Taipan Resources Inc., through its Kenya-based subsidiary Lion Petroleum, is pleased to provide the following update on drilling operations for the Badada-1 well, Block-2B, onshore Kenya.
The Badada-1 well commenced drilling operations at 14:00 GMT on 7 January 2015 and has been drilled to a total depth of 918 metres MDBRT (Measured Depth Below the Rotary Table) intersecting a Neogene sequence. A 20-inch casing has been set at 298 metres MDBRT and the well is currently drilling ahead with the 17 1/2-inch section to the next casing point. The plan is to drill the well to a total depth of between 3,000 and 4,000 metres in order to test primary targets in Tertiary age reservoirs. Lion, the operator on Block-2B, expects the well to take up to 70 days to complete.
The Company will provide further operational updates as the Badada-1 well progresses. A comprehensive update will also be provided once operations on the Badada-1 well have been fully completed and analysed."
Taipan estimates gross mean unrisked recoverable resources of 251 mmboe (Source: Sproule International Limited (1), February 2014) for Badada.
(1) Sproule completed an updated independent assessment of the company's prospective resources on block 2B with an effective date of Dec. 31, 2013. The independent assessment was carried out in accordance with the standards established by the Canadian Securities Administrators in National Instrument 51-101 -- Standards of Disclosure for Oil and Gas Activities.
About Taipan Resources Inc.: Taipan Resources Inc. (TSX VENTURE:TPN)(OTCQX:TAIPF) is an independent, Africa-focused oil exploration company with interests in Block 1 and Block 2B onshore Kenya through its wholly owned subsidiary Lion Petroleum Corp.
Taipan operates and holds a 30% working interest in Block 2B (1.35 million acres / 5,464 km2) and a 20% working interest in Block 1 (5.497 million acres / 22,246 km2) which is operated by East Africa Exploration (Kenya) Ltd, a subsidiary of Afren plc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the targeted results. The Company relies upon litigation protection for forward looking statements.
By definition of the COGC Handbook - "Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered." Further the Handbook states - Caution (per NI 51-101/5.9(2)(v)(B)) - "There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources." In addition, per NI 51-101/5.6 "the estimated values disclosed do not represent fair market value."