I've just been on my first patrol south past Gibraltar and then out west of the Canaries, January/February 1940, and have found the area in and around grids DH71/72 an excellent hunting ground. The convoy lanes out of Sierra Leone go right through there, some convoys seem to be heading for England and some turn ENE and cut between Madeira and the Canaries en route to Gibraltar.
Hit one convoy when I first got there that had no warship escort and nothing but an armed freighter for protection. Bagged two large merchants and two ore carriers.
After resupply at Corrientes I swung back around to patrol the same area while working my way north and home. Intercepted another convoy that had one DD escort and another armed freighter - took out the destroyer and then got a 8000+ ton tanker and three ore carriers.
I've taken down over 70000 GRT, I think, in less than a month of patrolling in that region. Plus in the time I've been down there I've had reports of two other convoys coming along the same route, only I didn't have the ammo left to go after them.