Taipan Resources Inc. ("Taipan", "the Company"), through its Kenya-based subsidiary Lion Petroleum ("Lion"), 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 1,647 metres MDBRT (Measured Depth Below the Rotary Table). A 13 3/8- inch casing has been successfully run to 1,644 metres MDBRT and cemented in the 17 1/2-inch hole and the well is currently preparing to drill ahead with the 12 1/4 -inch hole section to the next casing point which is expected to be at TD. The well is planned to be drilled to a total depth of between 3,000 and 4,000 metres in order to test primary targets in Tertiary age reservoirs. The well is expected to take up to 70 days from spud to completion.
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 un-risked 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.