Petroleum Africa
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Friday, January 16, 2015
Simba Energy Inc. reported that onshore Blocks 1 & 2 in Guinea was the subject of a Joint Committee meeting held between officials from OGRPP (de l’Office Guineen de Recherche et de Promotion Petrolieres) and Simba. The meeting was held to review the status of the PSA and update the Joint Committee on the work program carried out by Simba for the current exploration period.
Simba said it has fulfilled all requirements and work obligations to date on the blocks and has also received OGRPP’s consent to release the results of the 2013 geochemical sampling program completed as part of a second phase of work after the initial seep survey in 2012. It also collected 1,550 geochemical samples on 500 meter spacing over 29 traverses that covered an extensive portion of the concession. Actlabs (Ancaster, Ontario) carried out sample testing and mapping of these results using their Soil Gas Hydrocarbon (SGH) analyses. According to the company results were very positive, identifying six separate and sizeable prospective target areas.
Of the two areas identified, T1 (700+kms?) & T2 (+/-200kms?), were ranked highly by Actlabs, at a 5.5 out of a possible 6.0 for T1 and 4.0 out of a possible 6.0 for T2, as being related to an oil play and clearly demonstrating an excellent relationship between potential traps and source rock. The entire concession area covering Block 1 and 2 lies within a key portion of the Bove Basin that hosts Silurian shales and an extensive active petroleum system.
“This SGH survey and the seep reconnaissance independently confirm the presence of an active petroleum system and supports an excellent source to trap relationship as well as the possibility of a very large and relatively shallow petroleum system. It is planned to conduct a comprehensive FTG survey on the best two leads while also getting coverage over other targets. 2D seismic will then be acquired over the most interesting features. We will look to pursue this exploration work as early as possible,” remarked Simba Block 1 and 2’s Chief Technical Officer and Director.
This FTG (Full Tensor Gradiometry) will be modeled on the FTG program that the company recently executed on Block 2A in Kenya, where the data produced valuable/visible results that confirmed a number of significant leads and prospects which are now targeted for further 2D seismic to finalize drilling locations.
“These are very positive results for an asset we’ve always maintained best underscores our portfolio strategy, to focus on underexplored large world class onshore basins that offer potential for very large reserves of conventional oil and low production costs. In light of these current market conditions that are rationalizing the competitiveness of these higher cost unconventional supplies, Simba’s portfolio represents exactly what the market will be looking for going forward. Consequently our farm-out negotiations continue to advance accordingly,” stated Robert Dinning, President & CEO.
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