Simba Engages Sproule to Evaluate Block 2A – Kenya
March 27, 2012 Vancouver, British Columbia, Simba Energy Inc. (the “Company”) (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) is pleased to announce Sproule Associates Limited (Calgary) as having been engaged to carry out an evaluation on the Company’s 100% interest in Block 2A in Kenya and provide an evaluation report compliant to both NI 51-101, and a Competent Persons Report (‘CPR’ – for European investment standards).
Sproule has considerable evaluation experience in Kenya and especially in the area of Block 2A where they have previously provided similar reports for blocks adjacent to Block 2A. The Company expects the report to be completed in the next 60 days.
Robert Dinning, President & CEO remarks, “…we commissioned Sproule for this evaluation because they have done extensive in depth geological and geophysical studies in the immediate area. While Simba’s technical team is encouraged by its own evaluation and review of the available data, our shareholders can now look forward to seeing the results of an independent evaluation of this asset’s potential within these coming weeks.”
About Sproule Associates Limited
Sproule is a premier, independent petroleum consulting firm with expertise in geology, geophysics and petroleum engineering, anchored by over 60 years of experience and widely recognized for their expertise and independence in providing clients with a wide range of services, leveraging their expertise in understanding and evaluating unconventional and conventional hydrocarbon assets worldwide. This world class expertise is built on a wealth of experience and proprietary datasets with more than 19,000 projects completed for over 4,300 clients since inception in 1951 and with direct experience from work in every oil and gas region of the world. Sproule has significant previous experience in Kenya, including recent Competent Person’s Reports and resource studies conducted for a number of the blocks adjacent to Block 2A, including:
- Lion Petroleum Corp – Blocks 1 and 2B (2011)
- Vanoil Energy Ltd. – Blocks 3A & 3B (2011)
About Simba Energy Inc.
Simba Energy is a Vancouver, B.C. based oil and gas exploration company focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Guinea, Ghana and Kenya). These regions have shown increased promise for the development of new hydrocarbon deposits. The Company’s senior management team aims to leverage its expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where it operates.
ON BEHALF OF THE BOARD
“Robert Dinning”, President & CEO
For further information contact Simba Energy Inc., at 604-641-4450, or visit: www.simbaenergy.ca , or info@simbaenergy.ca, or Mark Sommer, Toll Free: 1-855-777-4622.
We seek safe harbour.
Simba Energy Updates on Block 2A in Kenya
Vancouver, British Columbia, March, 2, 2012. SIMBA ENERGY INC TSXV: SMB
Simba Energy Inc. (the “Company”) (TSX VENTURE:SMB) (FRANKFURT:GDA) ( OTCQX: SMBZF) is pleased to provide an update on its assessment and exploration activities on Block 2A in Kenya and as highlighted by the following:
- Work progressing ahead of schedule
- Two exploration leads already identified early in the study
- Positive industry developments in the region
- Tullow and Africa Oil to commence drilling in Kenya close to Block 2A
In addition to the project’s Environmental Impact Assessment (EIA) being completed, approved by management, and submitted to the oil ministry, the Company has also been successful in obtaining all the past geophysical data relevant to Block 2A which has allowed the work program already approved by the ministry to be accelerated that includes a passive seismic survey now anticipated to begin early April.
The reprocessing of select 2D lines has been completed while all other seismic lines have been scanned and vectorized into digital format. Existing gravity and magnetic data has also been reprocessed and is now being interpreted in conjunction with the seismic work. Further, two exploration leads have already been identified in these early stages of the study.
Robert Dinning, President & CEO remarks, “Having progressed this well early on sure helps the Company gain some traction. While this passive seismic program we plan to carry out will definitely help in deciding how we focus our next efforts our technical team has done a great job in compiling and completing the information to be considered for both a NI 51-101 technical report and Competent Persons Report (CPR) that we anticipate will be completed in these coming weeks. It sure is encouraging to see such positive results come from this region in these past number of weeks. There’s no question things are heating up in the area so we’re looking forward to maintaining our aggressive pace on the ground in Kenya. Management and our technical staff have remained very active evaluating other assets within the region for the Company to target and secure so things are ramping up for us in other areas as well.”
