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3rd October 2012
NAIROBI – Pan-African oil and gas explorer Simba Energy is to drill its first well in northeast Kenya in 2013, a company executive said on Wednesday, the latest effort by an energy firm to find oil in the east African nation.
The Canada-based explorer recently completed a passive seismic survey and believes there are at least one billion barrels of oil in the Kenyan block.
"Our focus is to drill. How fast can we drill ... I'd like to do it as soon as possible," Hassan Hassan, Simba MD of operations, told reporters at the opening of its new office in Nairobi.
Interest in Kenyan exploration reached fever pitch this year after UK-based Tullow Oil discovered crude in the country's northwest Turkana region and over the next six months the company is due to drill its first well in Ethiopia.
Tullow's Ethiopian venture partner Agriterra on Wednesday announced it was selling its 20% stake in the exploration block to Marathon Oil for $40-million cash, with a further $10-million if a discovery is made.
Over the past few months neighbouring Tanzania and Uganda increased their oil and gas reserve estimates, underlining the region's potential to become a future energy hub.
Simba said it had started the farm-out process so it could find a venture partner to help fund exploration costs in Kenya, which can run as high as $50-million for onshore wells.
Hassan said he would prefer a major oil and gas company as a partner.
Some experts have expressed doubt about Block 2A's prospects after then US explorer Amoco drilled two dry wells in the area in the 1980s but Hassan and Simba's chief technology officer, James Dick, brushed off concerns that its well would be dry.
"Our seismic survey showed Amoco was drilling in the wrong place," said Dick.
Simba still has to complete one more 2D seismic survey before targeting a drill spot. The company will then need to procure a rig for the drilling.
Block 2A, which Simba acquired in August 2011, is the company's only asset in east Africa and Hassan said Simba had no interest in licensing acreage in Uganda or Tanzania.
http://www.miningweekly.com/article/...il-in-kenya-in-2013-2012-10-03
http://www.youtube.com/...v=dMAh8ZWHJLs&feature=player_embedded#!
Simba Energy (TSXV:SMB) takes a major step forward
Ubika Research has issued a new research bulletin on the recently announced memorandum of Understanding (MOU) on Block 2A in Kenya by Simba Energy Inc. (TSXV: SMB). Simba announced on May 13th, 2013, that it has signed a Memorandum of Understanding (MOU) with Ajax Exploration Ltd., a private oil and gas exploration company. As per the MOU, Simba will farm out a 66% interest and ownership of the Block 2A in Kenya to Ajax for a gross investment of US$ 36.5 million.
To download the research report, Please visit
http://www.smallcappower.com/reports/files/...search-report-14-5-2013
Simba owns a very prospective land package in Kenya that is surrounded by blocks owned by Africa Oil (TSXV: AOI) and Afren Oil, with known prospective resource.Simba is well positioned in Kenya with a big land package, its geologically attractive positioning and now a MOU with Ajax worth $36.5 million to drill at least one well on the property.
May 13, 2013, Vancouver, B.C., Canada. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (“Simba”), the onshore pan-African oil and gas explorer with assets in Kenya, Guinea and Chad, is pleased to announce that it has signed a memorandum of understanding (the “MOU”) with Ajax Exploration Ltd. (“Ajax”), a privately-owned oil and gas company, to farmout a 66% interest and operatorship of Block 2A, onshore Kenya (“Block 2A”).
The MOU, which is to be superseded by definitive farmout agreement (the “Farmout Agreement”) that Simba expects to be negotiated and executed shortly, is intended to set out the principal commercial terms of the farmout only, which are as follows:
Highlights of MOU:
The transaction provides a significant investment in Simba’s Kenya asset, delivering a fully carried pre-drill exploration program and a commitment to drill and carry Simba for one exploration well.
