“While we have been actively negotiating with numerous parties who have expressed interest in a farm-in to Block 2A, the technical team has finalized a program to acquire up to 400 kms of 2D seismic designed to target drilling locations on prospects and leads in two basins, and also yield volumetrics that will support revised resource estimates. The Company expects to sign a contract and commence the initial 2D seismic program in the first quarter of 2015.”, stated Robert Dinning, President & CEO.
The recent airborne high resolution FTG (Full Tensor Gradiometry) carried out by Bell Geospace, combined with previously acquired passive seismic, reprocessed seismic, and earlier drill log data, provides a significant data set all of which strongly supports Block 2A’s excellent exploration potential and merit to carry out a next phase of 2D seismic acquisition.
The 7,802 kms? concession comprises highly prospective areas within two basins, the Mandera and Anza basins, both of which have proven working petroleum systems and where these FTG results have confirmed two prospects and a number of significant leads.
In the southern extents of the Mandera basin the Tarbaj oil seep, located just north of Block 2A’s northern boundary, has confirmed marine origin source rocks deeper in the basin in Lower / Mid Jurassic. Just to the south in the central portion of Simba’s concession the FTG survey results identified five structural features with independent closures varying in size from 30kms2 to +100kms2. Two of the structures are high ranking and drill ready prospects, M1 (85 kms?) and M3 (102 kms?) that have 4 way closures clearly correlated by earlier 2D seismic, passive seismic and now FTG, and lie in a tilted fault block, up to the north, targeting depths from 1,500 to 1,750 metres, and share 1,600+ MMboe potential (unrisked). The Company has completed designs to acquire 265 kms of additional 2D seismic over and around these two prospects to determine depths, volumetrics and drill locations.
Lying within the western portion of Block 2A are the eastern margins of the Anza basin where a proven “String of Pearls” that trends from 30kms to the northwest in Block 9 at the Sala commercial gas discovery (with oil shows) where Africa Oil, as part of their 50/50 JV with Marathon Oil, continues with the third of five planned wells, south through Simba’s concession to the Badada prospect in Block 2B (held 55% by Premier Oil, 30% by Taipan Resources and 15% by Tower Resources). The first exploration well at the ‘pearl’ type Badada prospect is scheduled to spud early in January 2015 just south of Simba’s concession boundary. The northern extents of the Badada prospect lie within Simba’s concession.
Within the Anza basin portion of Simba’s concession the FTG identified six structural features for follow up. The Company’s primary lead in the Anza basin, ‘A1’ at 45 kms?, lies entirely within the concession and is expected to upgrade to prospect status and/or yield drilling targets after the next phase of 2D seismic (100kms) designed to evaluate structure and the anomalies on the known ‘Pearl’ trend.
A revised Corporate Presentation that summarizes the technical rationale supporting the exploration potential at Block 2A, and the other assets within Simba’s portfolio, has been uploaded to the Company’s website.
James W. Dick P Geol., P. Eng., (APEGGA) is a qualified person in accordance with National Instrument 51-101 and has reviewed and approves the technical disclosure in this news release.
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.
Copyright (c) 2014 TheNewswire – All rights reserved.
Source: TheNewsWire (December 18, 2014 – 3:01 AM EST)
