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taipan resources inc (2TP) Snapshot

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taipan resources inc (2TP) Details

Taipan Resources Inc., through its subsidiary, Lion Petroleum Corp., engages in the business of exploring for and evaluating oil and gas resource deposits in East Africa. It operates and holds a 30% working interest in Block 2B property and a 20% working interest in Block 1 property in Kenya. The company was formerly known as Taipan Capital Corp. and changed its name to Taipan Resources Inc. in November 2009. Taipan Resources Inc. was incorporated in 2006 and is headquartered in Nairobi, Kenya.

Founded in 2006

taipan resources inc (2TP) Top Compensated Officers

Chief Executive Officer, Director and Member ...
Total Annual Compensation: $380.0K
Chairman, Chief Financial Officer and Member ...
Total Annual Compensation: C$137.5K
Compensation as of Fiscal Year 2013.

taipan resources inc (2TP) Key Developments

Taipan Resources Inc. Provides Badada-1 Well Drilling Update

Taipan Resources Inc. through its subsidiary Lion Petroleum provided the following update on drilling operations for the Badada-1 well, Block-2B, onshore Kenya. The Badada-1 well commenced drilling operations on 7 January 2015 and has been drilled to a total depth of 918 metres MDBRT intersecting a Neogene sequence. A 20-inch casing has been set at 298 metres MDBRT and the well is currently drilling ahead with the 17 1/2-inch section to the next casing point. The plan is to drill the well to a total depth of between 3,000 and 4,000 metres 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. Taipan estimates gross mean unrisked recoverable resources of 251 mmboe for Badada.

Taipan Resources Inc and Lion Petroleum Spud the Badada-1 Well, in Block 2B Onshore Kenya

Taipan Resources Inc. through Lion Petroleum announced that the GW-190 rig has spudded the Badada-1 well, in Block 2B onshore Kenya on January 7, 2015. Taipan estimates gross mean unrisked recoverable resources of 251 mmboe for Badada. The well is planned to be drilled to a total depth of between 3,000 and 4,000 metres to test Tertiary age reservoirs analogous to those in the Lokichar basin where Tullow and Africa Oil have made discoveries with best estimate unrisked gross (2C) contingent resources totaling 616 mmbbls. The Operator expects drilling to take up to 70 days to complete. During drilling, Taipan intends to provide the market with regular operational updates. The company will also provide a comprehensive update once operations on the Badada-1 well have been fully completed and analysed.

Taipan Resources Inc. Updates on Badada Well Progress and Continuation of Work

Taipan Resources Inc. announced that drilling is planned to commence within the next three to four weeks. The well is expected to take approximately 70 days to drill and gross well costs are estimated at USD 20 to USD 25 million. The company also provided an update with respect to the temporary injunction served on its Lion Petroleum Inc. ("Lion") on November 17, 2014, temporarily preventing work from continuing on the Badada-1 well onshore Kenya. Since the application was lodged in November, by the instructions of the Court contained in the temporary injunction, work on site was only delayed by 3 days. The Badada-1 well will test analogous geology to the Lokichar Basin where Tullow Oil and Africa Oil have made multiple oil discoveries and continue to unlock the potential of the Tertiary Rift sequence. The well is designed to test Tertiary age reservoirs at depths ranging from 1,500 and 3,500 metres. Taipan estimates gross mean unrisked prospective resources of 251mmboe (Source: Sproule International Limited NI 51-101 ("Sproule") February 2014) for Badada-1. In the event of success with the Badada-1 well, it is envisaged that Taipan and its partners will test the upside potential in Block-2B with multiple follow-on prospects and leads in a Tertiary sequence analogous to the Tertiary discoveries in Block 10BB and 13T of the Lokichar Basin.


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