|By Marketwired .||
|May 29, 2014 03:10 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/29/14 -- 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.
Simba Energy Inc.
Toll Free: 1-855-777-4622