Additionally, the Company announces it has arranged, subject to the approval of the TSX Venture Exchange, a non-brokered private placement of up to 37,500,000 units at $0.08 per unit for total gross proceeds of up to $3,000,000. Each unit consists of one common share and one share purchase warrant exercisable into one additional common share for two years from the date of issue at a price of $0.16 per share. The proceeds of the private placement will be used for advancing the PSC’s and general working capital. Finder’s fees may be payable in whole or part on the private placement in accordance with the policies of the TSX Venture Exchange.
About Simba Energy Inc.
Simba Energy is a Vancouver, B.C. based oil and gas exploration company focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Guinea and Kenya). These regions have shown increased promise for the development of new hydrocarbon deposits. The Company’s senior management team aims to leverage its expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where it operates.
ON BEHALF OF THE BOARD
Robert Dinning, President & CEO
We seek safe harbour.
Simba Energy Joins OTCQX – Appoints New Director
January 17, 2012, Vancouver, British Columbia, Simba Energy Inc. (the “Company”) (TSXV: SMB, Frankfurt: GDA, OTCCBB: SMBZF) is pleased to update its shareholders on the following activities.
The Company announces it is now trading on the OTC market’s highest tier, OTCQX International, under the symbol SMBZF. The OTCQX, operated by OTC Markets Group Inc. (OTCQX: OTCM), is a financial information and technology services company that operates the leading electronic quotation and trading system in the U.S. OTC securities market.
“We are pleased we are now able to provide current and potential U.S. investors a better quality platform to access our Company’s securities,” states Robert Dinning, President & CEO of Simba Energy. “…the American investing public is becoming keenly aware of the importance of the secure and strategic supply of petroleum resources and opportunities in Africa. In response, while we continue advancing our portfolio of such assets we feel that this listing is an important step in exposing and presenting our company to the U.S. market.”
Investors can now find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcqx.com and www.otcmarkets.com Soloway Group, PC will serve as Simba Energy’s principal American liaison on OTCQX, responsible for providing guidance on OTCQX requirements.
Additionally, the Company is also pleased to announce the appointment of Mr. Hassan Hassan to the Board of Directors. Mr. Hassan is currently Managing Director – Operations for the Company overseeing the acquisition and development of energy resource assets in various countries throughout Africa and the Middle East. Mr. Hassan has spent the past 20 years as a consultant and advisor to numerous public and private companies for international business development and acquisitions in the resource and hi-tech sectors. During the past 8 years Mr. Hassan has focused on mineral resource opportunities in West Aftrican countries and developed strong relationships and affiliations within numerous governments and energy sector.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the world’s largest electronic marketplace for broker-dealers to trade unlisted stocks. The OTC Link platform supports an open network of competing broker-dealers that provide investors with the best prices in over 10,000 OTC securities. In 2010, securities on OTC Link traded over $144 billion in dollar volume, making it the third largest U.S. equity trading venue after NASDAQ and the New York Stock Exchange. The wide spectrum of OTC-traded companies are categorized into three tiers so investors can identify the level and quality of information companies provide:
- OTCQX (the quality-controlled marketplace for investor friendly companies);
- OTCQB (the U.S. reporting company marketplace for development stage companies),
- OTC Pink (the speculative trading marketplace)
To learn more about how OTC Markets Group makes the unlisted markets more transparent, informed, and efficient, visit www.otcmarkets.com .
“The OTCQX platform supports a transparent marketplace with high-quality issuers, financial information disclosure and efficient trading for U.S. investors… we are pleased to welcome Simba Energy to OTCQX.”, remarked R. Cromwell Coulson, president and chief executive officer of OTC Markets Group.
About Simba Energy Inc.
Simba Energy is a Vancouver, B.C. based oil and gas exploration company focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana, Guinea, Kenya and others). This region has shown increased promise for development of new hydrocarbon deposits. The Company’s Senior Management Team aims to leverage their expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where we work.
ON BEHALF OF THE BOARD
Robert Dinning”, President & CEO
For further information contact Simba Energy Inc., at 604-641-4450, or visit: www.simbaenergy.ca , or info@simbaenergy.ca, or Mark Sommer, Toll Free: 1-855-777-4622.
We seek safe harbour.
