Taipan Resources Inc. (Taipan, the Company), through its Kenya-based subsidiary Lion Petroleum (Lion), revealed Wednesday that the GW-190 rig has spud the Badada-1 well in Block 2B onshore Kenya at 14:00:00 (2:00 pm) GMT Jan. 7.
Taipan estimates gross mean unrisked recoverable resources of 251 million barrels of oil equivalent (MMboe) (Source: Sproule International Limited*, February 2014) for Badada. The well is planned to be drilled to a total depth of between 9,842 and 13,123 feet (3,000 and 4,000 meters) to test Tertiary age reservoirs analogous to those in the Lokichar basin where Tullow and Africa Oil have made discoveries with best estimate unrisked gross (2C) contingent resources totaling 616 million barrels (Africa Oil Corp. Corporate Presentation dated September 2014). The Operator expects drilling to take up to 70 days to complete.
During drilling, Taipan intends to provide the market with regular operational updates. The Company will also provide a comprehensive update once operations on the Badada-1 well have been fully completed and analyzed.
Maxwell Birley, CEO, commented: "The spudding of the Badada-1 well is an important milestone for both Taipan and Lion Petroleum. Since acquiring the Kenya-based assets of Lion, the Taipan team has identified the Badada prospect after acquiring two seismic surveys on Block 2B, building on legacy data from an earlier period of exploration, and then successfully financed the drilling through a combination of capital raises and farm downs. We, along with our partners, Tower Resources and Premier Oil, are extremely excited about the opportunity that Badada presents as a potential play opener which could generate considerable upside from a follow-on exploration program."
*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. 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 percent working interest in Block 2B (1.35 million acres / 5,464 square kilometers) and a 20 percent working interest in Block 1 (5.497 million acres / 22,246 square kilometers) which is operated by East Africa Exploration (Kenya) Ltd, a subsidiary of Afren plc.
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