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Simba Essel Energy unaware of reason for market activity

In Toronto, shares are up over 33% to C$0.02 on the day and around 5.3mln shares have changed hands
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Simba Essel Energy is a junior oil group

Simba Essel Energy Inc (CVE:SMB) said management was unaware of any 'material change' in its operations that would account for the recent increase in market activity.

In Toronto, shares are up over 33% to C$0.02 on the day and around 5.3mln shares have changed hands. Yesterday shares closed at C$0.015.

In a brief statement, the oil group said: "At the request of the Investment Industry Regulatory Organization of Canada, Simba Essel Energy Inc. wishes to confirm that the company's management is unaware of any material change in the company's operations that would account for the recent increase in market activity."

Simba says it provides investors exposure to oil and gas exploration in key areas of Africa with active onshore production-sharing contract in Kenya, final negotiations for a new PSC (production sharing contract) in Guinea, and a new hydrocarbon reconnaissance permit in Liberia.

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