Simba Updates Kenya Ops
Simba Energy Inc. provided an operations update on its activities at Block 2A, onshore Kenya. Simba holds a 100 % interest in the Production Sharing Contract (PSC) for Block 2A.
The acquisition of passive seismic data is well underway. In addition to targeting the primary lead in Block 2A, and following the assessment of new data, the Company has now decided to increase the coverage area of the passive seismic survey five-fold from 290 square miles to approximately 1,544 square miles (750 square kilometers to approximately 4,000 square kilometers), utilizing 218 data/listening stations, as well as add a geochemical survey during this current phase of fieldwork. This area, lying within a junction of two basin trends, is believed by Simba's technical staff to be geologically analogous to the area in Block 10BB drilled by Tullow Oil plc & Africa Oil Corp.
In addition, the Company is also pleased to announce that it has formally engaged Ernst & Young LLP to advise the Company on advancing the value of this exciting asset, including a potential farm-out of Block 2A.
Hassan Hassan, Managing Director of Operations said, "Our work in the field is progressing well. This decision to expand the coverage area of passive seismic, also adding the geochem study, coupled with existing 2D, gravity and aeromagnetic surveys most definitely serves to better appraise the true extent of Block 2A's exploration potential. Further, with the considerable interest generated in the region by the recent oil discovery at Block 10BB, having Ernst & Young's Oil & Gas team sign on to help us advance this concession in the best possible manner for the Company, including a possible farm-out, is definitely another very positive step so early on."
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