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Simba Energy Inc. (TSX VENTURE: SMB) (FRANKFURT: GDA)(OTCQX: SMBZF), announced on May 24 that it has received final approval for 60% of the Production Sharing Contract (PSC) in blocks 1 & 2 onshore Guinea from the Republic of Guinea's Minister of Mines and Geology.
The two blocks total 12,000 sq. km onshore in the Republic of Guinea's Bove basin, which has extensive presence of surface oil seeps and three known reservoir systems with fair to good reservoir parameters in both clastic sediments and carbonates.
Simba management thinks that blocks 1 & 2 possess significant hydrocarbon exploration potential that supports taking an aggressive near-term exploration approach.