Simba Energy Executes Agreement with Nocal for NR-002

Source: www.gulfoilandgas.com 4/10/2017, Location: Africa

Simba Energy Inc. (Simba) has executed an agreement with the National Oil Company of Liberia (NOCAL) for the issuance of a new Hydrocarbon Reconnaissance License NR-002 that includes Simba’s existing concession area as well as new exploration acreage that has been increased by an additional 1,595.7 km2 for a total of 2961.7 km2.

The newly expanded exploration area connects Simba’s existing onshore concession of 1366 km2 with the addition of the newly acquired 1,595.7 km2 of shallow offshore acreage which adjoins offshore blocks, LB-14 operated by Chevron Corp. as well as LB-13 operated by Exxon Mobile Corp..

The agreed Work Program for this next period in Liberia contemplates the following:

- The increased concession area will be governed by a newly issued Hydrocarbon Reconnaissance License NR-002 covering a term of two (2) years.
- Simba shall submit to the Environmental Protection Agency (EPA), an Environmental and Social Impact Statement and Plan
- Airborne acquisition, data processing and interpretation of Full Tensor Gravity Gradiometry (FTG) with detailed report of evaluation and results that will be submitted for NOCAL’s review.
- An initial phase of 2D seismic data acquisition
- 3D acquisition as deemed necessary by Simba and as mutually agreed by NOCAL.

Under terms of the Hydrocarbon Reconnaissance License NR-002, once the initial Work Program has been successfully completed, Simba Energy will apply for conversion of the existing Hydrocarbon Reconnaissance License NR-002 to a formal Production Sharing Contract (PSC). All exploration costs of the reconnaissance program will be cost recoverable.

Mr. Punkaj Gupta, CEO of Simba commented, “We are delighted to have finalized this agreement that will allow Simba Energy to begin the next phase of exploration in Liberia. The upcoming exploration work will start with an airborne FTG program to be followed by a 2D seismic survey across the desired area of exploration. We are also excited to have been granted the opportunity to investigate and explore the highly prospective shallow offshore area located directly across from and adjacent to block LB-13 operated by Exxon Mobile and LB-14, operated by Chevron.

The Company also announces that 7,500,000 warrants were recently exercised by Simba’s largest independent shareholder for net proceeds of $375,000 CAD to be used for general working capital purposes.

For more information about related Opportunities and Key Players visit West Africa Projects


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