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 future exploration costs.
According to Simba Energy President and CEO Robert Dining the agreement allows the company to proceed to the next level in the development of its portfolio of exploration assets in three countries in Africa.
This includes completion of a seismic program in Kenya leading up to the drilling of its first exploration well on Block 2A, and advancing Simba’s exploration programs in Chad and Guinea.
“We are delighted to enter into this Agreement with the Essel Group which will provide Simba with strong financial, technical, and marketing support to advance development of our properties” says Dinning.
Essel Group Middle East is a wholly owned subsidiary of Essel Group India, a prominent business conglomerate located in Mumbai India that has been operating for over three decades and has a diverse business presence across media, entertainment, packaging, infrastructure, precious metals and technology sectors. The current market capitalization of Essel Group India is US$12 Billion.
The Essel Group is diversifying further by their entry into the hydrocarbon sector and their investment into Simba’s existing Production Sharing Contracts (PSC’s) in Kenya, Chad and Guinea with farm in agreements to earn a 60% participating interest.