Addax Petroleum (fka AXC)

[manuel06]

Essel group has 60% of all of Simba's PSC's and properties...and will be carried for all exploration .

Oil junior Simba Energy (CVE:SMB) has continued exploration efforts in Kenya in its latest quarter, it told investors.

In the three months to end September, the group posted a net loss of C$223,966 compared to a loss of C$397,000 for the same period in 2014, due to the reduction of expenses and costs.

In August this year, the group confirmed a proposed tie-up with India’s Essel to explore Kenya had got the go ahead. It saw Essel invest more than US$100mln into Simba’s projects over the next 12 to 18 months.

As a result Essel acquires 60% of Simba entire African portfolio, which includes Block 2A in Kenya, as well as assets in Chad and Guinea.

In its quarterly statement, Simba said: "The company is currently coordinating with Essel with respect to a seismic program in Kenya and an FTG (full tensor gradiometry) program in Guinea.

"The expectation is that both will start early in 2016.

"In addition to its activities in Kenya the Company continued its discussions in Guinea and Liberia regarding the granting of an additional 40% interest in Guinea and the issuance of the PSC onshore in Liberia.

"These discussions have been ongoing but the expectation is that they will be finalised early in 2016."

http://www.proactiveinvestors.co.uk/companies/news/119836/simba-energy-coordinating-with-essel-on-guinea-and-kenya-119836.html