NEWS RELEASE TRANSMITTED BY Marketwired
FOR: Taipan Resources Inc.
TSX VENTURE SYMBOL: TPN
OTCQX SYMBOL: TAIPF
JUNE 25, 2014
Taipan Resources Inc. Comments on Sala-1 Discovery
NAIROBI, KENYA--(Marketwired - June 25, 2014) - Taipan Resources Inc.
("Taipan" or the "Company") (TSX VENTURE:TPN)(OTCQX:TAIPF),
Comments On Africa Oil Corp's ("Africa Oil") Announcement of a
Discovery in Sala-1 well.
On June 24, 2014, Africa Oil announced a gas discovery in the Sala-1 Well on
Block 9, Kenya in which operator Africa Oil shares a 50% interest with its
partner Marathon Oil.
The Sala-1 well is located approximately 60 kilometres from Taipan's
Badada prospect, on Block 2B (Taipan: 30% working interest), which is expected
to spud in late 2014 or early 2015. In its press release, Africa Oil reported
that Sala-1 was drilled to a depth of 3,030 metres and encountered an upper
gas-bearing interval where they tested dry gas at a maximum rate of six million
cubic feet per day from a 25-metre net pay interval.
Paul Logan, Exploration Manager at Taipan, commented: "The announcement of
a gas discovery with associated oil shows in Sala-1 has significantly de-risked
the prospectively of the Anza Basin. Sala-1 is believed to have tested a
Cretaceous rollover structure against the Lagh Bogal Fault in a similar
position to the Badada prospect, but at a much deeper stratigraphic level.
Badada-1 will test an as yet, undrilled thick Tertiary sequence of probable
Miocene age, similar to that present in the Kingfisher Field in the Albert
Basin of Uganda and the Tertiary discoveries of the Lokichar basin in Kenya.
The anticipated 3,000 metres of Tertiary section is expected to contain both
source and reservoir intervals. The presence of oil shows in Sala-1 suggests
that an oil source could also be present in the Cretaceous section at
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.
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. 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.
By definition of the COGC Handbook - "Undiscovered resources are those
quantities of oil and gas estimated on a given date to be contained in
accumulations yet to be discovered." Further the Handbook states - Caution
(per NI 51-101/5.9(2)(v)(B)) - "There is no certainty that any portion of
the resources will be discovered. If discovered, there is no certainty that it
will be commercially viable to produce any portion of the resources." In
addition, per NI 51-101/5.6 "the estimated values disclosed do not
represent fair market value."
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
FOR FURTHER INFORMATION PLEASE CONTACT:
Taipan Resources Inc.
Kin Communications Inc.
604-684-6730 or 1-866-684 6730
(Europe) +44 (0) 20 7016 9570
INDUSTRY: Manufacturing and Production - Mining and Metals
-0- Jun/25/2014 17:18 GMT
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