Simba Energy Inc. 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.