Simba updates data room with ftg results for block 2a, Kenya
August 22, 2014, Vancouver, British Columbia. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (the “Company” or “Simba”) is pleased to report that following positive results of the Company’s most recent FTG (Full Tensor Gradiometry) survey and final report by Bell Geospace, the Company has reopened its data room and, with the assistance of Ernst & Young’s Corporate Finance Oil & Gas division in London, has resumed discussions with numerous parties interested in participating in the development of Block 2A in Kenya.
The results of the high resolution Gravity Gradiometry™ by Bell Geospace has identified five structural features with independent closures varying in size from 30kms² to +100kms² in both the Mandera and Anza basins that compare favourably to earlier discoveries in the region. As a result the Company is planning a more focused 2D seismic acquisition program to further delineate drilling locations.
It is noted that significant activity is underway directly surrounding Block 2A (Simba at 100% interest), with three wells scheduled to be drilled and completed this year: Sala-2 (Africa Oil, 50% interest), Badada-1 (Premier Oil, 55% interest), and Khorof-1 (Afren, 80% interest) which speaks highly to the area’s exploration potential.
“We’re pleased to report that these very encouraging FTG results have increased the level of interest in Block 2A considerably.”, remarked Robert Dinning, President & CEO
All inquiries to access the data room should be directed to Ernst & Young – Corporate Finance Oil & Gas (London), attention Mr. Anu Tayal, Assistant Director, +44 (0) 20 7951 4975, atayal@uk.ey.com
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 an oil and gas exploration company with active onshore PSCs in Kenya and Guinea and PSC’s under continuing negotiation in Chad, Liberia and Ghana. Simba focuses on onshore oil and gas exploration in areas that are under-developed or not previously exploited.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & CEO
For further information, contact: Mark Sommer, mark@simbaenergy.ca, Toll Free: 1‐ 855‐777‐4622.
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.
Simba’s ftg survey narrows focus at block 2a Kenya
August 12, 2014, Vancouver, British Columbia. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (the “Company” or “Simba”) announces it is in receipt of Bell Geospace’s final report and results from their aerial FTG (Full Tensor Gradiometry) survey analysis and interpretation at it’s 100% interest Block 2A concession in Kenya.
In summary the results have identified five structural features with independent closures varying in size from 30kms² to +100kms² in both the Mandera and Anza basins. Given the FTG results, the Company is able to better focus and narrow the area and extent of the now planned 2D seismic program necessary to further develop drilling locations. The planned seismic program will focus on the three highest ranking & sizeable targets identified by the FTG in both basins.
“The FTG results, in conjunction with correlating data from previous 2D & passive seismic, drill logs and comparable data at other discoveries, indicate a number of potential drilling targets in Block 2A. These results and final report will be made available to our interested farm-in partners. The FTG data will be used to design and constrain the 2D seismic program, which once acquired, will allow us to determine depths, create volumetric estimates and to define drilling locations all of which is to be published in an updated (NI 51-101 compliant) resource estimate (or CPR – Competent Persons Report).”, remarked Robert Dinning, President & CEO.
The map provided below highlights the FTG survey’s results. The FTG results will inform the design and planning to acquire 2D seismic over the specific FTG anomalies observed in both basins. An area in the Mandera basin that covers the two sizeable ‘primary’ and one ‘secondary’ target areas designated as M1 & M3 (prospects) and M2 (lead) is estimated to require +/-175 line kilometers, while an additional 100 kms are estimated for the Anza basin to cover leads A1, A4 and A5.
Simba’s Block 2A concession covers an area of over 7,800 km² that overlies portions of two very prospective basins, each with proven hydrocarbon systems: The Mandera basin where the Tarbaj oil seep (just to the north of Block 2A’s northern boundary) has confirmed marine origin source rocks deeper in the basin in Lower / Mid Jurassic formations, and; 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.
The strong exploration potential for the target areas in both the Mandera and Anza basins is supported by the following rationale.
