Simba Energy announces that it has terminated negotiations with Ajax Exploration
Simba Energy Inc. (“Simba” or the “Company”) (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF), announces that it has terminated negotiations with Ajax Exploration Ltd. (“Ajax”) of a definitive farmout agreement in respect of a farmout of a 66% interest and operatorship of the Company’s 100% owned Block 2A, onshore Kenya. The parties originally executed a memorandum of understanding (as disclosed in the Company’s news release of May 13, 2013) which contemplated that Ajax would carry out additional exploration and drill one exploration well. The parties subsequently attempted to complete negotiations for a definitive farmout agreement but were unable to come to agreement on an acceptable program. Accordingly, both parties have mutually decided to terminate negotiations.
The Company further advises it is currently in advanced negotiations with another party regarding a potential farm-in on two of the assets in the Simba portfolio and anticipates an announcement in the near future.
Simba also announces that, subject to regulatory approval, certain creditors of the Company have agreed to accept an aggregate of 1,887,493 common shares of Simba having a deemed value of $0.06 per share in settlement of debt owed by Simba for past services provided by such creditors.
Simba is a Pan‐African oil and gas exploration company with onshore PSCs in Kenya, Guinea and Chad.
Simba focuses on onshore oil and gas exploration in areas that are under-developed or not previously exploited.
Simba’s objective is to establish itself as a diversified international explorer and developer with a growing oil and gas acreage position with significant upside potential for shareholders.
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