Simba Extends Warrant Terms
Vancouver, BC, Canada – January 6, 2012 – Simba Energy Inc. (the “Company”) announces that the Company has agreed to extend the expiry date of warrants issued on January 20, 2011, with an original expiry date of January 20, 2012. There are currently 21,161,250 warrants outstanding, each warrant exercisable into one common share of the Company at a price of $0.12 per share. The warrants were issued pursuant to a private placement of 42,322,500 shares with 21,161,250 warrants attached. Subject to the acceptance of the TSX Venture Exchange, the new expiry date of the warrants will be January 20, 2013. The exercise price of the warrants will remain at $0.12 per share.
On Behalf of the Board,
“Robert Dinning”, President and CEO
For further information, contact Robert Dinning, President and CEO of the Company at:
Telephone: (604) 641-4450 Facsimile: (604) 669-9335
“Neither 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 Joins OTCQX
NEW YORK – January 5, 2012 – OTC Markets Group Inc. (OTCQX: OTCM), the financial information and technology services company that provides the world’s largest electronic marketplace for broker-dealers to trade unlisted stocks, announced that Simba Energy Inc. (OTCQX: SMBZF; TSX.V: SMB) is now trading on the highest tier of the OTC market, OTCQX®. Simba Energy is an oil and gas exploration company focused on overlooked and under explored basins in Africa.
Simba Energy began trading today on the OTC market’s prestigious tier, OTCQX International. Investors can find current financial disclosures and Real-Time Level 2 quotes for Simba Energy on www.otcmarkets.com
“The OTCQX platform supports a transparent marketplace with high quality issuers, financial information disclosure and efficient trading for U.S. investors,” said R. Cromwell Coulson, President and Chief Executive Officer of OTC Markets Group. “We are pleased to welcome Simba Energy to OTCQX.”
Soloway Group, P.C. will serve as Simba Energy’s Principal American Liaison (“PAL”) on OTCQX, responsible for providing guidance on OTCQX requirements.
About Simba Energy Inc.
Simba Energy Inc. (OTCQX: SMBZF; TSX.V: SMB) trades in the United States on OTCQX under the symbol “SMBZF”, and in Canada on the TSX Venture under the symbol “SMB”. Simba Energy Inc. is an oil & gas exploration company focused on overlooked and under explored basins in Africa. Simba holds Production Sharing Contracts in Kenya and Republic of Guinea. Simba also has a Hydrocarbon Reconnaissance License in Liberia and is in advanced negotiations for Production Sharing Agreements in Mali and Ghana.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the world’s largest electronic marketplace for broker-dealers to trade unlisted stocks. Our OTC Link™ platform supports an open network of competing broker-dealers that provide investors with the best prices in over 10,000 OTC securities. We categorize the wide spectrum of OTC-traded companies into three tiers – OTCQX (the intelligent marketplace), OTCQB® (the venture marketplace), and OTC Pink™ (the open marketplace) – so investors can identify the level and quality of information companies provide. To learn more about how OTC Markets Group makes the unlisted markets more transparent, informed, and efficient, visit www.otcmarkets.com.
Subscribe to the OTCQX RSS Feed
Media Contact:
Grace Keith, OTC Markets Group Inc., +1 (212) 896-4428,
grace@otcmarkets.com
For further information contact Simba Energy Inc., at 604-641-4450, or visit: www.simbaenergy.ca , or info@simbaenergy.ca, or Mark Sommer, Toll Free: 1-855-777-4622.
We seek safe harbour.
Simba Energy Updates on Block 2A in Kenya
Vancouver, British Columbia, December, 13, 2011. SIMBA ENERGY INC TSXV: SMB
December 13, 2011, Vancouver, British Columbia, Simba Energy Inc. (the “Company”) (TSXV: SMB, Frankfurt: GDA, OTCCBB: SMBZF) is pleased to provide the following update on its activities in Kenya on the Company’s 100% interest in Block 2A.
- The work program for year one has been submitted to the ministry and approved.
- Environmental baseline and survey work commenced December 6 with completion anticipated by mid-January 2012.
- The Company has selected and engaged a geophysical consultant with extensive experience on Block 2A and surrounding blocks.
- Existing gravity and magnetic data has been obtained, processed and currently being re-interpreted.
- Reprocessing of select 2D lines has also commenced.