Mandera Basin:
- The Mandera basin offers significant exploration potential with a Jurassic-Triassic section deposited during a period of marine conditions which typically result in larger sedimentary bodies that in turn form larger reservoirs
- Bell Geospace’s recent FTG survey identified a north-east trough along the Mandera basin margin parallel to a series of independent closed structures and indicate the margins of the Mandera basin possibly hosting a “String of Pearls” trend play
- Numerous formations offer reservoir rock potential, for example: the coarse grained Triassic, Mansa Guda sandstone has an estimated 15% average porosity. Sin Rift 1 & 2 sandstones although not penetrated locally have good reservoir potential and have 4 way closure on prospect M1.
- Shale can be found at many levels as a seal (eg: Elgal shale being equivalent to Bokh formation in Ethiopia or Mansa Guda)
- Afren is expected to spud the first well for the Khorof prospect in Block 1 (Afren 80%), approximately 100 kms east northeast of Block 2A’s primary target areas in the Mandera basin, with results anticipated in Q1-15.
- 4 way closure at M1 & M3 prospects is supported by each of: 2D seismic, passive seismic and FTG
- Planned 2D seismic program will delineate prospects’ depth, potential volumetrics & refine drilling locations and test ‘pearl’ trend identified by FTG and earlier passive seismic
Anza Basin:
- The Anza Basin is Tertiary to Cretaceous in age. During the Rift 3 period Upper Cretaceous and Lower Tertiary age, activity from the southeast imposed a new tectonic pattern so major NW trending faults traversed Kenya and formed the Anza Basin, as a deep graben (Kerr J William et al)
- Block 2A’s portion of the Anza basin lies within the proven “String of Pearls” play along the basin’s SE margins and has been significantly de-risked by Africa Oil’s recent Sala-1 commercial gas discovery (30kms NW in Block 9)
- The ‘pearls’ trend extends to the Badada prospect of which the northern extent (20%) straddles Block 2A’s southern boundary (with Block 2B) and is analogous with the Sala prospect. Simba’s primary target in the Anza basin, A1 (at 44kms²) and secondary targets A4/A5 (55kms²) lie on this ‘pearls’ trend with, and between, the Sala and Badada prospects
- Rework of available 2D seismic and acquisition of an additional +/- 100 line kilometers of 2D seismic will be used to refine depths & allow for reservoir volume estimates as well as better locate potential drilling locations, all of which will support the creation of a resource model and estimate for the Anza basin portion of Simba’s (100% interest) Block 2A concession
- Africa Oil has just spud Sala-2 and it expects Anza gas will be commercialized by end of 2016, preparations to spud Badada-1 in Q4-14 are now underway by Block 2B’s JV partners: Premier Oil (55%), Taipan Resources (30%) and Tower Resources (15%)
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.
This news release is intended for consideration in conjunction with the above map. If this map is not available in this communication it is available by visiting Simba Energy’s website, Kenya webpage, or News Releases page, or by selecting the following link: www.simbaenergy.ca
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
For further information, contact: Mark Sommer, mark@simbaenergy.ca, Toll Free: 1‐ 855‐777‐4622.
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.
Simba Energy announces closing of private placement
July 31, 2014, Vancouver, British Columbia. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (the “Company”) has increased the size of its non-brokered private placement to up to 54,118,009 units (the “Units“) offered at a price of Cdn$0.06 per Unit to raise gross proceeds of Cdn $3,247,080 (the “Private Placement”). Each Unit consists of one (1) common share in the capital of the Company and one (1) full share purchase warrant (a “Warrant“), with each Warrant being exercisable for four years to purchase one additional common share (a “Warrant Share“) at a price of Cdn$0.10 per Warrant Share for the first two years and thereafter at a price Cdn$0.15 per Warrant Share. As announced on July 2, 2014, the Company has already issued 21,988,200 Units to raise gross proceeds of Cdn$1,315,090 in the first Tranche.
The Company closed the second and final tranche of the Private Placement on July 29, 2014.
The Company plans to use the proceeds of the Private Placement to fund exploration commitments associated with the Company’s Production Sharing Contracts in Kenya and Guinea, retirement of certain debt, and general working capital purposes.
About Simba Energy: Simba Energy Inc. is establishing itself as a diversified international explorer and developer with a growing oil and gas acreage position in Africa, with onshore Production Sharing Contracts in Kenya, Guinea and Chad.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & CEO
For further information, contact: Mark Sommer, mark@simbaenergy.ca, Toll Free: 1‐ 855‐777‐4622.
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.
