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EPIC: SMB
Market: TSX-V
52-week High/Low: C$0.12 / C$0.05
Sector: Oil & Gas
Market Cap: C$19.54M
Simba Essel Energy Inc

Simba Essel Energy Inc

Simba Essel Energy (“Simba Essel”) is a TSX-V listed oil and gas exploration company focused on onshore and offshore frontier basins of Africa.

Simba Essel has secured promising assets through its first mover advantage and has large acreage positions with majority control and operatorship of all its license areas. The company has strong relations with host governments and its management team has a deep understanding of its portfolio.

Simba Essel’s portfolio comprises onshore Production Sharing Contracts (PSCs) in Kenya, Chad and Guinea, and applications for an onshore permit in Ghana and an onshore and offshore permit in Liberia.

Simba Essel Energy Inc

www.simbaenergy.ca

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Big picture - Why invest in Simba Essel Energy Inc


Simba Essel Energy Inc Snapshot

Kenya

Simba Energy has been granted a Production Sharing Contract (PSC) by the Ministry of Energy, Republic of Kenya for Block 2A, comprising 7,801.72 square kilometres in northeast Kenya.

In late January, Africa Oil Corp and its partner Tullow Oil began drilling on the Ngamia-1 well on block 10BB in the Lokichar basin, meant to reach a depth of 2,700 metres as part of a multi-well programme in the block and adjacent blocks.  Tullow Oil also plans to drill the Paipai-1 well in Block 10A in the second quarter of 2012, meant to go 4,500 metres deep. The company is also conducting a 500 km 2D seismic programme in Block 13T, followed by a 1,350 km 2D survey in Block 10BA.

 


Block 2A overlies the southern tip of the Mandera Basin while the southwest corner of the block extends into the Anza Basin. Block 2A also has excellent potential for significant oil and gas discoveries as evidenced by the following evaluation.

Highlights

Source Rock

The Mandera Basin is Permo-Triassic to Tertiary in age with a sediment thickness of 10,000 meters. Potential source rock interval is mid Jurassic-Lower Cretaceous and comparable with the larger Mandera-Lugh basin in Ethiopia and Somalia

 

Wells

Only four wells have been drilled in the Mandera basin with oil shows encountered at 40-44m in the Tarbaj stratigraphic well drilled by Total

 

Oil & Gas Shows

In the Anza basin lower Cretaceous reef structures have been mapped with a potential reservoir thickness of 300m-500m.  Source rock is likely Lower Cretaceous.  The eleven wells drilled in the Anza Basin have encountered oil shows and/or gas shows

 

Regional Seismographic Coverage

Present 2D seismic coverage, although regional in nature, identified numerous structures and a major stratigraphic pinch-out.  The limited seismic coverage available indicates a stable stratigraphic sequence with some very good exploration leads

 

Exploration Interest

Remaining of exploration interest to the Company is the flank of the basement high structure where two AMOCO wells drilled in 1987 (ELGAL#1 to 1,280 meters in Permian Karroo and ELGAL#2 to 1,908 meters in Triassic Karroo) were plugged and abandoned as no reservoir rocks were encountered

 

Rock Maturity

The area of the block overlying the Mandera basin is of particular interest as the analysis of the oil from the seeps at Tarbaj although severely biodegraded indicate a source rock maturity for the Mandera basin which is well within the oil window

 

The Company will immediately begin re-interpretation of all available existing data, as well as initiate baseline environmental work, to support the design and planning of a new seismic acquisition program.

 

Guinea, Bove Basin

 

Simba Energy has signed an Agreement to acquire a 60% interest in the Production Sharing Agreement (PSA) for Blocks 1 & 2 comprising 12,000 square kilometres onshore in the Republic of Guinea’s Bove basin.  After conducting both site investigation and detailed review of available technical data, the company’s geological staff concluded Blocks 1 & 2 represent significant potential for oil and gas in a basin that remains relatively underexplored.

