Taipan Resources Inc. Comments on Sala-1 Discovery
NAIROBI, KENYA -- (Marketwired) -- 06/25/14 -- 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 Badada-1."
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
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.
Taipan Resources Inc.
Kin Communications Inc.
604-684-6730 or 1-866-684 6730
(Europe) +44 (0) 20 7016 9570
Press spacebar to pause and continue. Press esc to stop.