Simba Energy Inc. (SMB.V) today announced they have been granted a 100% interest in three PSC’s in Chad, covering in excess of 25,000 square kilometers.
The Chari Blocks lie directly south of Griffiths Energy’s & Glencore International’s DOB and only last week, Glencore International plc (LON:GLEN) signed an agreement with Griffiths to invest up to US$300M to earn a 25% working interest in their Mangara and Badila oilfields, which are in close proximity to Simba’s newly acquired Chari-blocks.
Chad is a very prospective region to explore for oil. The country holds approximately 1.5 billion barrels of oil in reserves and has produced approximately 400M barrels over the past eight years.
Simba’s Manager of Operations is very enthusiastic about the blocks, and states that ‘Each new block could potentially be a company-maker’.
Disclosure: Simba Energy Inc. is a sponsoring company. Please see our disclaimer for current positions.