earlier<\/a>,\u00a0Dubai-based Essel Group Middle East DMCC will acquire 34,000,000 Units. In addition to Essel, the Company has arranged for additional subscribers, including certain insiders and existing shareholders, to collectively subscribe for up to an additional 9,000,000 Units.<\/p>\nThe proceeds from the Private Placement will be used to retire existing debt and for working capital purposes.<\/p>\n
Among work in progress is the planned acquisition of\u00a02D Seismic Data Acquisition and Processing program in Kenya’s Block 2A through its subsidiary Company Simba Africa Rift Limited that will cover approximately 500 line km of survey<\/p>\n
Essel Group Middle East has recently endeavored to diversify further with investments into the hydrocarbons resource sector and has committed full support to advance Simba\u2019s enviable African Oil & Gas portfolio through the exploration and appraisal phases in accordance to each governing PSC by way of Joint Operating Agreements on a per asset basis.<\/p>\n
Simba which focuses on onshore oil and gas potential in areas that are under-developed or not previously exploited has active onshore PSCs in Kenya and Guinea and PSC\u2019s under continuing negotiation in Chad, Liberia and Ghana.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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 … 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":[26,273,434,3301,997,1053,1252,1403,2078,4239,2312,4406],"class_list":["post-4652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-2d-seismic","tag-block-2a","tag-chad","tag-essel-group-middle-east","tag-ghana","tag-guinea","tag-kenya","tag-liberia","tag-private-placement","tag-simba-africa-rift-limited","tag-simba-energy","tag-working-capital","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-1d2","jetpack-related-posts":[{"id":4593,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-energy-to-raise-1-7-million-appoints-new-ceo\/","url_meta":{"origin":4652,"position":0},"title":"Simba Energy to raise $1.7 million, Appoints New CEO","author":"","date":"April 18, 2016","format":false,"excerpt":"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. According to Simba Energy President Robert Dining\u00a0proceeds from the Private Placement will be used for\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":4652,"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":4300,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-energy-raises-2-1-million-to-fund-exploration-in-kenya\/","url_meta":{"origin":4652,"position":2},"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":3274,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-energy-gets-kenya-government-greenlight-block-2a-farm-essel-group\/","url_meta":{"origin":4652,"position":3},"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":[]},{"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":4652,"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":3054,"url":"https:\/\/www.oilnewskenya.com\/index.php\/simba-energy-enters-agreement-essel-group-middle-east-invest-3-african-countries\/","url_meta":{"origin":4652,"position":5},"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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4652","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=4652"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4652\/revisions"}],"predecessor-version":[{"id":4653,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4652\/revisions\/4653"}],"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=4652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=4652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=4652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}