This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Simba Energy Confirms Oil Seeps In Guinea

Simba Energy Inc. ("Simba" or the "Company") (TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF), the pan-African oil & gas explorer, with approval of the OGRPP (de l’Office Guineen de Recherche et de Promotion Petrolieres) has completed an educational lecture and field trip in the Republic of Guinea.

Simba Energy’s James W. Dick, Chief Technical Officer & Director, conducted an educational lecture that combined boardroom presentation and a field trip to visit the Company’s concession. The lecture held at the OGRPP (de l’Office Guineen de Recherche et de Promotion Petrolieres) was attended by over 30 geologic and technical staff.

The field trip to Simba’s Block 2 identified and sampled numerous oil seeps and a contaminated (unpalatable) water well. Many samples were taken for laboratory analysis to confirm the presence of hydrocarbon. Preliminary tests on two samples showed significant florescence confirming the presence of hydrocarbon.

The Company has also opened an office in Conakry, complete with locally hired support staff and a Country Manager.

Simba Energy’s James Dick remarked, “...with this trip we firmly established Simba’s presence on the ground in Guinea. We are very pleased with the magnitude and number of seeps found, with hydrocarbon odor present at some of these locations. The Company is pleased with its progress to date and will continue with its activities to prepare for further appraisal work.”

The Company holds a 60% operating interest in the PSC (Production Sharing Contract) for onshore Blocks 1 & 2, comprising 12,000 square kilometres in the Bove Basin. The Company’s upcoming appraisal and planned seismic work as part of the PSC is supported by the following (historical) highlights and rationale:

  • Confirmed presence and size of seeps prove migration and communication have taken place in the basin
  • In 1989, the French laboratory Beicip, performed a detailed analysis which indicted the level of maturity was mature to over mature and the source was likely oil prone
  • Silurian shales which are the major source rock in all the northern African basins are present and in communication with thick porous Ordovician sands
  • Three reservoir systems are present in the basin with fair to good reservoir parameters (both clastic sediments and carbonates)
  • An earlier gravity survey over the entire basin indicated sediments were present up to a depth of 4,000 meters and confirms Simba’s concession covers two basement deeps as well as the northwest flank
  • The Bove basin’s tectonic style can form structures that produce traps capable of pooling large reserves
  • The Cretaceous overlies the Devonian in the North West corner of Block 1 with many of the wells drilled in Guinea Bissau lying just to the north (of Block 1) encountered light oil staining in core and samples

About Simba Energy Inc.

Simba Energy Inc. is a Pan African oil & gas exploration company focused on onshore opportunities across Africa. Simba holds a 100% Production Sharing Contract (PSC) for Block 2A in Kenya, 60% interest in Blocks 1 and 2, onshore Republic of Guinea, and has Block 3 (onshore) Mali. Simba also has applications pending for onshore blocks in Liberia and Ghana and continues evaluating and assessing other strategic assets throughout sub-Sahara Africa.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs