SIMBA ESSEL ENERGY INC. ("SMB")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: April 24, 2017
TSX Venture Tier 2 Company
Property-Asset or Share Disposition Agreement
TSX Venture Exchange Inc. (the "Exchange") has accepted for filing two agreements the Company has entered into with Essel Group Middle East DMCC ("EGME").
Pursuant to the first agreement, dated June 15, 2015, EGME was granted the right to earn a 60% interest in Simba's production sharing contracts (the "PSCs") in Kenya, Chad and Guinea by contributing 100% of the funding to carry out an exploration program on the PSC's, which funding would be provided by EGME.
In November 2015, the Company entered into a definitive farmout agreement with EGME on Block 2A in Kenya wherein EGME may earn a 60% participating interest in Block 2A by funding 100% of exploration expenses until the completion of 2 conventional wells on Block 2A.
The Exchange has been advised that shareholders of the Company approved the two agreements at the Annual General Meeting held on April 4, 2017.
Insider / Pro Group Participation: EGME and Mr. Gagan Goel together have an Insider share position in the Company. Mr. Goel is the Managing Director of EGME.
Please refer to the Company's news release dated June 8, 2015, December 3, 2015 and April 21, 2017 for further information.
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