Taipan Resources Inc.

Taipan Resources Inc.

February 03, 2014 11:03 ET

Taipan Resources Inc. Announces Update on the 220 Million Barrel Pearl Oil Prospect

NAIROBI, KENYA--(Marketwired - Feb. 3, 2014) - Taipan Resources Inc. ("Taipan" or the "Company") (TSX VENTURE:TPN) is pleased to announce that BGP has commenced the acquisition of further 2D seismic data on Block 2B, onshore Kenya. The data acquired will be used to finalize the drilling location for the Pearl-1 prospect.

BGP has been contracted to provide an additional 178.75 km of 540 fold 2D seismic data. The seismic program is expected to be completed by the end of February.

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. Premier Oil plc is carrying Taipan through the cost of the work program for the First Additional Exploration Period on Block 2B with a total gross cost of up to $29.5 million. This includes the drilling and testing of the Pearl-1 prospect.

Mr. Maxwell Birley commented, "The Pearl-1 exploration well will target a Tertiary prospect that is in a similar geological setting to Tullow's Ngamia, Twiga, Ekales, Agete and Amosing discoveries. The Anza Basin is one of the largest Tertiary-age rift-basins in the East African Rift systems that together contain multi-billion barrel oil discoveries. We believe that the 'sweet spot' of the Anza Basin is located on Block 2B."

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 / 5,464km2) 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. 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.

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