A Canadian company has signed a letter of intent to farm into Simba Energy's acreage onshore Kenya and is also interested in its blocks in Guinea. The unnamed company is looking to take a 40% stake in Block 2A in Kenya for US $8.6m. The first $2m payment will be for cost recovery and will entitle the company to a 10% interest and it must then carry Simba through a minimum of 421km of 2D seismic to be shot this year, and finally pay a $2m completion fee.
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