EQS-News: Essel Group ME / Key word(s): Miscellaneous
Essel Group ME: Operational Update - Block 2A, Kenya
24-Aug-2016 / 08:15 GMT/BST
---------------------------------------------------------------------------
24 August 2016
Operational Update - Block 2A, Kenya
Commencement of 2D seismic survey and acquisition of drilling rig
Essel Group Middle East ("EGME") and Simba Energy Inc. are pleased to
provide the following operational updates on the development of Block 2A in
Wajir, Kenya.
2D Seismic Survey
EGME and Simba Energy can confirm that work has commenced on the 2D seismic
survey of Block 2A. The testing will cover an area of approximately 535km
and roughly 400km has already been cleared in preparation for shooting.
Survey production has been completed on over half of the testing area and
the technical team has started shooting.
The survey is being carried out by AGS Oilfield Services Ltd and it will
identify and evaluate areas with hydrocarbon potential in Block 2A. The two
specific aims for the seismic survey are to pinpoint the optimum locations
for drilling and to estimate depths and volumes for primary and secondary
targets.
Rig Acquisition
In addition to this news, EGME also announces it has entered into a
definitive agreement to acquire a new skid mounted drilling rig.
The AC-VFD drilling rig possesses power of 2,000 HP (1,470kW) and it will
be used by the company during its oil exploration activity on Block 2A.
Essel Group also announces that DNV GL, the world-leading classification
society and risk management company, has been appointed as a third party
observer to oversee the process of the purchase and the delivery of the
rig.
Gagan Goel, Managing Director of EGME and Chairman of Simba Energy, said,
"The work on the seismic survey and the acquisition of this drilling rig is
further evidence of the progress we are making in developing our portfolio
of oil assets. The testing is ongoing and we remain extremely confident in
the prospects for Block 2A. We look forward to working with DNV GL on
bringing the rig into operation. "
-ENDS-
For further information please contact:
<pre>
Kriti Ladsaria, Essel Group Middle +971 42793955
East
Dorothy Burwell / Charles O'Brien / +44 (0)20 7251 3801
Benita Barretto, Finsbury
+1 604 629 9647 /
Mark Sommer, Simba Energy +1 855 777 4622
</pre>
About Essel Group Middle East
Essel Group Middle East ("EGME") is a diversified natural resources company
with a focus on the exploration, development and production of oil, gas and
mining assets. The group targets assets in proven basins with near-term
production potential and it has operations in Kenya, Guinea, Ghana,
Liberia, Chad and Eritrea. EGME is backed by Essel Group, a global
conglomerate with a 40-year history spanning numerous industries including
the media, packaging, entertainment, infrastructure, education and metals.
For further information, please visit www.esselgroupme.com.
About Simba Energy:
Simba Energy Inc. provides investors with well positioned exposure to oil
and gas exploration in key areas of Africa with active onshore production
sharing contracts ("PSCs") in Kenya and Guinea and PSCs under continuing
negotiation in Chad, Liberia and Ghana. Simba's mission is to focus on
onshore oil and gas potential in areas that are under-developed or not
previously exploited. For further information, please visit http://
www.simbaenergy.ca/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
---------------------------------------------------------------------------
Dissemination of a UK FINANCIAL NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
End of Announcement - EQS News Service
---------------------------------------------------------------------------
495345 24-Aug-2016
EQS-News: Essel Group ME: Operational Update - Block 2A, Kenya
| Source: EQS Group AG