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Simba Energy Receives Sproule’s Resource Assessment Report For Block 2A – Onshore Kenya

Stocks in this article: SMB

Simba Energy Inc. ("Simba" or the "Company") (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF), 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. See also table below.

Table: Initial Resource Assessment of Block 2A - First Three Leads
(Source: Sproule and Associates Ltd.)
       
Lead Zones Gross Gross Unrisked Gross
Unrisked **Prospective Risked
*Undiscovered Resources Mean
Petroleum (Mean) MMboe Prospective
Initially In- Resources
Place, (Mean) (Mean)
        MMboe       MMboe
1   Ken 5   507.2   117.2   10.5
    Syn-Rift 2   413.5   95.5   3.8
    Syn-Rift 1   326.4   75.4   1.5
2   Ken 5   180.9   41.8   3.8
    Syn-Rift 2   128.7   29.8   1.2
    Syn-Rift 1   98.3   22.7   0.5
3   Ken 5   272.1   62.9   5.7
Total       1,927.1   445.3   26.9

*Undiscovered Petroleum Initially-In-Place (equivalent to undiscovered resources) is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered petroleum initially in place is referred to as “prospective resources,” the remainder as “unrecoverable.”

**Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be subclassified based on project maturity.

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.

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