Simba Energy Inc, Finalizing Onshore Liberian PSC Application
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Simba Energy Inc. /
Simba Energy Inc, Finalizing Onshore Liberian PSC Application
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July 6, 2011, Vancouver, B.C., Canada. Simba Energy Inc. (the "Company") (TSX-
V: SMB, Frankfurt: GDA, OTCBB: SMBZF), has received an official invitation from
the National Oil Company of Liberia (NOCAL) to meet in Monrovia, Liberia during
the week of July 18, 2011 to commence the final negotiation process for Simba
Energy Inc.'s formal Production Sharing Contract (PSC) application. A Draft
Production Sharing Contract (PSC) has been received from NOCAL and Simba Energy
is currently reviewing this draft PSC and will be in attendance the week of July
18, 2011 to finalize discussions which it anticipates will lead to the issuance
of the onshore PSC.
Pursuant to our previous announcement in October 2010, Simba Energy submitted
its application to the National Oil Company of Liberia (NOCAL) to convert its
current Hydrocarbon Reconnaissance Permit (NR-001) into a Production Sharing
Contract (PSC). Since then, the Company has had extensive meetings with NOCAL to
review, advance, and finalize this PSC application. During this period there
have been changes to management and the board of directors of NOCAL, as well as
a moratorium imposed by the Government on new (offshore) PSC applications. The
Company is pleased to confirm it has successfully completed all required
negotiations and discussions with NOCAL and will be in attendance the week of
July 18, 2011 to finalize discussions which it anticipates will lead to the
issuance of the onshore PSC.
The formal letter received by Simba Energy from NOCAL also stated that the delay
in reaching the final negotiation process was due mainly to the lack of a "Model
Production Sharing Contract for onshore oil" along with the reorganization
within NOCAL`s offices.
Mr Robert Dinning, President and CEO is quoted "This invitation and meeting
represents the final step in the process for the Company's application to
convert its current exploration license into a PSC. We look forward to
finalizing this application process so we can begin our planned activities and
continue to contribute socially to the communities within our area of work."
About Simba Energy Inc.
Simba Energy is a Vancouver, B.C. based oil and gas Exploration Company
strategically focusing on underexplored overlooked basins in its pursuit of
hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana). This
region has shown increased promise for development of new hydrocarbon deposits.
On behalf of its shareholders the Company's Senior Management Team have
endeavoured to leverage their 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 we work.
ON BEHALF OF THE BOARD
"Robert Dinning", President & CEO
For further information please contact Simba Energy Inc., Mark Sommer, Toll Free
1-855-777-4622 or visit: www.simbaenergy.ca or
www.simbaenergy.ca/commercial.html or email info(at)simbaenergy.ca
We seek safe harbour.
This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including, without limitation, statements relating to the exploration
merits of the property and other future plans, objectives or expectations of the
Company are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual
results to differ materially from the Company's plans or expectations include
risks relating to the actual results of current exploration activities,
fluctuating commodity prices, possibility of equipment breakdowns and delays,
exploration cost overruns, availability of capital and financing, general
economic, market or business conditions, regulatory changes, timeliness of
government or regulatory approvals and other risks detailed herein and from time
to time in the filings made by the Company with securities regulators. The
Company expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future events
or otherwise except as required by applicable securities legislation.
--- End of Message ---
Simba Energy Inc.
1130-789 West Pender Street Vancouver Canada
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Simba Energy Inc. via Thomson Reuters ONE
[HUG#1528673]
Unternehmensinformation / Kurzprofil:
Datum: 06.07.2011 - 09:01 Uhr
Sprache: Deutsch
News-ID 56162
Anzahl Zeichen: 5904
contact information:
Town:
Vancouver
Kategorie:
Business News
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