A Canadian based oil exploration firm Simba Energy has set base in the country after its recent seismic tests on oil block 2A in Mandera showed signs of major fuel deposits.
Simba Energy which is listed on the TSX venture exchange in Canada and the Frankfurt stock exchange announced this week that it will conduct explorations in Kenya under a 100 per cent product sharing contract for block 2A.
Block 2A overlies the southern tip of the Mandera Basin while the south west corner of the block extends into the Anza Basin.
"We want to identify a strong target to drill,' said chief technical officer James Dick. He said the firm is pursuing three great prospects in the earmarked area. "In terms of drilling, we would like to drill the first well hopefully next year."
Next month, Simba Energy will meet government officials to discuss its exploration programme, said Dick.
According to the company's managing director for operations Hassan Hassan, the firm has been in the country over the last two and a half years before it acquired the first exploration block.
"Initial results look very promising," said Hassan during a press brief on the opening of its Nairobi office today.
Going by its own studies, Simba Energy believes the oil deposits estimated to be at the block are to a size of about one billion barrels.
Oil exploration activities in Africa having been drawn to Kenya by the recent oil and gas deposit discoveries but the firm said it is not eyeing Uganda nor Tanzania which also have these resources.
"Uganda has a lot of big companies already there and we are a small company, Tanzania also has a lot of activity going on there," noted Hassan.