Mr. Gagan Goel, Director EsselGroup Middle East Has Been Appointed as Vice Chairman of Simba Energy Inc. Canada
Dubai, United Arab Emirates
Essel Group Middle East (EGME) is pleased to announce that Mr Gagan Goel has been appointed as the Vice Chairman of Simba Board of Directors and has also become the largest single shareholder of the company.
Earlier this year EGME had entered into a definitive farmout agreement with Simba Energy Inc. Canada wherein EGME will earn 60% participating interest in Block 2A by funding 100% of exploration expenses until the completion of the drilling of 2 conventional wells on Block 2A. The Definitive Agreement follows the formal approval that Simba received from the Government of Kenya on August 27, 2015 of the farmout with Essel Group Middle East.
Additionally, EGME and Simba now moving forward in the next stage of the exploration which is to finalize a seismic contract to commence work in the first quarter 2016 on Block 2A in Kenya. It is anticipated that the seismic will cover approximately 500 line.
Mr. Gagan Goel commented, “We hope our direct participation on the Board of Simba will protect shareholder interests regarding project development planned on both current and future assets in Africa. Our commitment of investing US$100 million will be focused on this effort”.
“We are delighted to enter into this Definitive Agreement with the Essel Group Middle East which will provide Simba with strong financial, and technical support as the Company proceeds with its planned seismic program with the objective to drill an exploration well in 2016. We are also delighted that Gagan Goel has joined our Board of Directors and will serve as Vice-Chairman and assist us in the development of our properties” said Robert Dinning, President and CEO Simba Energy Inc.
About EGME– shares its roots with Essel Group India, a business conglomerate that has over the past three decades achieved diverse and prominent growth across media, entertainment, packaging, infrastructure, precious metals, and energy and technology sectors. EGME has recently endeavored to diversify further by securing strategic resource investments across the globe
About Simba Energy Inc.- provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore production sharing contracts (“PSCs”) in Kenya and Guinea and PSCs under continuing negotiation in Chad, Liberia and Ghana. Simba’s mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited.