November 5, 2012, Simba Energy Inc. (“Simba” or the “Company”) (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF), the pan-African onshore oil & gas explorer, is pleased to announce the results of the Infrasonic Passive Differential Spectroscopy (or “passive seismic”) survey recently completed over Block 2A, Kenya, where it has a 100% working interest.
The original undertaking was to investigate and as certain the hydrocarbon potential at the Company’s three targets (P1, P2, P3) by first employing a block survey using passive seismic to confirm or identify areas of hydrocarbon potential to be followed up with 2D seismic for structure definition.
This first phase of passive seismic has confirmed P1 to be comprised of two distinct and sizeable leads with excellent hydrocarbon response lying east and SSE of the city of Wajir. The first lead in P1 with an area of 29km² demonstrates the highest level of hydrocarbon seismic energy interpreted amongst all seven potential leads identified by the survey; the second and likely related lead is over 100km² in size with good response for hydrocarbon potential and lies from 8km to 20km+ to the SW.
At P2, several additional interconnected leads have been identified with good hydrocarbon response that is not seen with the current 2D seismic. The third lead, P3, has also been confirmed as a prospective lead where response fit exceptionally well with present 2D coverage.
James W. Dick, P. Geol., P. Eng., Simba’s Chief Technical Officer and a director of the Company said, “Here on Block 2A, in a manner complemented by our existing 2D data, the passive seismic survey has discovered four more potential leads for follow up at our primary and secondary leads (P1 & P2) and confirmed good potential for hydrocarbons. We now have sufficient information and are comfortable that an additional small survey of 2D seismic has the potential to further upgrade our P1 & P2 target areas with some prospects that easily support a decision to drill.”
The Company now intends to carry out at a minimum 200km of 2D seismic to finalize the location and designed depth for the Company’s first exploration well at P1. Planning and preparation for this work is now underway and anticipated to begin in early 2013.
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.
To view a map of the areas identified with hydrocarbon potential by the passive seismic survey on Block 2A please visit the Company’s website or www.simbaenergy.ca.
About Simba Energy:
Simba Energy Inc. is an international oil & gas exploration company focused on onshore Pan-African opportunities. The Company now holds a diversified portfolio of 100% or majority or interests in several prospective oil & gas exploration assets in Kenya, Chad and Guinea.
In addition to its 100% interest in Kenya’s Block 2A the Company holds a 60% interest in Blocks 1 & 2, onshore Republic of Guinea and has recently signed a Production Sharing Contract (PSC) with the Republic of Chad for a 100% interest in three prospective oil & gas blocks within the Doba, Doseo and Erdis basins.
The Company is also the successful applicant for Block 3 in Mali.
Simba’s objective is to establish itself as a diversified international developer and producer with a growing oil & gas acreage position with significant upside potential for shareholders.
ON BEHALF OF THE BOARD
“Robert Dinning”, President & CEO.
In the UK, Jonathan Charles, firstname.lastname@example.org , + 44 (0)779 189 2509.
We seek safe harbor.