Taipan Resources Inc. Comments on Sala-1 Discovery
June 25 2014 - 1:18PM
Marketwired
Taipan Resources Inc. Comments on Sala-1 Discovery
NAIROBI, KENYA--(Marketwired - Jun 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 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
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 securities law.
Taipan Resources Inc.Joel
DumaresqDirector604-336-3193jdumaresq@taipanresources.comwww.taipanresources.comKin
Communications Inc.Investor Relations604-684-6730 or 1-866-684
6730TPN@kincommunications.comwww.kincommunications.comVigo
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9570www.vigocomms.com