 

Highlights

Heavy Oil at Surface

Migration and communication are demonstrated by the presence of seeps, large accumulations of bio-degraded heavy oil at surface, along with light oil staining in earlier (historical) core and samples

 

Laboratory Analysis

A detailed laboratory analysis of samples from two wells carried out in 1989 by Beicip (France) indicated a level of maturity as mature to over mature and a source that is likely oil prone

 

Source Rock

Silurian shales, which are the major source rock in all North African basins, are present

 

Reservoir Systems

The basin has three known reservoir systems with fair to good reservoir parameters in both clastic sediments and carbonates

 

Magnetometer Survey

A gravity and magnetometer survey carried out over the entire basin in 1972 by Texas Geophysical Company indicates sediments were present up to a depth of 4,000 metres and identified numerous anomalies, the magnitude of which remain of great interest

 

Wells

Most of the basin’s wells to date were drilled prior to the 1960’s and were too shallow to fully evaluate the section

 

Tectonic Style

The tectonic style of the Bove basin is such that structures are formed that produce traps capable of pooling large reserves

 

In an area 100 to 200 kilometres offshore from Blocks 1 & 2 Hyperdynamics Corporation (Houston, TX, NYSE Amex: HDY) recently carried out extensive 2D & 3D seismic surveys and now plans to drill the first of a two well program later this year.

 

Simba Energy in Liberia

 

The Company acquired 90% of International Resource Strategies Liberia Energy, Inc. (“IRSLE”), a private company domiciled in Liberia, West Africa. IRSLE is the holder of the onshore reconnaissance license for the Roberts and Bassa basins.

 

This onshore reconnaissance license covers the 1,366 sq kms of the onshore coastal strip of Liberia lying within the known extent of the Roberts-Bassa Basin.  Although there are no published studies of this basin, existing field and geological outcrop data produced by the US Geological Survey indicate that it is connected laterally and down-dip with the West African – Atlantic conjugate continental margin.

 

Current Activities

During the month of January, 2010, James Dick, supervised an exploration team that carried out an extensive oil seep survey over the most prospective portion of the onshore reconnaissance licensed area in Liberia, West Africa. The expedition included a ground crew of 25 geology students from the University of Liberia who in turn traversed a 125-square-kilometre area of rivers and tidal mangrove swamps, collecting and recording extensive data and samples. 

At the conclusion of the oil seep search and after careful evaluation, consulting geologist Mr. Dick stated: "The high volatile oil associated with the seeps is positive indication of mature oil. The basin is either deep enough to have temperature and pressure levels capable of maturation or migration has come from offshore sediments."

 

The initial focus of the oil seep survey concentrated on two areas, the Marshall City area where oil seeps have been reported for several years, and the airport area where the company lacked anecdotal information, with the objective to confirm the previously indicated oil seeps and expand the area of proven oil seeps.

 

Oil seeps were found on all traverses (15) covering an area of about 125 square kilometres. Each sighting had numerous seeps in close proximity. Samples of water and soil were taken at each sighting and from pits offsetting seeps at the best seep in each area. Clay and sand were sealed in plastic bags and water samples were placed in sample bottles. Iridescent sheen and bubbles floating on water, bubbles from bottom in shallow water, identified the seeps and often there was kerosene smell. The hydrocarbon present is very volatile, disappears very quickly, was only seen entering fresh pits and is positive indication of mature oil.

 

While remaining active with its efforts in Liberia the Company continues to pursue other opportunities both along the Gulf of Guinea as well as throughout Africa (eg: Ghana, Ivory Coast, Angola, Mali, Democratic Republic of Congo, Nigeria, Somolia).

 

For information on the other projects please click below

Ghana

Chad

 

Robert Dinning, President & Director

Robert Dinning is a Chartered Accountant who has operated his own consulting business for the past 30 years and he brings effective management and administrative experience to Simba Energy. His proven record of success in the financial community includes being a Director and/or Officer of several public companies, including Meadow Bay Gold Corp., Rockhaven Resources Ltd., Apolo Gold & Energy and Sonora Gold & Silver Ltd.. He is also the Chairman of Paramount Gold and Silver. Mr. Dinning resides in Vancouver , B.C., Canada.

Punkaj Gupta, Chief Executive Officer & Director

Mr Gupta joined Essel Group in 2012 to oversee the company’s expansion into the EMEA region and the eventual establishment of Essel Group ME in 2015. He has over 20 years of corporate experience in the natural resources and industrial sectors. He has held senior roles at Jindal Saw Pipes, a leading global manufacturer and supplier of iron and steel pipe products, Gap Steel, the Dubai based steel company and Meta Copper, India’s largest manufacturer of copper products. Mr Gupta is also the Chief Executive Officer of Simba Essel Energy Inc., the TSX-V listed oil and gas exploration junior focused on the onshore frontier basins of Africa.

Gagan Goel, Chairman and Director

Mr Goel is a Director of Essel Group and the founder of Essel Group ME. He has more than 13 years’ experience of building and leading international businesses. He founded Dish TV, one of India’s first direct-to-home television platforms which now boasts over 20 million subscribers. He has also served as an Executive Director for Zee Entertainment Enterprise Ltd, the Mumbai-listed media and entertainment company, and  E-City Bioscope, the Indian leisure and real estate business. Mr Goel is also Chairman of Simba Essel Energy Inc., the TSX-V listed oil and gas exploration junior focused on the onshore frontier basins of Africa, and he sits on the company’s Board of Directors.

