Simba Energy Inc. 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 (Le Ministere des Mines et de la Geologie).

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. It is Management's view that blocks 1 & 2 possess significant hydrocarbon exploration potential that supports taking an aggressive near-term exploration approach.

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