Simba Energy closes first tranche of private placement
July 2, 2014, Vancouver, British Columbia. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (the “Company”) has closed the first tranche of a non-brokered private placement raising gross proceeds of $1,315,090 (the “Private Placement”) by the issuance of 21,988,200 units (the “Units“) at a price of Cdn$0.06 per Unit. Each Unit consists of one (1) common share in the capital of the Company and one (1) full share purchase warrant (a “Warrant“). Each Warrant is exercisable for four years to purchase one additional common share (a “Warrant Share“) at a price of Cdn$0.10 per Warrant Share until June 30, 2016 and, thereafter, at a price Cdn$0.15 per Warrant Share until June 30, 2018.
The Company plans to use the proceeds of the Private Placement to fund exploration commitments associated with the Company’s Production Sharing Contracts in Kenya, retirement of certain debt and general working capital purposes.
The Company paid a finder’s fee equal to 7% of the gross proceeds in respect of the subscriptions placed by a finder in cash in the amount of $10,000 and the issuance 307,000 share purchase warrants (“Finder’s Warrants“). Each Finder’s Warrant entitling the holder to purchase one common share of the Company at a price of $0.10 each until June 30, 2016.
Robert Dinning, John Burns, Keith Margetson, James Dick and Hassan Hassan (the “Insiders“), all directors and/or senior officers of the Company, subscribed for a total of 8,815,000 Units. The Company relied upon exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 contained in section 5.5(b) and 5.7(b), respectively, with respect to the issuance of the Units to the Insiders.
All securities issued pursuant to the Private Placement are subject to a four month hold period expiring on November 1, 2014.
About Simba Energy:
Simba Energy Inc. is establishing itself as a diversified international explorer and developer with a growing oil and gas acreage position in Africa, with onshore Production Sharing Contracts in Kenya, Guinea and Chad.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & CEO
For further information, contact: Mark Sommer, mark@simbaenergy.ca, Toll Free: 1‐ 855‐777‐4622.
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than the statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “could” or “should” occur. Forward looking information in this news release includes, without limitation, all statements regarding the use of proceeds. Although the Company believes that the expectations expressed in such forward‑looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward‑looking statements. Factors that cause the actual results to differ materially from those in forward-looking statements include: results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness in government approvals, continued availability of capital and financing and general economic, market and business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company’s forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.
Simba’s ftg confirms numerous targets on block 2a, Kenya
June 19, 2014, Vancouver, British Columbia. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (the “Company” or “Simba”) is pleased to report the completion of the flight program portion of the FTG (Full Tensor Gradiometry) survey underway at Block 2A, Kenya, where Simba holds a 100% interest. Preliminary data has identified 11 high ranking and sizeable anomalies in the portions of the Mandera (5) and Anza (6) basins lying within Simba’s concession.
Bell Geospace’s technology package for Gravity Gradiometry™ has resulted in preliminary images of these gravity anomalies. Final interpretation of the data collected from the FTG survey areas covered in Block 2A is expected before the end of July 2014. Additional interpretation and modelling will incorporate existing 2D seismic and drill logs that can further enhance the FTG results.
Bell Geospace’s, Dr. Colm Murphy (Senior Geoscientist) remarked, “…over the past few years our patented technology has proven to be an invaluable tool at a number of recent discoveries in East Africa (eg: Albertine Basin, Uganda).Backed with these data sets and others within the region, our FTG survey at Simba’s Block 2A has yielded a number of very encouraging and high ranking targets that compare favourably with those of recent discoveries.”
“With the FTG we are now able to better target and reduce the area that would otherwise need to be covered by the 2D seismic program being planned as part of the selection process to locate the first test well sites on Block 2A. The final FTG results in Block 2A will lend support to our discussions with potential farm-in partners.” stated Robert Dinning, President & CEO of Simba Energy.
The Mandera basin:
Within the Company’s primary coverage area, the FTG has identified five structural features with independent closures varying in size from 30kms² to +100kms². The largest, having 2D seismic 4 way structural closure and excellent correlation with the FTG and earlier passive seismic survey, is an excellent prospect. The remaining features consist of two “string of pearl type” leads and two FTG structures which are supported by previous passive seismic results. Three prominent gravity lows indicative of thickened sediment packages are juxtaposed alongside the prominent gravity highs.
