Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (6703)	5/29/2014 11:24:45 AM
From: Goose94	Read Replies (1) \| Respond to of 203419

Simba Energy (SMB-V) May 29, '14 has provided an update on its current activities on block 2A in Kenya. The company's airborne FTG survey (full tensor gradiometry) commenced daily flights about 10 days ago and is expected to be completed in the next seven to 10 days. The program has been expanded somewhat to cover a new and significant target area identified by preliminary FTG results received to date. The aircraft initially covered the secondary smaller survey area (850 square kilometres) at the southwest boundary of block 2A in order to investigate the area within the Anza basin. Results to date for the FTG survey in this area have been encouraging. In conjunction with the commencement of the FTG program on block 2A, the company advises it has engaged Campbell & Walker Geophysics Ltd. (Christopher (Kit) Campbell, PGeo) to provide project management and quality assurance/quality control for the company's FTG survey. Mr. Campbell has worked extensively with airborne gravity gradiometry in the East African Rift system as well as throughout North and South America for many years. Mr. Campbell's expertise in this field ensures that an effective program for the company will be achieved. Considered with the known geology and modelling of the Anza basin in this area, the preliminary data from these FTG results indicate the existence of two basinal structures within the basin's margin: A new large basinal structure identified with an area of plus or minus 100 square kilometres in the southwestern most extents of Simba's concession; A second basinal structure of plus or minus 40 square kilometres lying about 15 kilometres to the southeast appears coincident with the northern extents of the Badada prospect in block 2B (just south of block 2A) controlled by Taipan Resources Inc., with Premier Oil farming in for 55 per cent. The FTG survey coverage will be expanded by plus or minus 100 square kilometres to the northeast of the new target area in order to provide full gradiometry coverage through to the known extents of the Anza basin's margins controlled by Simba. The company's larger and primary survey area in block 2A provides coverage over the Mandera basin, lying just southeast from the city of Wajir. This area is now in the final stages of data acquisition, with total survey completion expected within a week's time. Final results and reporting are anticipated to be available within three to four weeks once all data acquisition is complete. Resulting data from this FTG survey will serve to provide better targeting and more cost-effective 2-D seismic acquisition planned for later in the year, preparatory to final drilling decisions. "Simba has had discussions with a number of companies expressing interest in farming directly in to block 2A to undertake a 2-D seismic program with a drilling commitment, based on these FTG results currently being generated," stated Robert Dinning, president and chief executive officer. Block 2A's concession area overlies the southern extents of both the Anza basin, one of the largest Tertiary-aged rift basins in the East African Rift system and with a geological setting similar to the South Lokichar basin where Africa Oil and Tullow have recently had significant discoveries; as well as the Mandera basin where the Tarbaj-1 well and nearby oil seeps in the south of block 1 have already confirmed the presence of a petroleum system within Upper Triassic and Jurassic formations. James W. Dick, PGeol, PEng (APEGA), is a qualified person in accordance with National Instrument 51-101, and has reviewed and approves the technical disclosure in this news release.