VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 24, 2014) - Simba Energy Inc. (TSX VENTURE:SMB) (FRANKFURT:GDA) (OTCQX:SMBZF) (the "Company" or "Simba") announces that it has granted permission to Taipan Resources Inc. ("Taipan") operator of Block 2B in Kenya, to carry out 2-D seismic in an area located in the southwest corner of Simba`s Block 2A just to the north of their Pearl prospect.
Taipan, having already completed a small amount 2D seismic (22 line kilometers in total) in the southwest corner of Block 2A and provided the processed data to the Company, have requested permission to conduct an additional 24 line kilometers of 2D seismic within this same area. This work will comprise six lines, mostly 'tails', and is part of Taipan's current seismic program that aims to finalize a drilling location for their first exploration well planned for the fourth quarter of 2014 at the Pearl prospect which lies just south of the Company's Block 2A boundary. This work is expected to be completed by the end of February and the seismic data will be forwarded to Simba at the conclusion of processing.
Once interpreted, this seismic data will serve to complement Simba's existing dataset as well as future seismic work contemplated by the Company's recently announced LOI to conduct further exploration on block 2A. This includes FTG (Full Tensor Gravity) and 2D seismic coverage over the area of the Anza Basin underlying the southwest of Simba's Block 2A. FTG has been the most effective exploration tool for identifying prospects throughout the East African rift system.
"Africa Oil's upcoming well on the Sala prospect in Block 9 and Taipan`s planned Pearl-1 well on the south border of Block 2A strongly suggest that a potential "String of Pearls" trend passes through the south western corner of our block, as both prospects are located at the basin edge where this type of play is found. The Anza basin`s edge passes through the western part of Block 2A", remarked Simba's CTO & Director, James W. Dick P. Geol., P. Eng.
The Anza basin is one of the largest Tertiary-age rift basins in the East African rift system and demonstrates a similar geological setting to the South Lokichar basin where Tullow and Africa Oil have recently had significant discoveries.
James W. Dick, 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.
About Simba Energy:
Simba Energy Inc. is a Pan‐African oil and gas exploration company with onshore PSCs in Kenya, Guinea and Chad. Simba focuses on onshore oil and gas exploration in areas that are under developed or not previously exploited.
Simba is establishing itself as a diversified international explorer and developer with a growing oil and gas acreage position in Africa. The concessions have been chosen for their hydrocarbon bearing potential and their ability when demonstrated as productive to accrete significant value for shareholders.
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.