- Further the Company has been successful in obtaining copies of all existing 2D seismic survey lines (800 kilometres) carried out by Chevron and Amoco.
We are very pleased with the progress the team has made on the ground in Kenya. During our initial assessment of available data during the application process we became very confident in the exploration potential for Block 2A and are therefore now very keen to evaluate the re-interpretations in these coming months.” Remarks Robert Dinning, President & CEO.
In other matters, the Company advises Dr. Karim Akrawi has tendered his resignation, effective immediately, in order to devote more time to his consulting business. The Company accepts Dr. Akrawi’s resignation with regret and wishes him well in his international business activities.
About Simba Energy Inc.
Simba Energy is a Vancouver, B.C. based oil and gas exploration company focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana, Guinea, Kenya and others). This region has shown increased promise for development of new hydrocarbon deposits. The Company’s Senior Management Team aims to leverage their expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where we work.
ON BEHALF OF THE BOARD
“Robert Dinning”, President & CEO
For further information contact Simba Energy Inc., at 604-641-4450, or visit: www.simbaenergy.ca, or info@simbaenergy.ca , or Mark Sommer, Toll Free: 1-855-777-4622.
We seek safe harbour.
Simba Energy Provides Corporate Update
Vancouver, British Columbia, October, 27, 2011. SIMBA ENERGY INC TSXV: SMB
October 27, 2011, Vancouver, British Columbia, Simba Energy Inc. (the “Company”) (TSXV: SMB, Frankfurt: GDA, OTCCBB: SMBZF) is pleased to provide the following corporate update on its current activities as well as the status on a number of applications for Production Sharing Contracts (PSCs) currently in the final stages of their review and negotiation process.
Simba President & CEO Robert Dinning said, “In spite of very difficult market conditions the Company has been able to remain focused on the task of pursuing and securing the assets we have targeted. As a result, management anticipates finalizing a number of strategic PSC applications in the near future. By this time, the Company expects to be holding 100% interests in a number of Production Sharing Contracts in some very strategic and prospective blocks in Africa for its technical team to advance through the early exploration and development stages of work.
Republic of Mali – PSC for Block 3
The Company has received a formal notification that the Republic of Mali’s Council of Ministers has adopted a Decree granting Simba Energy a PSC for Block 3. This notification has been approved by the Republic of Mali’s Ministry of Mines, Energy, and Water with the support of the government agency AUREP (L’Autorité pour la Promotion de la Recherche Pétrolière au Mali or The Authority for the Promotion of Oil Research in Mali).
Management anticipates traveling to Bamako in the very near future for the formal signing ceremony and looks forward to providing further information about the block and its development plans in a more detailed news release.
Liberia – Application to convert Hydrocarbon Reconnaissance License NR-001 into PSC status
Efforts to finalize and close this negotiation have been delayed by the current national election in Liberia. A run-off election is scheduled for November 8th 2011. Officials at NOCAL (National Oil Company of Liberia) have informed that negotiations with the Company will re-commence immediately after the elections are over. Management believes that while negotiations have taken on a protracted nature, it is very close to a finalizing this agreement and anticipates a conclusion swiftly after this process resumes.
Republic of Kenya – Block 2A
The Company is now a holder of a 100% interest in the PSC for a very prospective oil block in northeastern Kenya. Since signing the PSC with the government of Kenya in August, the Company has established an office in Nairobi and commenced the process of procuring the project’s next phases of work, primarily, the reprocessing of existing historical seismic data and the acquisition of further seismic data in conjunction with initiating base line environmental studies. The tender and selection process to procure these services is expected to take six to eight weeks with work due to commence in the first quarter of 2012. The technical team continues to compile and review all currently available data.
Republic of Guinea – Blocks 1 & 2 (onshore)
The Company successfully acquired a 60% interest in a PSC for onshore Blocks 1 & 2 in the Republic of Guinea this past July. Earlier this month, in Vancouver, the Company hosted a delegation of officials from Guinea as part of their review and approval of the Company’s technical and financial capabilities. The Company is confident that it has met or exceeded all the requirements set forth and anticipates formal approval before the end of this year. At this point, the Company intends to begin an aggressive assessment of basin characteristics where during its due diligence site visit the technical team observed very similar seep characteristics with those encountered at the Company’s concession in Liberia. Hyperdynamics Corporation (Texas) is currently drilling its first of two exploration wells 100 to 200 kilometres offshore from Blocks 1&2.
