Source: Proactive Investors

Simba Energy: Simba Essel Energy plans to proceed with 3D seismic programme in Kenya

Simba Essel Energy Inc (CVE:SMB) said after reviewing the Sproule report, it has decided to go ahead with a 3-D seismic programme covering approximately 160 square kilometres over its most promising area in early 2018.The Sproule report identified 29 prospect leads; the highest-ranking targets would benefit from additional 3D seismic to help further delineate and identify the best drilling targets on block 2-A, the company said in a statement on Tuesday.READ: Simba Essel Energy identifies 29 prospect leads at Block 2A, KenyaFurther, Simba's partner, Essel Group Middle East (EGME), has said that in addition to identifying the first drill targets, the company is proceeding with plans to bring a drilling rig into Kenya and mobilize the rig on block 2-A in Wajir.EGME also intends to commence with site preparation early in 2018 in preparation for the drill programme that is expected to take place in the second half of 2018.Financing talksThe company said EGME has also advised that talks are currently underway for a loan facility with a financial institution in Kenya for US$40mln to pay for the continuing operating expenses, including the planned drill programme later in 2018.

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Punkaj Gupta's photo - CEO of Simba Energy

CEO

Punkaj Gupta

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70/100

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