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Simba Energy Finds More Signs Of Oil In Guinea

Africa explorer Simba Energy (CVE:SMB) today said it has found more signs of oil in Guinea.

Through field work on Blocks 1 and 2 in Guinea's Bove basin the exploration team identified three significant oil seeps.

"Further to our site visit last summer that identified and confirmed a number of known seep areas within Block 2, these three additional seep areas, from Paleozoic rocks, are impressive and clearly the best seeps seen to date.

"They certainly increase the prospectivity of both the blocks with the presence of higher C hydrocarbons. A number of samples have been sent to the lab for analysis." Simba's chief technical officer James Dick said.

Simba told investors that as a result of these finds it will now focus its initial exploration efforts in Guinea on Block 1 and the northern part of Block 2.

And it is now planning a programme of geochemical sampling, in which it will take 2,000 samples over 1,000 kilometres.

Oil seeps can be interpreted as surface indicators that a petroleum system may exist further beneath the ground. Locating areas where oil saturates the ground can help explorers narrow in on areas for further exploration and can potentially de-risk future work programmes.

Simba holds a 60 percent operating interest in the production sharing contract in the production sharing contracts (NASDAQ:PSC) for Blocks 1 and 2 in the Bove Basin.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.