Taipan Resources Inc. Announces Commencement of 2D Seismic Data
Recording on Block 2B Onshore Kenya
NAIROBI, KENYA -- (Marketwire) -- 01/17/13 -- Taipan Resources Inc.
("Taipan" or the "Company") (TSX VENTURE:TPN) is pleased to announce
that 2D seismic data recording commenced on Block 2B onshore Kenya on
January 13th, 2013.
As previously announced, Taipan's wholly owned subsidiary Lion
Petroleum Corp. awarded a contract to BGP to acquire the 2D seismic
data on the 15th of November 2012. BGP mobilized its crew number 8638
E and started camp construction on the 29th of November 2012. A
number of sensitization meetings have also been held with the local
community in regards to the 2D seismic survey on Block 2B.
Line surveying of Block 2B commenced on the 28th of December 2012 and
recording of 2D seismic data commenced on the 13th of January 2013.
Taipan expects to acquire a minimum of 400 kilometers of 2D seismic
data during Q1 2013. The data from the survey will be processed and
interpreted, in conjunction with the FTG survey and existing data, to
determine the location of Taipan's first exploration well on Block
2B. Taipan expects to drill its first well on Block 2B in late 2013
or early 2014.
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. Initial stack 2D
seismic data on Block 2B also looks very encouraging."
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
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
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