2D seismic survey update and acquisition of drilling rig
Thursday, Aug 25, 2016
Simba Energy Inc. (the “Company” or “Simba”) (TSX Venture: SMB) (Frankfurt: GDA) (CQX: SMBZF) and Essel Group Middle East (“EGME”) are pleased to provide the following operational updates on the development of Block 2A in Wajir, Kenya.

2D Seismic Survey

Simba Energy Inc. and EGME advise that work is well underway on the 2D seismic survey of Block 2A in Kenya. The testing will cover an area of approximately 535km and roughly 400km has already been cleared in preparation for shooting which is underway as well. Survey production has been completed on over half of the testing area.

The survey is being carried out by AGS Oilfield Services Ltd and it will identify and evaluate areas with hydrocarbon potential in Block 2A. The two specific aims for the seismic survey are to pinpoint the optimum locations for drilling and to estimate depths and volumes for primary and secondary drilling targets.

Rig Acquisition

In addition to this news, Simba Energy’s partner, EGME advises it has entered into a definitive agreement to acquire a new skid mounted drilling rig.

The AC-VFD drilling rig possesses power of 2,000 HP (1,470kW) and it will be used by the Company during its exploration activity on Block 2A.

Essel Group also announces that DNV GL, the world-leading classification society and risk management Company, has been appointed as a third party observer to oversee the purchase and the delivery of the drilling rig.

Mr. Gagan Goel, Chairman of Simba Energy and Managing Director of EGME, said “The work on the seismic survey and the acquisition of a drilling rig is further evidence of the progress being made in developing our portfolio of oil and gas assets. The testing is ongoing and we remain extremely confident in the prospects for Block 2A. We look forward to working with DNV GL on bringing the rig into operation. ”

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please visit: www.simbaenergy.ca

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