In June 2015, EGME signed an agreement with Simba Energy, a Toronto-listed oil and gas exploration company, to take a stake in the company’s five production sharing contracts on assets in Kenya, Guinea, Liberia, Ghana and Chad.

Under the terms of the agreement, EGME will provide funding for exploration costs in return for a 60% participating interest in Simba’s portfolio of African oil and gas prospects.

About The Assets

Kenya – Mandera Basin and Anza Basin, Block 2A

Block 2A is a highly promising 7,802 sq. km prospect in Eastern Kenya. Falling within the confines of Block 2A are sections of two basins, the Mandera and Anza basins, which already have proven petroleum systems.

Block 2A is ideally situated within easy access of Kenya’s two transport corridors, Lamu and Mombasa, enabling EGME to minimize transportation costs and take advantage of significant export opportunities. It will be one of the first operational oil field on the eastern coast of Africa, giving EGME an advantage over companies with assets in Nigeria and other West African nations who are currently exporting oil to Asia and South Asia.

In March 2016, Africa Geophysical Services was mandated to conduct the 2D seismic survey for EGME, which represented an important step ahead of the drilling program scheduled for 2017. The aim of the 2D seismic survey was to identify and evaluate areas with hydrocarbon potential in Block 2A and confi¬rm the previous geophysical studies. The survey area covers approximately 520 LKM of seismic lines and validates anomalies based on the previous FTG and passive seismic surveys. Seismic processing has been completed by Petroleum Geo-Services and seismic interpretation by Xodus Group. The data was further accessed by Sproule and CGG for revalidation.

Based on integration of all available data, the interpretation has identified several potential leads in Block 2A.

Liberia – Roberts Bassa Basin

This license covers approximately 600km of the onshore coastal strip of Liberia lying within the known extent of the Roberts Bassa Basin. This basin was formed as a result of a failed rift and within it we have confirmation of seeps covering a region of 125km. Further 2D seismic testing is scheduled to take place in January 2017.