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
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV