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SMB Simba Essel Energy Inc

0.005
0.00 (0.00%)
27 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Simba Essel Energy Inc TSXV:SMB TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.005 0.005 0.005 0 00:00:00

Simba Energy Updates on Block 2A

29/05/2014 8:01am

Marketwired Canada


Simba Energy Inc. (TSX VENTURE:SMB)(FRANKFURT:GDA)(OTCQX:SMBZF) (the "Company"
or "Simba") is pleased to provide shareholders an update on its current
activities on Block 2A in Kenya.  


The Company's airborne FTG survey (Full Tensor Gradiometry) commenced daily
flights about 10 days ago and is expected to be completed in the next 7-10 days.
The program has been expanded somewhat to cover a new and significant target
area identified by preliminary FTG results received to date. The aircraft
initially covered the secondary smaller survey area (850kms2) at the southwest
boundary of Block 2A in order to investigate the area within the Anza basin.
Results to date for the FTG survey in this area have been encouraging.  


In conjunction with the commencement of the FTG program on Block 2A, the Company
advises it has engaged Campbell & Walker Geophysics Ltd. (Christopher 'Kit'
Campbell, P. Geo.) to provide Project Management & QA/QC for the Company's FTG
survey. Kit Campbell has worked extensively with airborne gravity gradiometry in
the East African Rift System as well as throughout North and South America for
many years. Mr. Campbell's expertise in this field is well known and ensures
that an effective program for the Company will be achieved. 


Considered with the known geology and modeling of the Anza basin in this area,
the preliminary data from these FTG results indicate the existence of two
basinal structures within the basin's margin:




1.  A new large basinal structure identified with an area of +/-100 kms2 in
    the southwestern most extents of Simba's concession.  
2.  A second basinal structure of +/- 40kms2 lying about 15kms to the
    southeast appears coincident with the northern extents of the Badada
    prospect in Block 2B (just south of Block 2A) controlled by Taipan
    Resources Inc., w/ Premier Oil farming in for 55%.  



The FTG survey coverage will be expanded by +/- 100kms2 to the northeast of the
new target area in order to provide full gradiometry coverage through to the
known extents of the Anza basin's margins controlled by Simba. See also map
showing this preliminary data by clicking the following link:
http://www.simbaenergy.ca/projects/kenya.aspx 


The Company's larger and primary survey area in Block 2A provides coverage over
the Mandera basin, lying just SE from the City of Wajir. This area is now in the
final stages of data acquisition, with total survey completion expected within a
week's time. Final Results and reporting are anticipated to be available within
3-4 weeks once all data acquisition is complete. 


Resulting data from this FTG survey will serve to provide better targeting and
more cost-effective 2-D seismic acquisition planned for later in the year,
preparatory to final drilling decisions.  


"Simba has had discussions with a number of companies expressing interest in
farming directly in to Block 2A to undertake a 2D seismic program with a
drilling commitment, based on these FTG results currently being generated."
stated Robert Dinning, President & CEO. 


Block 2A's concession area overlies the southern extents of both the Anza basin,
one of the largest Tertiary-age rift basins in the East African rift system and
with a geological setting similar to the South Lokichar basin where Africa Oil
and Tullow have recently had significant discoveries; as well as the Mandera
basin where the Tarbaj-1 well and nearby oil seeps in the south of Block 1 have
already confirmed the presence of a petroleum system within Upper Triassic and
Jurassic formations. 


James W. Dick P Geol., P. Eng., (APEGA) is a qualified person in accordance with
National Instrument 51-101 and has reviewed and approves the technical
disclosure in this news release. 


About Simba Energy: 

Simba Energy Inc. is establishing itself as a diversified international explorer
and developer with a growing oil and gas acreage position of underdeveloped or
not previously exploited assets in Africa, with onshore Production Sharing
Contracts in Kenya, Guinea and Chad that are under. 


ON BEHALF OF THE BOARD 

Robert Dinning, President & CEO

This News Release may contain forward-looking statements based on assumptions
and judgments of management regarding future events or results that may prove to
be inaccurate as a result of exploration and other risk factors beyond its
control, and actual results may differ materially from the expected results.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Simba Energy Inc.
Mark Sommer
Toll Free: 1-855-777-4622
mark@simbaenergy.ca

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