In addition to the above, the Company’s management and technical staff remain active pursuing a number of other assets in the region. Finally, in these coming weeks, those already familiar with Simba Energy can expect to see a new look and branding for our company.
About Simba Energy Inc.
Simba Energy is a Vancouver, B.C. based oil and gas Exploration Company focusing on underexplored, overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana, Guinea, Kenya and others). This region has shown increased promise for development of new hydrocarbon deposits. The Company’s Senior Management Team aims to leverage their expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where we work.
ON BEHALF OF THE BOARD
“Robert Dinning”, President & CEO
For further information contact Simba Energy Inc., at 604-641-4450, or visit: www.simbaenergy.ca, or info@simbaenergy.ca , or Mark Sommer, Toll Free: 1-855-777-4622.
We seek safe harbour.
“Neither 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 document includes forward- looking statements. When used in this document, the words “potential”, “plan”, ”could”, “estimate”, “expect”, “intend”, “may”, “should”, and similar expressions are intended to be among the statements that identify forward-looking statements. Although Simba Energy Inc. believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements”
Simba Re-Prices Warrants
Vancouver, British Columbia, October, 24, 2011.SIMBA ENERGY INC TSXV: SMB
Simba To Re-price Warrants
October 25, 2011, Vancouver, B.C., Canada. Simba Energy Inc. (the “Company”) (TSXV: SMB, Frankfurt: GDA, OTCCBB: SMBZF), announces, subject to Exchange approval, the Board of Directors intend to re-price 21,161,250 share purchase warrants issued on January 20, 2011. The warrants were issued pursuant to a private placement of 42,322,500 units at $0.08 per unit, each unit consisting of one common share and one-half of one share purchase warrant, each whole warrant exercisable into one common share at $0.16 per share until January 20, 2012. Upon acceptance of the TSX Venture Exchange, the new exercise price of the warrants will be $0. 11 with the expiry date remaining at January 20, 2012.
About Simba Energy Inc.
Simba Energy is a Vancouver, B.C. based oil and gas exploration company strategically focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana, Guinea, Kenya and others). The region has shown increased promise for development of new hydrocarbon deposits. On behalf of its shareholders the Company’s Senior Management Team have endeavoured to leverage their expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where we work.
ON BEHALF OF THE BOARD
“Robert Dinning”, President & CEO
For further information contact Simba Energy Inc., at 604-641-4450, or visit: www.simbaenergy.ca, or info@simbaenergy.ca , or Mark Sommer, Toll Free: 1-855-777-4622.
We seek safe harbour.
“Neither 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 document includes forward- looking statements. When used in this document, the words “potential”, “plan”, ”could”, “estimate”, “expect”, “intend”, “may”, “should”, and similar expressions are intended to be among the statements that identify forward-looking statements. Although Simba Energy Inc. believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements”
Simba Energy Hosts Delegation From Guinea
Vancouver, British Columbia, October, 17, 2011. SIMBA ENERGY INC TSXV: SMB
Simba Energy Inc. (the”Company” or “Simba”); (TSXV:SMB); (Frankfurt: GDA) is pleased to report that the Company has successfully hosted a delegation from the Ministry of Mines and Energy, Republic of Guinea at its Head Office in Vancouver, Canada.
On July 27 of this year, the Company announced an agreement with Summa Energy S.A., to acquire as the operator, a 60% interest in a Production Sharing Contract for Blocks 1 & 2 onshore Bove Basin, subject to Government approval. The delegation was here to review Simba`s technical and financial capabilities as part of due diligence relating to this agreement.
Robert Dinning, President and CEO, remarks, “Management believes it successfully demonstrated the merits of Simba`s financial and technical capabilities to the satisfaction of these officials. Our geological staff concluded Blocks 1 & 2 represent significant potential for oil and gas in a relatively underexplored basin. We are further encouraged by Hyperdynamics Corporation having just commenced the first of two exploration wells to be drilled off shore from Blocks 1 & 2 during these coming months and are eager to begin our exploration program. ”
Simba has also applied to list its shares on the OTCQX Marketplace in the U.S.A.
