Tickers: PINX:SMBZF, XTSX:SMB
Tags: Oil & Gas
Vancouver, British Columbia / TheNewswire / November 3, 2017 - SIMBA E Energy Inc. (the "Company") (TSX Venture: SMB) (Frankfurt: GDA) (OTCQX: SMBZF) is pleased to announce that Sproule International Limited has completed a NI 51-101 report for Block 2A in Wajir, Kenya. Sproule's report consists of an assessment of prospective resources of the Company's interests within the Block 2A in the Mandera Basin in Kenya. This report was prepared to assess the Company's P&NG resources according to definitions that are consistent with the standards of National Instrument 51-101.
Five main horizons were identified in the interpretation. The youngest of these, Ken 6 is interpreted to be lower Jurassic (Liassic) in age. Four other deeper seismic markers of uncertain age were also evaluated. These horizons are from youngest to oldest, Ken 5 (Triassic), Post-Rift, Upper Syn-Rift, Lower Syn-Rift and Basement.
Twenty-nine leads and prospects have been mapped seismically at the Ken 5, Upper Syn-Rift and Lower-Syn-Rift levels. In conjunction with areas defined on these horizons and reservoir parameters defined from possible analogs, low, best, and high estimates of undiscovered petroleum in-place and prospective resources have been calculated. Most of the structural closures can be classified as three-way dip closures bounded by extension faults. In addition, there were number of structural closures in the form of pinching out and four-way dip closures. In total the gross unrisked undiscovered petroleum initially in-place is 437.7 MMboe.
The portion of the Mandera Basin underlying Block 2A is prospective as it exhibits a petroleum system with a trend of improving reservoir quality upwards in the possible hydrocarbon bearing leads and prospects. Also, the passive seismic which responds to reservoir quality to produce a response also indicates a continuous systemic profile of improving quality. Passive Seismic is an indictor of hydrocarbons and is used in places like Alberta (Canada) to monitor hydrocarbon front movement in water floods projects.
The agreement between the various reserve parameters over the prospects in terms of contacts and areal extant suggests migration has occurred. The Tarbaj oil seep located immediately north of Block 2A suggests the presence of an active petroleum system with oil migrating up dip and being biodegraded as it raises to the surface.
Many of the prospects and leads are coincidental to the same structural event and are stacked one on top of the other. This means a single well can evaluate 2 or 3 prospects or leads. The Company is contemplating additional seismic to further detail prospects and to choose the best location for drilling. Objective is to develop a dual or triple prospect location.
The Company plans to drill an exploration well of approximately 3,000 metres in 2018 in Block 2A to test two or more intervals. This well would fulfill the first part of its drilling commitment to the production sharing contract on Block 2A.
James Dick, P.Geo., P.Eng., Chief Technical Officer of the Company, and a Qualified Person in accordance with National Instrument 51-101, has reviewed and approves the technical disclosure in this news release.
About Essel Group Middle East (EGME)
EGME is a diversified conglomerate operating primarily in the Europe, Middle East, Africa and Asia pacific region. EGME is part of Essel Group, the Indian multinational conglomerate operating in a broad spectrum of industries including media, packaging, infrastructure and technology. Building on Essel Group's 90-year history of developing and promoting businesses, EGME is leading the Group's regional expansion and currently operates subsidiary businesses in the natural resources, energy, industrial supply and logistics, education and financial services sectors. For further information, please visit www.esselgroupme.com
About Simba Essel Energy Inc.
Simba provides investors with well positioned exposure to oil and gas exploration in key areas of Africa with active onshore PSC in Kenya, final negotiations for a new PSC in Guinea, a new Hydrocarbon Reconnaissance Permit in Liberia and PSCs under negotiations in Chad and Ghana. Simba's mission is to focus on onshore oil and gas potential in areas that are under-developed or not previously exploited. For further information, please visit: www.simbaenergy.ca.
On behalf of he Board of Directors,
President and Director
For further information, contact: Mark Sommer at +1-604-629-9647 or
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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