Simba has been granted a Production Sharing Contract (PSC) by the Ministry of Energy, Republic of Kenya for Block 2A, comprising 7,801.72 square kilometers in northeast Kenya.
"We are delighted in having been awarded this PSC from the Republic of Kenya's Energy Ministry. This is a major achievement for the Company and further supports our strategy to pursue underexplored and overlooked onshore basins in Africa. While we remain very close to finalizing other PSC applications elsewhere, Block 2A's PSC provides our shareholders a very significant boost in near term upside exploration potential for the Company. It has been a lot of work to get to this point so we are extremely pleased," remarks Robert Dinning, President & CEO.
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:
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.
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