Simba Receives Resource Assessment Report for Block 2A

Source: www.gulfoilandgas.com 6/12/2012, Location: Africa

Simba Energy Inc. is pleased to announce that independent petroleum consultant Sproule Associates Limited (Sproule) has completed a technical report compliant to NI 51-101 and CPR (Competent Persons Report) standards in respect of Simba’s holding, a 100% interest in the PSC (Production Sharing Contract) for onshore Block 2A, Kenya, comprising 7,802 sq.km within the Madera-Lugh basin, near the juncture with the Anza basin and Lamu Embayment/Basin.

Utilising the existing 500km of 2D seismic, Sproule’s report has defined three prospective leads at four representative seismic horizons. Five horizons have been carried in the interpretation. For this initial assessment, the Gross Unrisked Undiscovered Petroleum Initially In-Place, (Mean) was 1,927.1MMboe and the Gross Unrisked Prospective Resources (Mean) was 445.3MMboe. The Total Gross Risked Mean Prospective Resources was 26.9MMboe. As its main conclusion, Sproule’s report confirms the exploration potential of Block 2A and supports existing plans to further delineate these leads as proposed with additional passive micro-seismic, 2D or 3D seismic, and gravity gradiometer surveys.

The Company's exploration plans for Block 2A include:

* Continued data gathering and review of technical reports, satellite imagery, and interpretation of existing 2D seismic, gravity and magnetometer as well as carry out block-wide field geological and geochemical studies.
* GeoDynamics S.R.L. of Italy is conducting an Infrasonic Passive Differential Spectroscopy (IPDS) seismic survey covering 4,000 sq.km with 250 measurement points on a variable spacing.
* Areas of potential identified by the passive micro-seismic survey will be further evaluated by conventional 3D or 2D seismic and/or gravity gradiometer prior to selecting a drill site.
* An additional 1,000 km of 2D seismic .
* Design a drilling program to evaluate top leads derived from the above seismic programs.

Robert Dinning, Simba’s President & CEO remarks, "we are delighted to provide our shareholders with this independent opinion from Sproule. It reaffirms our technical team’s initial premise to target Block 2A during the application process as it was highly prospective with great potential for significant accumulations. While it is encouraging to have Sproule’s assessment for exploration potential for this area of interest within Block 2A, including a very strong lead, we now also believe it is relevant to note how this same area lies within the junction of two (basin) trends as being geologically similar to the successful Ngamia-1 well, recently drilled by Tullow Oil and Africa Oil, that is also located at the junction of two trends. As a next step we see our passive seismic program as offering a very strong compliment to the existing seismic we have for these leads. We definitely have an exciting, active and funded exploration program now in place for Block 2A and will look forward to the work of proving up our resources in the license."


Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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