Vancouver, British Columbia / ACCESSWIRE / June 19, 2014 / Simba Energy Inc. (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) (the "Company" or "Simba") is pleased to report the completion of the flight program portion of the FTG (Full Tensor Gradiometry) survey underway at Block 2A, Kenya, where Simba holds a 100% interest. Preliminary data has identified 11 high ranking and sizeable anomalies in the portions of the Mandera (5) and Anza (6) basins lying within Simba's concession.
Bell Geospace's technology package for Gravity Gradiometry(TM) has resulted in preliminary images of these gravity anomalies. Final interpretation of the data collected from the FTG survey areas covered in Block 2A is expected before the end of July 2014. Additional interpretation and modelling will incorporate existing 2D seismic and drill logs that can further enhance the FTG results.
Bell Geospace's, Dr. Colm Murphy (Senior Geoscientist) remarked, "...over the past few years our patented technology has proven to be an invaluable tool at a number of recent discoveries in East Africa (eg: Albertine Basin, Uganda). Backed with these data sets and others within the region, our FTG survey at Simba's Block 2A has yielded a number of very encouraging and high ranking targets that compare favourably with those of recent discoveries."
"With the FTG we are now able to better target and reduce the area that would otherwise need to be covered by the 2D seismic program being planned as part of the selection process to locate the first test well sites on Block 2A. The final FTG results in Block 2A will lend support to our discussions with potential farm-in partners." stated Robert Dinning, President & CEO of Simba Energy.
The Mandera basin:
Within the Company's primary coverage area, the FTG has identified five structural features with independent closures varying in size from 30kms? to +100kms?. The largest, having 2D seismic 4 way structural closure and excellent correlation with the FTG and earlier passive seismic survey, is an excellent prospect. The remaining features consist of two "string of pearl type" leads and two FTG structures which are supported by previous passive seismic results. Three prominent gravity lows indicative of thickened sediment packages are juxtaposed alongside the prominent gravity highs.
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The Anza basin:
In addition to these preliminary FTG results, the Company is also in receipt of initial interpretations for the 46 line kilometers of 2D seismic previously acquired within Block 2A by Taipan Resources. Having assessed these two complimentary data sets, management is pleased to confirm two plays along the concessions boundary as northern portions of two high ranking prospects already identified in Block 2B.
Approximately one third (+/- 40kms?) of the Badada prospect's primary area of focus lies north of the concession boundary between Simba's Block 2A and Block 2B (held by Taipan Resources - w/ 30% interest after farm-out). The first exploration well to test the potential at this prospect is planned to commence Q4-14 (Taipan, May 2014).
10 kms west of Badada, the northern extents of the RFB-4 prospect (Taipan, May 2014) as shown on the 2D structural interpretation also lies within Block 2A.
To the northwest of Badada and RFB-4 prospects, further refined FTG data strongly demonstrates three other high ranking structures lying within the large basinal structure reported in the Company's previous news release. The basinal structure appears complex with the revealing of a series of gravity highs along strike from a similar response over RFB-4. These are juxtaposed with a series of fragmented gravity lows that form a sharp boundary with the Anza basin bounding fault on their eastern side.
In the image below Residual Gravity is derived from removing signal data for basement rock in order to provide a representation of geologic structure above basement.
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.
The above map images that have been included in the body of this news release are also available by visiting the Company's website or by clicking the following link: http://www.simbaenergy.ca/projects/kenya.aspx
About Bell Geospace:
Bell Geospace is a world leader in Full Tensor Gradiometry (FTG) acquisition and interpretation. Bell`s leading edge FTG is a proven cost effective tool used to define potential drill targets and complement the use of 2/D and 3/D seismic. Bell`s FTG greatly reduces the amount and cost of seismic acquisition by only exploring targets identified and graded with FTG.
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.
ON BEHALF OF THE BOARD
President & CEO
For further information, contact: Mark Sommer, [email protected], 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.
SOURCE: Simba Energy Inc.