Ajax is to commit to a work program including drilling one well for Simba representing a gross investment of up to US$36.5 million (assuming a well cost of US$25 million in Kenya)
Ajax will pay Simba up to US$3.1 million in back costs. In addition, Ajax will provide a net carry of up to US$12.4 million (assuming a well cost of US$25 million)
The MOU provides that upon execution of the Farmout Agreement, Ajax is to advance to Simba a loan of the sum of US$1,300,000 (the “Loan”) to cover some back costs incurred by Simba prior to the effective date of the Farmout Agreement and to concurrently issue a 2 year convertible loan note (the “Loan Note”) to evidence the Loan. The Loan is to be extinguished and the Loan Note cancelled if and when the Farmout Agreement receives Kenyan government approval and Simba transfers the 66% interest in Block 2A to Ajax. Simba anticipates receiving government approval later this year after executing the Farmout Agreement and transferring the 66% interest to Ajax shortly thereafter, said Agreement and transfer subject to Kenya government approval; however, if such approval and transfer has not occurred within 365 days after signing of such Farmout Agreement, or in the event of default under the Loan Note, then Ajax may elect to convert the Loan into Simba common shares at a conversion price of C$0.075 per share during the first year, or C$0.10 per share thereafter. The Loan is to bear interest at a rate of 3% and permit Simba to prepay a minimum of US$250,000 at any time without penalty. In addition, the Loan Note will restrict Simba from creating, incurring or permitting the subsistence of any security interest over the Kenya production sharing contract or related assets, or from creating any indebtedness or securities or entering into any other obligation that ranks in priority to the Loan Note.
Hassan Hassan, Managing Director of Operations stated, “The MOU with Ajax provides Simba and its stakeholders with the opportunity to accelerate its exploration program in Kenya. Simba’s first Farmout Agreement provides an attractive valuation marker for part of its asset portfolio and delivers the required funding for our upcoming exploration campaign.”
Andrew Shrager, Chairman of Ajax said: “This MOU represents a second step in our relationship with Simba for its Kenya exploration block. In 2012, our associate, GeoDynamics Worldwide srl conducted a broad based grid Passive Seismic survey which identified potential areas for further exploration efforts. We now intend to apply our suite of technologies with the aim of speeding up the exploration phase, and drill our first well in late 2014.”
The Farmout Agreement will be subject to governmental approval, and the terms of the Farmout Agreement and the Loan will also be subject to receipt of acceptance for filing by the TSX Venture Exchange.
About Simba Energy:
Simba Energy Inc. is a Pan-African oil and gas exploration company with onshore PSCs in Kenya, Guinea and Chad. Simba focuses on onshore oil and gas exploration in areas that are under developed or not previously exploited.
Simba’s objective is to establish itself as a diversified international explorer and developer with a growing oil and gas acreage position with significant upside potential for shareholders.
About Ajax:
Ajax Exploration Limited is a newly formed oil and gas exploration company with a particular focus on key technical aspects of G&G analysis. Ajax utilizes a combination of emergent technologies which have been proven in prior exploration work that include passive seismic, ultra low frequency active seismic, and a variety of remote sensing tools which it believes significantly enhances the probability of drilling success.
The company is privately owned, with principal backing from private equity sources that have established businesses in oil and gas trading, terminal construction and logistics, as well other worldwide investments including satellite technology, media, agriculture and real estate holdings.
http://www.simbaenergy.ca/news/...erstanding-to-farmout-in-kenya.aspx
LG Schabo04
http://www.stockhouse.com/companies/bullboard/...-inc?postid=22094899
kommt nun etwas Bewegung rein!
http://www.stockhouse.com/companies/quote/v.smb/simba-energy-inc
Geht ja seit ein paar tagen hoch und wird für die Zukunft noch einiges höher gehen.
Allen ein erfolgreiches Jahr mit Simba:-)
Könnte eine AOI geben:-)
Gruss
Auf Wallstreet online kann man es besser beobachten:-)
So Lest euch ein und bildet eine Meinung.
Viel GLück
Auf eine super Zukunft:-) Kursziel heute: 0.15 USD
...die werden noch Spaß bringen