About the Company
Simba Energy is a Vancouver, B.C. based oil and gas exploration company strategically focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana, Guinea, Kenya and others). The region has shown increased promise for development of new hydrocarbon deposits. On behalf of its shareholders the Company’s Senior Management Team have endeavoured to leverage their technical expertise and industry affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where we work.
For further information contact:
Simba Energy Inc., at 604-641-4450, or visit: www.simbaenergy.ca , or info@simbaenergy.ca , or Mark Sommer, Toll Free: 1-855-777-4622.
We seek safe harbour.
“Neither 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 document includes forward- looking statements. When used in this document, the words “potential”, “plan”, ”could”, “estimate”, “expect”, “intend”, “may”, “should”, and similar expressions are intended to be among the statements that identify forward-looking statements. Although Simba Energy Inc. believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements”
Simba Energy Granted Block 2A in Kenya
August 03, 2011, Vancouver, B.C., Canada. Simba Energy Inc. (the “Company”) (TSXV: SMB, Frankfurt: GDA, OTCCBB: SMBZF), is pleased to announce the Company has been granted a Production Sharing Contract (PSC) by the Ministry of Energy, Republic of Kenya for Block 2A, comprising 7,801.72 square kilometres in northeast Kenya.
“We are delighted in having been awarded this PSC from the Republic of Kenya’s Energy Ministry. This is a major achievement for the Company and further supports our strategy to pursue underexplored and overlooked onshore basins in Africa. While we remain very close to finalizing other PSC applications elsewhere, Block 2A’s PSC provides our shareholders a very significant boost in near term upside exploration potential for the Company. It has been a lot of work to get to this point so we are extremely pleased” remarks Robert Dinning, President & CEO.
Block 2A overlies the southern tip of the Mandera Basin while the southwest corner of the block extends into the Anza Basin. Block 2A also has excellent potential for significant oil and gas discoveries as evidenced by the following evaluation highlights:
- The Mandera Basin is Permo-Triassic to Tertiary in age with a sediment thickness of 10,000 meters. Potential source rock interval is mid Jurassic-Lower Cretaceous and comparable with the larger Mandera-Lugh basin in Ethiopia and Somalia
- Only four wells have been drilled in the Mandera basin with oil shows encountered at 40-44m in the Tarbaj stratigraphic well drilled by Total
- In the Anza basin lower Cretaceous reef structures have been mapped with a potential reservoir thickness of 300m-500m. Source rock is likely Lower Cretaceous. The eleven wells drilled in the Anza Basin have encountered oil shows and/or gas shows
- Present 2D seismic coverage, although regional in nature, identified numerous structures and a major stratigraphic inch-out.The limited seismic coverage available indicates a stable stratigraphic sequence with some very good exploration leads;
- Remaining of exploration interest to the Company is the flank of the basement high structure where two AMOCO wells drilled in 1987 (ELGAL#1 to 1,280 meters in Permian Karroo and ELGAL#2 to 1,908 meters in Triassic Karroo) were plugged and abandoned as no reservoir rocks were encountered
- The area of the block overlying the Mandera basin is of particular interest as the analysis of the oil from the seeps at Tarbaj although severely biodegraded indicate a source rock maturity for the Mandera basin which is well within the oil window
The Company will immediately begin re-interpretation of all available existing data, as well as initiate baseline environmental work, to support the design and planning of a new seismic acquisition program.
To view a map providing location of Block 2A in Kenya please visit the Company’s website or select the following link: www.simbaenergy.ca/Simba_Block_2A_Kenya_Location_Map.pdf
James Dick, P.Geol., P.Eng., 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 Inc.
Simba Energy is a Vancouver, B.C. based oil and gas exploration company strategically focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Liberia, Mali, Ghana, Guinea, Kenya and others). The region has shown increased promise for development of new hydrocarbon deposits. On behalf of its shareholders the Company’s Senior Management Team have endeavoured to leverage their expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where we work.
ON BEHALF OF THE BOARD
Robert Dinning, President & CEO
For further information contact Simba Energy Inc., at 604-641-4450, or visit: www.simbaenergy.ca , or info@simbaenergy.ca , or Mark Sommer, Toll Free: 1-855-777-4622.
We seek safe harbour.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the exploration merits of the property and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable securities legislation.