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simba energy inc (SMB) Details

Simba Energy Inc. explores and develops oil and gas properties in Africa. The company has a 100 % interest in the production sharing contract for Block 2A that covers an area of 7,801.72 square kilometers and is located in Mandera Basin, northeast Kenya; and a 60% interest in the production sharing agreement for Blocks 1 and 2 comprising 12,000 square kilometers and is located onshore in Bove basin, Guinea. It also has a production sharing contract for three oil and gas blocks in the Doba, Doseo, and Erdis basins, Chad. The company was formerly known as Gold Star resources Corp. and changed its name to Simba Energy Inc. in February 2010. Simba Energy Inc. is headquartered in Vancouver, Canada.

simba energy inc (SMB) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: C$120.0K
Chief Financial Officer
Total Annual Compensation: C$48.0K
Managing Director of Operations and Director
Total Annual Compensation: C$120.0K
Compensation as of Fiscal Year 2013.

simba energy inc (SMB) Key Developments

Simba Energy Inc. Announces Operating Results from its Block 2A Concession in Keny

Simba Energy Inc. announced it is in receipt of Bell Geospace's final report and results from their aerial FTG (Full Tensor Gradiometry) survey analysis and interpretation at it's Block 2A concession in Kenya. In summary the results have identified five structural features with independent closures varying in size from 30kms² to +100kms² in both the Mandera and Anza basins. Given the FTG results, the Company is able to better focus and narrow the area and extent of the now planned 2D seismic program necessary to further develop drilling locations. The planned seismic program will focus on the three ranking & sizeable targets identified by the FTG in both basins. The map provided below highlights the FTG survey's results. The FTG results will inform the design and planning to acquire 2D seismic over the specific FTG anomalies observed in both basins. An area in the Mandera basin that covers the two sizeable `primary' and one `secondary' target areas designated as M1 & M3 (prospects) and M2 (lead) is estimated to require +/-175 line kilometers, while an additional 100 kms are estimated for the Anza basin to cover leads A1, A4 and A5. Simba's Block 2A concession covers an area of over 7,800 km² that overlies portions of two very prospective basins, each with proven hydrocarbon systems: The Mandera basin where the Tarbaj oil seep (just to the north of Block 2A's northern boundary) has confirmed marine origin source rocks deeper in the basin in Lower /Mid Jurassic formations, and; the Anza basin, one of the Tertiary-age rift basins in the East African rift system and with a geological setting similar to the South Lokichar basin where Africa Oil and Tullow have recently had significant discoveries.

Simba Energy Inc. Confirms Numerous Targets on Block 2A, Kenya

Simba Energy Inc. announced the completion of the flight program portion of the FTG (Full Tensor Gradiometry) survey underway at Block 2A, Kenya, where Simba holds a 100% interest. Preliminary data has identified 11 high ranking and sizeable anomalies in the portions of the Mandera (5) and Anza (6) basins lying within Simba’s concession. Bell Geospace’s technology package for Gravity Gradiometry has resulted in preliminary images of these gravity anomalies. Final interpretation of the data collected from the FTG survey areas covered in Block 2A is expected before the end of July 2014. Additional interpretation and modeling will incorporate existing 2D seismic and drill logs that can further enhance the FTG results. The Mandera basin: Within the Company’s primary coverage area, the FTG has identified five structural features with independent closures varying in size from 30kms² to +100kms². The largest, having 2D seismic 4 way structural closure and excellent correlation with the FTG and earlier passive seismic survey, is an excellent prospect. The remaining features consist of two "string of pearl type" leads and two FTG structures which are supported by previous passive seismic results. Three prominent gravity lows indicative of thickened sediment packages are juxtaposed alongside the prominent gravity highs. The Anza basin: In addition to these preliminary FTG results, the Company is also in receipt of initial interpretations for the 46 line kilometers of 2D seismic previously acquired within Block 2A by Taipan Resources. Having assessed these two complimentary data sets, management is pleased to confirm two plays along the concessions boundary as northern portions of two high ranking prospects already identified in Block 2B. Approximately one third (+/- 40kms²) of the Badada prospect’s primary area of focus lies north of the concession boundary between Simba’s Block 2A and Block 2B (held by Taipan Resources - w/30% interest after farm-out). The first exploration well to test the potential at this prospect is planned to commence Q4-14 (Taipan, May 2014). 10 kms west of Badada, the northern extents of the RFB-4 prospect (Taipan, May 2014) as shown on the 2D structural interpretation also lies within Block 2A. To the northwest of Badada and RFB-4 prospects, further refined FTG data strongly demonstrates three other high ranking structures lying within the large basinal structure. The basinal structure appears complex with the revealing of a series of gravity highs along strike from a similar response over RFB-4. These are juxtaposed with a series of fragmented gravity lows that form a sharp boundary with the Anza basin bounding fault on their eastern side.

Simba Energy Inc. Announces Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended March 31, 2014

Simba Energy Inc. announced consolidated unaudited earnings results for the third quarter and nine months ended March 31, 2014. For the quarter, the company reported operating loss of CAD 164,629 compared with CAD 768,190 for the same period a year ago. Net loss and comprehensive loss for the period was CAD 164,535 compared with CAD 766,704 for the same period a year ago. For the nine months, the company reported operating loss of CAD 960,739 compared with CAD 3,096,798 for the same period a year ago. Net loss and comprehensive loss for the period was CAD 981,365 compared with CAD 3,084,282 for the same period a year ago. Cash flows used in operating activities was CAD 338,493 compared with CAD 2,536,700 for the same period a year ago.


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