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Essel Group, a diversified conglomerate with interests in media, entertainment, packaging and technology, has invested in oil and gas exploration projects in Africa under its wholly-owned subsidiary Essel Group Middle East, based in Dubai.
The company has signed a 60 per cent participating interest in Canada-based Simba Ennergy Inc’s existing production sharing contracts on Kenya, Chad and Guinea.
This farm-in agreement marks the Essel Group’s maiden venture into the hydrocarbon sector.
Neither company has provided information as to the size of the investment.
In a statement published on Simba’s website, Robert Dinning, President and CEO, said: “Simba is now ready to proceed to the next level in the development of its portfolio of exploration assets. “This includes completion of a seismic programme in Kenya leading up to the drilling of our first exploration well on Block 2A, and advancing our exploration programmes in Chad and Guinea.
“We are delighted to enter into this agreement with the Essel Group which will provide Simba with strong financial, technical, and marketing support to advance development of our properties.”
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