Simba Energy Inc. has signed an exclusive Letter of Intent (LOI) to farmout its Production Sharing Contract (PSC) for Blocs 1 & 2 in onshore Guinea with a private investor group (the Investor Group) based in Calgary, Alberta. The Investor Group can earn up to a 45% interest in Simba's Guinea PSC with a total investment of US$6,500,000.

Simba is an onshore pan-African oil and gas explorer with assets in Kenya Guinea and Chad. The Investor Group includes some participants from a group that recently signed the Kenya farmout LOI with Simba).

Tags: Simba Energy Inc.