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Tuesday, 25 June 2013
Simba Energy considers farm-out as Chad PSC is ratified
Africa focussed oil explorer Simba Energy (CVE:SMB) has had its production sharing contract in Chad ratified by the government.
This confirms Simba’s exclusive right and authority to carry out all petroleum exploration, development and production activities in the defined area, it said.
Simba also revealed that a possible partnership is being considered for the assets.
"We're delighted to have the PSC ratified by the National Assembly and the President of Chad. It enables us to embark on an exciting exploration program on this highly prospective acreage,” said managing director Hassan Hassan.
“We have an experienced technical team in place and the exploration program is presently being finalised. An early stage farmout to accelerate this program is one of the options currently under consideration and discussions with interested parties on a potential partnership are ongoing."
The company highlights that the PSC covers three licence blocks located near to the Mangara and Badila oil fields, where Caracal Energy and Glencore has proven reserves at an advanced stage of appraisal and development.