SMB Simba Essel Energy Inc

Simba Energy Inc. (the "Company") (TSX VENTURE:SMB) (FRANKFURT:GDA) ( OTCQX:
SMBZF) is pleased to provide an update on its assessment and exploration
activities on Block 2A in Kenya and as highlighted by the following: 




--  Work progressing ahead of schedule 
--  Two exploration leads already identified early in the study 
--  Positive industry developments in the region 
--  Tullow and Africa Oil to commence drilling in Kenya close to Block 2A



In addition to the project's Environmental Impact Assessment (EIA) being
completed, approved by management, and submitted to the oil ministry, the
Company has also been successful in obtaining all the past geophysical data
relevant to Block 2A which has allowed the work program already approved by the
ministry to be accelerated that includes a passive seismic survey now
anticipated to begin early April.


The reprocessing of select 2D lines has been completed while all other seismic
lines have been scanned and vectorized into digital format. Existing gravity and
magnetic data has also been reprocessed and is now being interpreted in
conjunction with the seismic work. Further, two exploration leads have already
been identified in these early stages of the study.


Robert Dinning, President & CEO remarks, "Having progressed this well early on
sure helps the Company gain some traction. While this passive seismic program we
plan to carry out will definitely help in deciding how we focus our next efforts
our technical team has done a great job in compiling and completing the
information to be considered for both a NI 51-101 technical report and Competent
Persons Report (CPR) that we anticipate will be completed in these coming weeks.
It sure is encouraging to see such positive results come from this region in
these past number of weeks. There's no question things are heating up in the
area so we're looking forward to maintaining our aggressive pace on the ground
in Kenya. Management and our technical staff have remained very active
evaluating other assets within the region for the Company to target and secure
so things are ramping up for us in other areas as well."


Additionally, the Company announces it has arranged, subject to the approval of
the TSX Venture Exchange, a non-brokered private placement of up to 37,500,000
units at $0.08 per unit for total gross proceeds of up to $3,000,000. Each unit
consists of one common share and one share purchase warrant exercisable into one
additional common share for two years from the date of issue at a price of $0.16
per share. The proceeds of the private placement will be used for advancing the
PSC's and general working capital. Finder's fees may be payable in whole or part
on the private placement in accordance with the policies of the TSX Venture
Exchange.


About Simba Energy Inc.

Simba Energy is a Vancouver, B.C. based oil and gas exploration company focusing
on underexplored overlooked basins in its pursuit of hydrocarbon opportunities
in Africa (currently Liberia, Mali, Guinea and Kenya). These regions have shown
increased promise for the development of new hydrocarbon deposits. The Company's
senior management team aims to leverage its expertise and affiliations to
pursue, secure and develop strategic assets that demonstrate high potential for
drilling and or production operations; and to do so in a manner of best
practices and to the betterment of those communities where it operates. 


ON BEHALF OF THE BOARD

Robert Dinning, President & CEO

We seek safe harbour.

Simba Essel Energy (TSXV:SMB)
Historical Stock Chart
From Apr 2024 to May 2024

Simba Essel Energy (TSXV:SMB)
Historical Stock Chart
From May 2023 to May 2024