Taipan Resources Inc. Announces Award of Full Tensor Gravity Survey
to ARKeX Ltd. on Block 2B Onshore Kenya
NAIROBI, KENYA -- (Marketwire) -- 01/10/13 -- Taipan Resources Inc.
("Taipan" or the "Company") (TSX VENTURE:TPN) is pleased to announce
that it has contracted ARKeX Ltd. to undertake an 11,750 km Full
Tensor Gravity Gradiometry survey (FTG) over Block 2B onshore Kenya.
The survey, which will also acquire magnetic data, is expected to
commence in late January and to be completed in February 2013.
The award of the FTG survey to ARKeX Ltd. is the last contract
required to complete the work program on Block 2B during the Initial
Exploration Period. On completion of the Initial Exploration Period,
Taipan expects to enter the First Additional Exploration Period and
to drill an exploration well on Block 2B in late 2013 or early 2014.
The First Additional Exploration Period has a term of two years.
Mr. Maxwell Birley, CEO commented, "The Anza Basin is one of the
largest Tertiary-age rift-basins of the East African Rift system
which contains multi-billion barrel oil discoveries. We continue to
believe based on existing gravity, magnetic and seismic data that the
'sweet spot' of the Anza Basin is located on Block 2B. Recent
proprietary geochemistry work completed by Taipan also demonstrates
that there is excellent quality Tertiary oil-prone source rock
present in the Anza Basin in the region of Block 2B."
About Taipan Resources Inc.
Taipan Resources Inc. (TSX VENTURE:TPN) is an independent African oil
and gas exploration company with interests in 9.7 million gross oil
and gas exploration acres (39,588 km2) in Block 1 and Block 2B
onshore Kenya. Through its wholly owned subsidiary Lion Petroleum
Corp., Taipan currently holds a 100% working interest in Block 2B
(1.9 million acres / 7,807 km2) and a 20% working interest in Block 1
(7.8 million acres gross / 31,781 km2) which is operated by Afren
plc. Taipan is traded on the TSX Venture Exchange with the symbol
About ARKeX Ltd.
ARKeX is a provider of non-seismic geophysical imaging services for
the oil & gas exploration industries. It specialises in the
acquisition of multi-client and proprietary Full Tensor Gravity
Gradiometry (FTG) data. FTG surveys measure minute variations in the
earth's gravitational field to help image subsurface structures. FTG
has a much higher bandwidth and delivers a higher resolution image
than conventional gravity surveys. It can be used as a stand alone
service or in conjunction with seismic data. ARKeX can also process
and interpret conventional gravity and magnetic data as well as
brokering multi-client non-seismic data. Based in Cambridge, UK,
ARKeX has offices in Sherington, UK, and Houston, USA, and has global
operational capabilities. www.arkex.com
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.
This news release contains forward-looking statements relating to the
timing and completion of exploration programs on Block 1 and Block
2B, the future operations of Taipan and other statements that are not
historical facts. Forward-looking statements are often identified by
terms such as "will", "may", "should", "anticipate", "expects" and
similar expressions. All statements other than statements of
historical fact, included in this release, including, without
limitation, statements regarding the completion of exploration
programs on Block 1 and Block 2B, are forward-looking statements that
involve risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from Taipan's expectations are risks detailed from
time to time in the filings made by Taipan with securities
The reader is cautioned that assumptions used in the preparation of
any forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of Taipan. As a result, Taipan cannot guarantee that any
forward-looking statement will materialize and the reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect and
actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The forward-looking
statements contained in this news release are made as of the date of
this news release and Taipan will only update or revise publicly any
of the included forward-looking statements as expressly required by
Canadian securities law.
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.
Taipan Resources Inc.
Kin Communications Inc.
604-684-6730 or 1-866-684-6730
Press spacebar to pause and continue. Press esc to stop.