NAIROBI, KENYA -- (Marketwire) -- 03/20/13 -- Taipan Resources Inc. ("Taipan" or the "Company") (TSX VENTURE: TPN) is pleased to announce that 439 km of 2D seismic data has been acquired for Block 2B, onshore Kenya, by the 13th March 2013, above the commitment of 400 km. The BGP seismic crew has been demobilized and is expected to return to the area later on in the year to acquire additional 2D seismic data.
Taipan Resources Inc. is also pleased to announce that the FTG survey being acquired by ARKeX on Block 2B commenced on March 13th, 2013. The FTG survey is expected to be completed in April 2013 and is the last work required to complete the committed work program on Block 2B during the Initial Exploration Period. On completion of the Initial Exploration Period, Taipan expects to enter the First Additional Exploration Period which has a term of two years.
Taipan expects to drill its first well on Block 2B in 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 most attractive area 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.
Taipan Resources Inc.
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