Simba Energy expects to sign Block 2A 2D seismic contract in Q1 2015

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Simba Energy has said it expects to sign a contract and commence the initial 2D seismic program in the first quarter of 2015 with its technical team having finalized a program to acquire up to 400 kms of 2D seismic designed to target drilling locations on prospects and leads in two basins, and also yield volumetrics that will support revised resource estimates.

“While we have been actively negotiating with numerous parties who have expressed interest in a farm-in to Block 2A, the technical team has finalized a program to acquire up to 400 kms of 2D seismic designed to target drilling locations on prospects and leads in two basins, and also yield volumetrics that will support revised resource estimates. The Company expects to sign a contract and commence the initial 2D seismic program in the first quarter of 2015,” stated Robert Dinning, President & CEO.

Through 2D seismic survey the company hopes it will be able to further delineate drilling locations as well as confirm the depth and volume of estimates for the identified primary as well as secondary targets.

The 7,802 kms² concession by Simba Energy comprises highly prospective areas within two basins, the Mandera and Anza basins, both of which have proven working petroleum systems and where these FTG results have confirmed two prospects and a number of significant leads.

In the southern extents of the Mandera basin the Tarbaj oil seep, located just north of Block 2A’s northern boundary, has confirmed marine origin source rocks deeper in the basin in Lower / Mid Jurassic. Just to the south in the central portion of Simba’s concession the FTG survey results identified five structural features with independent closures varying in size from 30kms2 to +100kms2.

Two of the structures are high ranking and drill ready prospects, M1 (85 kms²) and M3 (102 kms²) that have 4 way closures clearly correlated by earlier 2D seismic, passive seismic and now FTG, and lie in a tilted fault block, up to the north, targeting depths from 1,500 to 1,750 metres, and share 1,600+ MMboe potential (unrisked).

The Company has completed designs to acquire 265 kms of additional 2D seismic over and around these two prospects to determine depths, volumetrics and drill locations.

Within the Anza basin portion of Simba’s concession the FTG identified six structural features for follow up.

The Company’s primary lead in the Anza basin, ‘A1’ at 45 kms², lies entirely within the concession and is expected to upgrade to prospect status and/or yield drilling targets after the next phase of 2D seismic (100kms) designed to evaluate structure and the anomalies on the known ‘Pearl’ trend.

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