Simba, Finalizing Onshore Liberian PSC Application

Source: www.gulfoilandgas.com 7/6/2011, Location: Africa

Simba Energy Inc has received an official invitation from the National Oil Company of Liberia (NOCAL) to meet in Monrovia, Liberia during the week of July 18, 2011 to commence the final negotiation process for Simba Energy Inc.’s formal Production Sharing Contract (PSC) application.

A Draft Production Sharing Contract (PSC) has been received from NOCAL and Simba Energy is currently reviewing this draft PSC and will be in attendance the week of July 18, 2011 to finalize discussions, which it anticipates, will lead to the issuance of the onshore PSC.

Pursuant to our previous announcement in October 2010, Simba Energy submitted its application to the National Oil Company of Liberia (NOCAL) to convert its current Hydrocarbon Reconnaissance Permit (NR-001) into a Production Sharing Contract (PSC). Since then, the Company has had extensive meetings with NOCAL to review, advance, and finalize this PSC application. During this period there have been changes to management and the board of directors of NOCAL, as well as a moratorium imposed by the Government on new (offshore) PSC applications. The Company is pleased to confirm it has successfully completed all required negotiations and discussions with NOCAL and will be in attendance the week of July 18, 2011 to finalize discussions which it anticipates will lead to the issuance of the onshore PSC.

The formal letter received by Simba Energy from NOCAL also stated that the delay in reaching the final negotiation process was due mainly to the lack of a “Model Production Sharing Contract for onshore oil” along with the reorganization within NOCAL`s offices.

Mr Robert Dinning, President and CEO is quoted "This invitation and meeting represents the final step in the process for the Company’s application to convert its current exploration license into a PSC. We look forward to finalizing this application process so we can begin our planned activities and continue to contribute socially to the communities within our area of work.”


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