VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 05/24/12 — Editors note: There is an infographic associated with this press release.
Simba Energy Inc. (“Simba” or the “Company”) (TSX VENTURE: SMB)(FRANKFURT: GDA)(OTCQX: SMBZF), is pleased to announce that it has received final approval for 60% of the Production Sharing Contract (PSC) in blocks 1 & 2, onshore Guinea from the Republic of Guinea–s Minister of Mines and Geology (Le Ministere des Mines et de la Geologie).
To view the infographic version of this release or visit the Company–s .
The two blocks total 12,000 sq.km onshore in the Republic of Guinea–s Bove basin, which has extensive presence of surface oil seeps and three known reservoir systems with fair to good reservoir parameters in both clastic sediments and carbonates. It is Management–s view that blocks 1 & 2 possess significant hydrocarbon exploration potential that supports taking an aggressive near-term exploration approach.
The following points highlight the exploration potential for Blocks 1 & 2:
Simba is set to provide 100% funding of all program costs in the first year, and 60% of all program costs thereafter.
Robert Dinning, President & CEO remarks, “We are pleased to have received formal approval of this transaction, including the right to be the operator, and can now proceed with the investment necessary to explore an asset that we believe has great exploration potential. Simba is the first Canadian company to explore for oil and gas in onshore Guinea. We will initiate the seep survey in the near future covering a number of specific target areas with known seeps.”
James Dick, P.Geol., P.Eng., Director of the Company and Qualified Person in accordance with National Instrument 51-101, has reviewed and approves the technical disclosure in this news release.
About Simba Energy Inc.
Simba Energy is a Vancouver, B.C. based oil and gas exploration company focusing on underexplored overlooked basins in its pursuit of hydrocarbon opportunities in Africa (currently Kenya, Guinea, Liberia, Mali and Ghana). These regions have shown increased promise for the development of new hydrocarbon deposits. The Company–s senior management team aims to leverage its expertise and affiliations to pursue, secure and develop strategic assets that demonstrate high potential for drilling and or production operations; and to do so in a manner of best practices and to the betterment of those communities where it operates.
ON BEHALF OF THE BOARD
Robert Dinning, President & CEO
We seek safe harbour.
To view the infographic associated with this press release, please visit the following link:
Contacts:
Simba Energy Inc.
Robert Dinning
President & CEO
604-641-4450
Mark Sommer
Toll Free: 1-855-777-4622
Lionsgate Communications
Jonathan Charles
Financial Public Relations (UK)
+44 (0)7791 892509