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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 to Commence FTG Survey on Block 2A in Kenya

22/04/2014 8:01am

Marketwired Canada


Simba Energy Inc. (TSX VENTURE:SMB) (FRANKFURT:GDA) (OTCQX:SMBZF) (the "Company"
or "Simba") advises that it has signed an agreement with Bell Geospace to
conduct a comprehensive airborne FTG (Full-Tensor Gradiometry) survey on Block
2A in Kenya. It is expected to start in early May and be completed approximately
30 days later. 


The program contemplates flying 6,044 line kms over two target areas within
Block 2A: approx. 2,150kms2 over the central portion of the block covering the
Company's earlier defined primary and secondary target areas SSE from the city
of Wajir and within the southern extents of the Mandera basin, and approx.
850kms2 along the block's southern boundary over the eastern margins of the Anza
basin. It is expected that the resulting data from this FTG survey will serve to
provide for a more focused and cost effective 2D seismic well location targeting
program planned for later this year. 


The data from this FTG survey will also be combined with some additional 2D
seismic data expected shortly from Taipan Resources who were recently granted
permission to acquire limited 2D seismic on Block 2A. Once received, the Company
will begin interpretation of the processed 2D seismic data along with the FTG
data.  


"The Company has seen a significant increase in drilling activity adjacent to
Block 2A and this has led to increased interest by potential farm-in partners to
drill our Block 2A.", commented Robert Dinning, President & CEO. 


Located just to the northwest of Block 2A's northwest boundary, Africa Oil have
already spudded an exploration well at the Sala prospect in Block 9 that should
complete soon and could provide insight into the prospectivity for a "string of
pearls" accumulation along the eastern margins of the Anza basin. 


There is also Taipan's Badada (formerly Pearl) prospect which is also along the
Anza basin's eastern margin and lies on the southern boundary of Block 2A and
will be drilled later in the year. In addition to this, in the southern part of
Block 1, directly to the north of Block 2A, Afren has had exploration success
having identified six leads and prospects with plans to spud a first well at
their Khorof prospect later this year.  


The Company is currently in discussions with various Companies who have
expressed interest in working with Simba by farming directly into Block 2A and
conducting both the seismic program and in drilling the first wells under the
terms of a farm-in agreement.  


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 hydrocarbons 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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