The Anza basin:
In addition to these preliminary FTG results, the Company is also in receipt of initial interpretations for the 46 line kilometers of 2D seismic previously acquired within Block 2A by Taipan Resources. Having assessed these two complimentary data sets, management is pleased to confirm two plays along the concessions boundary as northern portions of two high ranking prospects already identified in Block 2B.
Approximately one third (+/- 40kms²) of the Badada prospect’s primary area of focus lies north of the concession boundary between Simba’s Block 2A and Block 2B (held by Taipan Resources – w/ 30% interest after farm-out). The first exploration well to test the potential at this prospect is planned to commence Q4-14 (Taipan, May 2014).
10 kms west of Badada, the northern extents of the RFB-4 prospect (Taipan, May 2014) as shown on the 2D structural interpretation also lies within Block 2A.
To the northwest of Badada and RFB-4 prospects, further refined FTG data strongly demonstrates three other high ranking structures lying within the large basinal structure reported in the Company’s previous news release. The basinal structure appears complex with the revealing of a series of gravity highs along strike from a similar response over RFB-4. These are juxtaposed with a series of fragmented gravity lows that form a sharp boundary with the Anza basin bounding fault on their eastern side.
In the image below Residual Gravity is derived from removing signal data for basement rock in order to provide a representation of geologic structure above basement.
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.
The above map images that have been included in the body of this news release are also available by visiting the Company’s website or by clicking the following link: www.simbaenergy.ca
About Bell Geospace:
Bell Geospace is a world leader in Full Tensor Gradiometry (FTG) acquisition and interpretation. Bell`s leading edge FTG is a proven cost effective tool used to define potential drill targets and complement the use of 2/D and 3/D seismic. Bell`s FTG greatly reduces the amount and cost of seismic acquisition by only exploring targets identified and graded with FTG.
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.
ON BEHALF OF THE BOARD
Robert Dinning”
President & CEO
For further information, contact: Mark Sommer, mark@simbaenergy.ca, Toll Free: 1‐ 855‐777‐4622.
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.
Simba Energy arranges private placement
JUNE 10, 2014, Vancouver, British Columbia. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (the “Company” or “Simba”) is pleased to announce a non-brokered private placement for gross proceeds of up to Cdn$3.0 million (the “Private Placement”).
The Company is to issue up to 50 million units (the “Units”) at a price of Cdn$0.06 per Unit, with each Unit consisting of one (1) common share in the capital of the Corporation and one (1) full share purchase warrant (a “Warrant”). Each Warrant is exercisable for four years to purchase one additional common share at a price of Cdn$0.10 during the first two year period, or at a price Cdn$0.15 for the next two year period. A hold period of four months and one day from date of issue will apply to all securities issued pursuant to the Private Placement.
Net proceeds from the Private Placement will be used towards funding and exploration commitments associated with the Company’s Production Sharing Contracts in Kenya, retirement of certain debt and general working capital purposes.
The offering is available to residents of Canada, the United States and the United Kingdom pursuant to available prospectus and registration exemptions.
A finder’s fee of 7% cash and 7% share purchase warrants (“Finder’s Warrants”) will be paid and issued in respect of a portion of the gross proceeds raised from the Private Placement. Each Finder’s Warrant will entitle the finder to purchase one common share of the Company at a price of Cdn$0.10 for a period of two years from closing.
About Simba Energy:
Simba Energy Inc. is establishing itself as a diversified international explorer and developer with a growing oil and gas acreage position in Africa, with onshore Production Sharing Contracts in Kenya, Guinea and Chad.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & CEO
For further information, contact: Mark Sommer, mark@simbaenergy.ca, Toll Free: 1‐ 855‐777‐4622.
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.
Simba Energy updates on block 2a
May 29, 2014, Vancouver, British Columbia. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (the “Company” or “Simba”) is pleased to provide shareholders an update on it’s 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:
- A new large basinal structure identified with an area of +/-100 kms² in the southwestern most extents of Simba’s concession.
- 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 below:
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
For further information, please contact: Mark Sommer, mark@simbaenergy.ca,
Toll Free: 1- 855-777-4622.
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.
