NAIROBI, KENYA--(Marketwired - Feb. 13, 2014) - Taipan Resources Inc. ("Taipan" or the "Company") (TSX VENTURE:TPN) is pleased to announce that an updated independent assessment of the Company's prospective resources on Block 2B has been completed by Sproule International Limited ("Sproule"). The independent assessment was carried out in accordance with the standards established by the Canadian Securities Administrators in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The effective date of the report is December 31, 2013.
The total estimated Mean Gross Unrisked Prospective Resources on Block 2B in the report has increased by 388 percent to 1,593 MMBOE from 410.4 MMBOE.
The Pearl-1 prospect, that is expected to be drilled later this year, has been estimated by Sproule to have Mean Gross Unrisked Prospective Resources of 251 MMBOE.
The total estimated Mean Gross Unrisked Prospective Resources on Block 2B is based on 19 exploration leads as summarized in the table below. The estimated Mean Gross Unrisked Prospective Resources for the top six leads of Block 2B (Leads 1, 2, 3, 4, 5, and 8) total 960 MMBOE.
Premier Oil plc is carrying Taipan through the cost of the work program for the First Additional Exploration Period on Block 2B. This includes the drilling and testing of the Pearl-1 prospect. Taipan holds a 45% interest in Block 2B and is the operator during the exploration phase with Premier having the right to assume operatorship of any development.
To view the table associated with this press release, please visit the following link: http://media3.marketwire.com/docs/TPNTable21314.jpg.
About Taipan Resources Inc.
Taipan Resources Inc. (TSX VENTURE:TPN) 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 45% 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.
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 and include, but are not limited to, statements with respect to estimates of resources, future drilling and other exploration activities, and ultimate recovery of resources. 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. Statements concerning resource estimates constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the resources can be economically exploited.