Reports on Liberian Oil Seep Survey
(Thomson Reuters ONE) -
Simba Energy Inc. / Reports on Liberian Oil Seep Survey processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
April 13, 2010, Vancouver, B.C., Canada - Simba Energy Inc. (the "Company")
(TSX.V - SMB, Frankfurt - GDA) advises it has submitted its Oil Seep Survey
Report for the Field Reconnaissance Work undertaken in January, 2010, to the
National Oil Company of Liberia (NOCAL). In accordance with requirements in its
Onshore Hydrocarbon Reconnaissance License NR-001, the Company's report
concludes as follows:
The Bassa Basin area is either deep enough for maturation of desired
hydrocarbons or connected to the offshore sediments. The entire Seep Survey area
can be regarded as one continuous seep, as the survey encountered multiple seeps
in 9 separate localities. Also, under calm conditions such as early morning, an
oil sheen is seen on all the rivers within the entire area of the seep survey.
The presence of a hydrocarbon profile and the widely reported kerosene smell
indicates the bubbles seen at all seeps are not swamp gas. Additionally, in
order to address concerns about fuel contamination from the Robertsport
International Airport situated on the licensed area, the lab report stated
that heavy hydrocarbons (C30) were present and not refined kerosene.
James Dick, Director, Geologist, and a qualified person, advises "The high
volatile oil associated with the seeps is a strong indication of mature oil. The
onshore basin is either deep enough to have temperature and pressure levels
capable of maturation or migration has come from offshore sediments." Mr. Dick
recommends that future work be concentrated on obtaining subsurface
stratigraphic data with a seismic survey program and the Company has requested
approval from NOCAL that a seismic survey program be undertaken in the next
phase of the reconnaissance program.
The Company is proceeding with application to convert its Onshore Hydrocarbon
Reconnaissance License NR-001 into a formal Production Sharing Contract as the
Company will then be positioned to either carry out the seismic on its own, or
consider other options.
Management continues its stated policy to grow the Company with a strategy
focused on the acquisition of other key resource assets throughout the continent
of Africa and elsewhere. Simba Energy Inc. President and CEO Robert Dinning
added, "I am encouraged with the efficient pace these results will bring to this
potentially high impact play. Since our new strategic focus and name change in
January, 2010, Simba Energy Inc. will continue to emphasize increased
shareholder value throughout 2010 and beyond."
The technical information in this news release has been prepared in accordance
with the Canadian regulatory requirements set out in National Instrument 51-101
and reviewed on behalf of the Company by Jim Dick, a qualified person and a
Director of the Company.
On Behalf of the Board,
"Robert Dinning", President and CEO
For further information, contact Robert Dinning, President and CEO of the
Company at:
rdinning(at)simbaenergy.ca
641-4450 Facsimile: (604) 669-9335
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
[HUG#1402836]
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Simba Energy Inc.
1130-789 West Pender Street Vancouver, British Columbia Canada
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
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Datum: 13.04.2010 - 03:04 Uhr
Sprache: Deutsch
News-ID 1012767
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