Simba Energy to commence ftg survey on block 2a in Kenya
APRIL 22, 2014, Vancouver, British Columbia. Simba Energy Inc. (TSXV: 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: ~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 ~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
For further information, please contact: Mark Sommer, mark@simbaenergy.ca,
Toll Free: 1- 855-777-4622.
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.
Additional 2d seismic acquired on Simba Energy’s block 2a
February 24, 2014, Vancouver, British Columbia. Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (the “Company” or “Simba”) announces that it has granted permission to Taipan Resources Inc. (“Taipan”) operator of Block 2B in Kenya, to carry out 2-D seismic in an area located in the southwest corner of Simba`s Block 2A just to the north of their Pearl prospect.
Taipan, having already completed a small amount 2D seismic (22 line kilometers in total) in the southwest corner of Block 2A and provided the processed data to the Company, have requested permission to conduct an additional 24 line kilometers of 2D seismic within this same area. This work will comprise six lines, mostly ‘tails’, and is part of Taipan’s current seismic program that aims to finalize a drilling location for their first exploration well planned for the fourth quarter of 2014 at the Pearl prospect which lies just south of the Company’s Block 2A boundary. This work is expected to be completed by the end of February and the seismic data will be forwarded to Simba at the conclusion of processing.
Once interpreted, this seismic data will serve to complement Simba’s existing dataset as well as future seismic work contemplated by the Company’s recently announced LOI to conduct further exploration on block 2A. This includes FTG (Full Tensor Gravity) and 2D seismic coverage over the area of the Anza Basin underlying the southwest of Simba’s Block 2A. FTG has been the most effective exploration tool for identifying prospects throughout the East African rift system.
“Africa Oil’s upcoming well on the Sala prospect in Block 9 and Taipan`s planned Pearl-1 well on the south border of Block 2A strongly suggest that a potential “String of Pearls” trend passes through the south western corner of our block, as both prospects are located at the basin edge where this type of play is found. The Anza basin`s edge passes through the western part of Block 2A”, remarked Simba’s CTO & Director, James W. Dick P. Geol., P. Eng.
The Anza basin is one of the largest Tertiary-age rift basins in the East African rift system and demonstrates a similar geological setting to the South Lokichar basin where Tullow and Africa Oil have recently had significant discoveries.
James W. Dick, director of the Company and qualified person in accordance with National Instrument 51-101, has reviewed and approves the technical disclosure in this news release.
About Simba Energy:
Simba Energy Inc. is a Pan‐African oil and gas exploration company with onshore PSCs in Kenya, Guinea and Chad. Simba focuses on onshore oil and gas exploration in areas that are under developed or not previously exploited.
Simba is establishing itself as a diversified international explorer and developer with a growing oil and gas acreage position in Africa. The concessions have been chosen for their hydrocarbon bearing potential and their ability when demonstrated as productive to accrete significant value for shareholders.
ON BEHALF OF THE BOARD
“Robert Dinning”
President & CEO
For further information, please contact: Mark Sommer, mark@simbaenergy.ca,
Toll Free: 1- 855-777-4622.
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.
Simba announces shares for debt
February 14, 2014, Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (“Simba”) announces that it has completed the issuance of 1,181,243 common shares at a price of deemed price of $0.06 per share in settlement of debt in the amount of $70,874.55 owed by Simba to certain creditors for past services provided by such creditors. The debt settlement was originally announced on December 18, 2013. These shares will be subject to a four month hold period which expires on May 31, 2014.
About Simba Energy:
Simba Energy Inc. is a Pan-African oil and gas exploration company with onshore PSCs in Kenya, Guinea and Chad. Simba focuses on onshore oil and gas exploration in areas that are under developed or not previously exploited.
Simba’s objective is to establish itself as a diversified international explorer and developer with a growing oil and gas acreage position with significant upside potential for shareholders.
ON BEHALF OF THE BOARD
“Robert Dinning”, President & CEO.
For further information, please contact: Mark Sommer, mark@simbaenergy.ca, Toll Free: 1- 855-777-4622, or Paul Vonk, pvonk@simba-energy.com,+44 (0) 20 7930 8678;or visit www.simbaenergy.ca; or Financial Public Relations (UK), Lionsgate Communications, Jonathan Charles, jcharles@lionsgatecomms.com, +44 (0)7791 892509.
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.