Simba/SMB to commence FTG in Kenya (adjoining TPN block) Simba Energy plans 6,044 line km FTG survey at block 2A
2014-04-22 06:22 ET - News Release
Mr. Robert Dinning reports
SIMBA ENERGY TO COMMENCE FTG SURVEY ON BLOCK 2A IN KENYA
Simba Energy Inc. 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 kilometres over two target areas within block 2A: approximately 2,150 square kilometres over the central portion of the block covering the company's earlier defined primary and secondary target areas south-southeast from the city of Wajir and within the southern extents of the Mandera basin, and approximately 850 square kilometres 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 2-D seismic well location targeting program planned for later this year.
The data from this FTG survey will also be combined with some additional 2-D seismic data expected shortly from Taipan Resources which was recently granted permission to acquire limited 2-D seismic on block 2A. Once received, the company will begin interpretation of the processed 2-D 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 and chief executive officer.
Located just to the northwest of block 2A's northwest boundary, Africa Oil has 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 its Khorof prospect later this year.
The company is currently in discussions with various companies which 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-aged 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. Diiiiiick, PGeol, PEng (APEGA), is a qualified person in accordance with National Instrument 51-101, and has reviewed and approves the technical disclosure in this news release.
We seek Safe Harbor.