why is Simba lagging Because in my opinion they are wasting money on the PROMO tour and waiting for other players in other blocks to do some drilling. Is this how you grow your company on the results on another company on another block? Perhaps, there are enough juniors that play this game with gold,silver and copper too.
I mentioned many many weeks ago; you don't drill on passive seismic. I haven't seen it done before. I've seen enough 2D and 3D seismic projects from all over the world. SIMBA said they were looking at a 2D or perhaps a 3D project. 3rd week into September and no mention of a seismic program. The press release was from 1 month ago. It shouldn't take a month to review passive seismic results. Holding off because some neighbours in a different block are drilling is in my opinion crazy.. it's another block.. it's not your block.
A couple of lines would take a week to plan. They could have shot a couple of decent 2D lines in less than a couple of day's with some high frequency mini-vibes. Processing of these lines would take 2-3 days maximum. Interpretation by the geophysicist/geologist takes a day or two. There should be enough geologic reference models now for Africa so interpretation should be relatively easy. So within 3 weeks max, assuming there was some Seismic Acquisition firm nearby; you would have a darn good idea where to drill. Africa is relatively hot, it wouldn't be hard to get a acquisition firm in to do some seismic but it would cost some bucks.
So within 3 weeks of the last press release; they would be showing potential JV's a target or 2 to drill. If no JV, they should have had enough cash to get 1 or perhaps 2 wells spudded depending on depth. A JV with some cash should get a 3D done and a couple of more wells spudded.
But as it stands now, Simba would be lucky to get a drill in the ground before sometime in November or sometime into December with possible results into Jan. 2013. This is unacceptable in my opinion and why people are selling their shares.