Taipan Provides Drilling Update on Badada-1 Well in Kenya's Block 2B

Taipan Resources Inc. (Taipan, the Company), through its Kenya-based subsidiary Lion Petroleum (Lion), provided Wednesday 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 Jan. 7 and has been drilled to a total depth of 3,011 feet (918 meters) MDBRT (Measured Depth Below the Rotary Table) intersecting a Neogene sequence. A 20-inch casing has been set at 977 feet (298 meters) MDBRT and the well is currently drilling ahead with the 17.5-inch section to the next casing point. The plan is to drill the well to a total depth of between 9,842 and 13,123 feet (3,000 and 4,000 meters) 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 analyzed."

Taipan estimates gross mean unrisked recoverable resources of 251 million barrels of oil equivalent (Source: Sproule International Limited, February 2014) for Badada.


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