This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Simba Energy Granted Three Oil Blocks In Republic Of Chad

Simba Energy Inc. ("Simba" or the "Company") (TSXV: SMB; Frankfurt: GDA; OTCQX: SMBZF), the onshore Pan-African oil & gas explorer, is pleased to announce that a Protocole d’Accord has been signed between Simba Energy Inc. and the Republic of Chad granting the Company 100% interests in the Production Sharing Contracts (PSCs) on three prospective oil & gas concessions in the Doba, Doseo and Erdis basins. By signing the Protocole d’Accord, both parties agree to finalize the first year work program and execute the PSC documentation by October 20, 2012.

Simba’s Managing Director of Operations, Hassan Hassan stated, “Simba is very enthusiastic about the potential of having secured 100% interests in these three concessions. Each block is potentially a company maker in its own right and nicely complements our existing asset portfolio in terms of long-term growth potential. We consider this a unique and significant early-in opportunity for the Company and its shareholders.”

The first two (adjacent) concessions, comprising a total of 10,111km² in southern Chad are referred to as: “Chari Sud Block I” (6,400km²), and the southern 50% of “Chari Sud Block II” (3,711km²). These blocks lie directly south of Griffiths Energy’s & Glencore International’s DOB, DOI and Borogop blocks where the nearby Mangara and Badila oil fields are located and further proven reserves are currently under advanced appraisal and production development. Gravity and magnetic surveys across both Chari Sud Blocks I & II, along with existing 2D seismic, indicate the same basin morphology as the producing fields. Pipeline infrastructure skirts the NW corner of Chari Sud Block I. The blocks are located in the southern margins of the Doba and Doseo basins as part of the West and Central African Rift System that extends across central Africa from Nigeria to Kenya.

Last week, Glencore International PLC -- the Swiss commodities giant -- signed an agreement with Griffiths Energy to invest up to US$300 million over three years to earn a 25% working interest in the Mangara and Badila oilfields’ development and future production.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs