Business
Simba Energy Inc. Applies for Production Sharing Agreement (PSA) on 22,500 sq. km Block 3 in Mali’s Taoudeni Basin
Simba Energy Inc. Applies for Production Sharing Agreement (PSA) on 22,500 sq. km Block 3 in Mali’s Taoudeni Basin.
About this update from Simba Essel Energy Inc
[{"type":"text","content":"December 13, 2010, Vancouver, British Columbia, Simba Energy Inc. (TSX.V: SMB) (the “Company” or “Simba”) is pleased to announce it has submitted an application for a (hydrocarbon) Production Sharing Agreement (PSA) on Block 3 in Mali, West Africa. The block consists of a 22,500 square kilometre parcel entirely within the central part of the 1.4 million square kilometer Taoudeni Basin that straddles the north/south boundary with Mauritania. Block 3’s western boundary lies on the border with Mauritania where Total SA (NYSE – TOT) recently announced a discovery.Substantial seismic and exploration was carried out on Block 3 in recent years. The consensus amongst petroleum industry experts in the region is that the basin’s perimeter strongly demonstrates a Silurian source kitchen (as evidenced with black shales in the Carboniferous and sedimentary extents of the depression’s perimeter). Significant natural gas and oil occurrences from several wells drilled in the area are documented in scientific publications. Total Organic Content (TOC) reported in the Taoudeni Basin varies from 5 to 20%. All four wells drilled in the basin from 1974 through to 1985 (Ouassa and Abolag in Mauritania, Yarba and Atouila in Mali) resulted in Hydrocarbon showings, indicative of the infracambrian stromatolitc limestone petroleum system and with source rocks composed of paleozoic black shales. Robert Dinning, President & CEO, remarks, “After many months of work assessing and pursuing this asset, we are pleased to have submitted this application. The Taoudeni Basin is the largest underexplored basin for petroleum in West Africa. Eni S.p.A. (NYSE – E) carried out extensive seismic exploration over the entire concession area. In our assessment we have concluded Block 3 represents some of the strongest potential amongst the available blocks. We look forward to the next stage in the application’s review process.”James Dick P.Geo., P.Eng., Director of the company, is a Qualified Person in accordance with National Instrument 51-101, and has reviewed and accepts the technical disclosure of this press release. “Robert Dinning”President and CEOSimba Energy Inc.For more information, contact:Suite 1128 - 789 West Pend...