Simba Energy Inc. : Simba Energy Updates on Kenya Block 2A
VANCOUVER, BC -- (Marketwire) -- 03/02/12 -- Simba Energy Inc. (the 'Company')
(TSXV: SMB, Frankfurt: GDA, OTCQX: SMBZF) is pleased to provide an update
on its
assessment and exploration activities on Block 2A in Kenya and as
highlighted by
the following:
* Work progressing ahead of schedule
* Two exploration leads already identified early in the study
* Positive industry developments in the region
* Tullow and Africa Oil to commence drilling in Kenya close to Block 2A
In addition to the project's Environmental Impact Assessment (EIA) being
completed, approved by management, and submitted to the oil ministry, the
Company has also been successful in obtaining all the past geophysical data
relevant to Block 2A which has allowed the work program already approved by
the
ministry to be accelerated that includes a passive seismic survey now
anticipated to begin early April.
The reprocessing of select 2D lines has been completed while all other
seismic
lines have been scanned and vectorized into digital format. Existing
gravity
and magnetic data has also been reprocessed and is now being interpreted in
conjunction with the seismic work. Further, two exploration leads have
already
been identified in these early stages of the study.
Robert Dinning, President & CEO remarks, 'Having progressed this well early
on
sure helps the Company gain some traction. While this passive seismic
program
we plan to carry out will definitely help in deciding how we focus our next
efforts our technical team has done a great job in compiling and completing
the
information to be considered for both a NI 51-101 technical report and
Competent
Persons Report (CPR) that we anticipate will be completed in these coming
weeks. It sure is encouraging to see such positive results come from this
region in these past number of weeks. There's no question things are
heating up
in the area so we're looking forward to maintaining our aggressive pace on
the
ground in Kenya. Management and our technical staff have remained very
active
evaluating other assets within the region for the Company to target and
secure
so things are ramping up for us in other areas as well.'
Additionally, the Company announces it has arranged, subject to the
approval of
the TSX Venture Exchange, a non-brokered private placement of up to
37,500,000
units at $0.08 per unit for total gross proceeds of up to $3,000,000. Each
unit
consists of one common share and one share purchase warrant exercisable
into one
additional common share for two years from the date of issue at a price of
$0.16
per share. The proceeds of the private placement will be used for advancing
the
PSC's and general working capital. Finder's fees may be payable in whole or
part on the private placement in accordance with the policies of the TSX
Venture
Exchange.
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 Liberia, Mali, Guinea and Kenya). 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.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Simba Energy Inc. via Thomson Reuters ONE
[HUG#1590824]
For further information contact
Simba Energy Inc.
604-641-4450
www.simbaenergy.ca
Email Contact
or Mark Sommer
Toll Free: 1-855-777-4622.