John King Burns, Independent Director

Mr Burns is an experienced international executive in the global resource sector and is currently a director of Hunter Energy LLC, a director of NuCoal Energy Corp, Senior Project Advisor to Potomac Asset Management Co and a director of NovaDx Ventures Corp, a publicly-traded investment firm that provides capital investment, investment banking, financial and business advisory services to early-stage natural resource exploration companies.

James W. Dick, Chief Technical Officer

James W. Dick P Geol., P. Eng., (APEGGA) and Honors Geology University of Saskatchewan 1962 is a Petroleum Specialist with in excess of 48 years of petroleum industry experience.   At the present he is president and prime consultant of J W Dick & Associates Ltd which has for 30 years served a variety of clients including major oil companies, government agencies, and start-up companies.    He spent 18 years with Exxon group reaching Senior Exploration Specialist level. Also he was Vice President Geology for the D&S International Consulting   (10yrs) a large international consulting group, president of Quad Energy Development Corp. (10yrs) a public oil company and   Chief Geologist for Mercantile International Petroleum Inc.  

Charles de Chezelles, Independent Director

Charles de Chezelles is a highly experienced financial industry expert. Past positions include: General Manager, Banco Real SA, London; Executive Director, Credit Suisse-First Boston (CSFB), London; Director, First Boston Europe, London; Vice President, The First Boston Corporation, New York; Corporate Account Executive, Smith Barney, New York; Investment Analyst, Stralem & Company, New York. He is currently Managing Director of Omega Trust Company Limited (London); Mr de Chezelles sits on the Board of several financial companies and Trusts.

Hassan Hassan, Managing Director – Operations

Mr. Hassan has been actively involved in various African countries over the past 7 years and in February 2009 vended acquired assets into Simba Energy and agreed to assist the company in the development of oil and gas assets.  In the fall of 2009 Mr. Hassan was instrumental in changing the focus of the company to oil and gas leases in Africa and assisted in the revamping of the Board of Directors.   He is primarily responsible for the sourcing, negotiating and completing the acquisition of PSC's as well as negotiating strategic alliances for the development of PSC's throughout Africa. Mr. Hassan is also an advisor to junior resource exploration companies and assists companies in business development and asset acquisitions. He spends a good proportion of his time in Africa where he has extensive corporate and government relationships.

Keith Margetson, CA, Chief Financial Officer

Mr. Margetson qualified as a chartered accountant in 1975 and has operated his own accounting firm since 1992. He has 15 years experience with public companies, both as an auditor and in providing other professional services.

Share Structure

 
Shares issued: 390,759,243
Warrants: 76,682, 497
Options: 14,350,000
Fully Diluted: 481,791,740

 

Simba Energy: 

210 - 905 West Pender Street 

Vancouver, BC,

V6C 1L6

Canada 

Phone: 604-641-4450

Toll Free: 1-855-777-4622

Fax: 1-855-557-4622

[email protected]

 

Liberia Office

Country Manager - Mr. George Garteh 

2nd Floor,Cassell Building 

80 Broad Street,

Monrovia Liberia 

 

Kenya Office:

Country Manager – James Jenkins

Simba Africa Rift Energy Limited

4th Floor Krishna Center

Woodvale,Grove Street , Westlands

Nairobi, Kenya

 

P. O Box 00606- 2025 Sarit Centre Westlands

Office #: +254 727 099 763

 

Investor Contact Information

Mark Sommer 

604-629-9647 

[email protected] 

Toll Free: 1-855-777-4622

 

Transfer Agent

Computershare Trust Company of Canada

Financial Public Relations (UK)

Lionsgate Communications,

Jonathan Charles +44 (0)7791 892509,

[email protected]

 

Legal Advisors

Gowlings WLG

550 Burrard Street,

Suite 2300, Bentall 5

Vancouver, British Columbia,

Canada V6C 2B5,

t. 604-683-6498, 

f. 604-683-3558

 

Auditors

PWC

PricewaterhouseCoopers

250 Howe Street, Suite 1400

Vancouver, British Columbia V6C-3S7

Telephone: +1 604-806-7000

Fax: +1 604-806-7806

 

Simba Essel Energy Inc Timeline

Newswire
February 27 2017
Newswire
November 30 2016

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