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Simba Energy expands seismic survey on Kenyan onshore Block 2A

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Simba Energy (CVE:SMB) said acquisition of passive seismic data on its wholly owned Kenyan asset, onshore exploration Block 2A, is well underway.

In addition to targeting the primary lead in Block 2A, and following the assessment of new data, the company has decided to increase the coverage area of the survey from 750 square kilometres to approximately 4,000 square kilometres, 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 (LON:TLW) and Africa Oil Corp.

Simba also announced it has engaged Ernst & Young LLP to advise the company on advancing the value of this asset, including a potential farm-out of Block 2A.

Managing director Hassan Hassan said: "Our work in the field is progressing well.

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," he added.

Simba is a Pan African oil & gas exploration company focused on onshore opportunities across Africa. 

Apart from the wholly controlled Block 2A in Kenya, it has a 60 percent interest in Blocks 1 and 2, onshore Guinea and controls Block 3 in Mali. Simba also has applications pending for onshore blocks in Liberia and Ghana.

Quick facts: Simba Essel Energy Inc

Price: 0.005 CAD

TSX-V:SMB
Market: TSX-V
Market Cap: $2.01 m
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