african-countries\/","url_meta":{"origin":4593,"position":3},"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":5595,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-essel-group-middle-east-complete-2d-seismic-data-acquisition-on-block-2-a\/","url_meta":{"origin":4593,"position":4},"title":"Simba, Essel Group Middle East complete 2D seismic data acquisition on block 2-A","author":"","date":"December 16, 2016","format":false,"excerpt":"Simba Energy and\u00a0Essel Group Middle East\u00a0have announced that the 2D seismic acquisition program on Block 2A in Wajir, Kenya has been successfully completed by Africa Geophysical Services Ltd (AGS). The survey has acquired a total of 520 kilometres of 2D seismic data on the block lying within the Mandera basin.\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":[]},{"id":3274,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-energy-gets-kenya-government-greenlight-block-2a-farm-essel-group\/","url_meta":{"origin":4593,"position":5},"title":"Simba Energy Gets Kenya Government Greenlight for Block 2A Farm-in to Essel Group","author":"","date":"August 29, 2015","format":false,"excerpt":"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 Middle East (Dubai) will earn a 60% participating interest in Simba's African portfolio, including Block 2A in Kenya, in exchange\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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4593","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=4593"}],"version-history":[{"count":2,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4593\/revisions"}],"predecessor-version":[{"id":4595,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4593\/revisions\/4595"}],"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=4593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=4593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=4593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}