NAIROBI, KENYA -- (Marketwire) -- 01/17/13 -- Taipan Resources Inc. ("Taipan" or the "Company") (TSX VENTURE: TPN) is pleased to announce that 2D seismic data recording commenced on Block 2B onshore Kenya on January 13th, 2013.
As previously announced, Taipan's wholly owned subsidiary Lion Petroleum Corp. awarded a contract to BGP to acquire the 2D seismic data on the 15th of November 2012. BGP mobilized its crew number 8638 E and started camp construction on the 29th of November 2012. A number of sensitization meetings have also been held with the local community in regards to the 2D seismic survey on Block 2B.
Line surveying of Block 2B commenced on the 28th of December 2012 and recording of 2D seismic data commenced on the 13th of January 2013. Taipan expects to acquire a minimum of 400 kilometers of 2D seismic data during Q1 2013. The data from the survey will be processed and interpreted, in conjunction with the FTG survey and existing data, to determine the location of Taipan's first exploration well on Block 2B. Taipan expects to drill its first well on Block 2B in late 2013 or early 2014.
Mr. Maxwell Birley, CEO, commented, "The Anza Basin is one of the largest Tertiary-age rift-basins of the East African Rift system which contains multi-billion barrel oil discoveries. We continue to believe based on existing gravity, magnetic and seismic data that the 'sweet spot' of the Anza Basin is located on Block 2B. Recent proprietary geochemistry work completed by Taipan also demonstrates that there is excellent quality Tertiary oil-prone source rock present in the Anza Basin in the region of Block 2B. Initial stack 2D seismic data on Block 2B also looks very encouraging."
About Taipan Resources Inc.
Taipan Resources Inc. (TSX VENTURE: TPN) is an independent African oil and gas exploration company with interests in 9.7 million gross oil and gas exploration acres (39,588 km2) in Block 1 and Block 2B onshore Kenya. Through its wholly owned subsidiary Lion Petroleum Corp., Taipan currently holds a 100% working interest in Block 2B (1.9 million acres / 7,807 km2) and a 20% working interest in Block 1 (7.8 million acres gross / 31,781 km2) which is operated by Afren plc. Taipan is traded on the TSX Venture Exchange with the symbol TPN.
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.
This news release contains forward-looking statements relating to the timing and completion of exploration programs on Block 1 and Block 2B, the future operations of Taipan and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the completion of exploration programs on Block 1 and Block 2B, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Taipan's expectations are risks detailed from time to time in the filings made by Taipan with securities regulations.
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.
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.
Taipan Resources Inc.
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