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taipan resources inc (TPN) Details

Taipan Resources Inc., through its subsidiary, Lion Petroleum Corp., operates as an oil and gas exploration company with interests in 9.7 million gross oil and gas exploration acres in Block 1 and Block 2B onshore Kenya. It holds a 100% working interest in Block 2B covering 7,807 km2; and a 20% working interest in Block 1 covering 31,781 km2. The company was formerly known as Taipan Capital Corp. and changed its name to Taipan Resources Inc. in November 2009. Taipan Resources Inc. was incorporated in 2006 and is headquartered in Vancouver, Canada.

Founded in 2006

taipan resources inc (TPN) Top Compensated Officers

Chief Executive Officer, Director and Member ...
Total Annual Compensation: $380.0K
Chairman, Chief Financial Officer and Member ...
Total Annual Compensation: C$137.5K
Compensation as of Fiscal Year 2013.

taipan resources inc (TPN) Key Developments

Taipan Resources Inc. Updates on Badada Well Progress and Continuation of Work

Taipan Resources Inc. announced that drilling is planned to commence within the next three to four weeks. The well is expected to take approximately 70 days to drill and gross well costs are estimated at USD 20 to USD 25 million. The company also provided an update with respect to the temporary injunction served on its Lion Petroleum Inc. ("Lion") on November 17, 2014, temporarily preventing work from continuing on the Badada-1 well onshore Kenya. Since the application was lodged in November, by the instructions of the Court contained in the temporary injunction, work on site was only delayed by 3 days. The Badada-1 well will test analogous geology to the Lokichar Basin where Tullow Oil and Africa Oil have made multiple oil discoveries and continue to unlock the potential of the Tertiary Rift sequence. The well is designed to test Tertiary age reservoirs at depths ranging from 1,500 and 3,500 metres. Taipan estimates gross mean unrisked prospective resources of 251mmboe (Source: Sproule International Limited NI 51-101 ("Sproule") February 2014) for Badada-1. In the event of success with the Badada-1 well, it is envisaged that Taipan and its partners will test the upside potential in Block-2B with multiple follow-on prospects and leads in a Tertiary sequence analogous to the Tertiary discoveries in Block 10BB and 13T of the Lokichar Basin.

Taipan Resources Inc. Announces Executive Changes

Taipan Resources Inc. announced that Ms. Christine Thompson has resigned as the Corporate Secretary of the company and Mr. Theo van der Linde, CA has been appointed in her place.

Tower Resources plc Provides Drilling Updates

Tower Resources plc notes the announcement dated October 8, 2014 from the operator, Taipan Resources Inc. regarding the signing of a Letter of Intent with the Greatwall Drilling Company of China to contract the GW-190 land rig for the planned Badada-1 well (Tower 15% working interest) onshore Block-2B, Kenya. The Badada-1 well is expected to spud between mid-December 2014 and mid-January 2015 and is expected to take approximately 70 days to drill. The Badada-1 well is a potential play-opener. It will test the first of several prospects and leads in Block-2B that are potentially analogous to prospects in the Lokichar Basin where Tullow Oil and Africa Oil have enjoyed multiple oil discoveries in the Tertiary Rift sequence. The well is planned to be drilled to a total depth of between 3,000 and 4,500 metres to test primary Tertiary age reservoirs and, dependent upon results, secondary upper Cretaceous age reservoirs. Tower's management estimate gross unrisked prospective resources for this well range from 402mmboe (P10) to 16mmboe (P90) with a Pmean of 169mmboe. This compares to Taipan's estimate of gross mean unrisked prospective resources of 251mmboe. Tower's management believe this difference reflects a more conservative approach to the extent of the Badada structure, but also recognise there is considerable upside potential in Block-2B, both in terms of additional zones within the Badada prospect and the possible extent of the trap as well as in the multiple follow-on prospects and leads in the block. If the Badada-1 well is successful it will de-risk many other prospects and leads within Block-2B and provide important information about the detailed geological evolution of the Anza Basin to aid future exploration. The follow-on exploration potential of just the four prospects and leads immediately adjacent to the Badada prospect is estimated to be an additional 405mmboe of gross mean unrisked prospective resources by Taipan, with a range from 890mmboe (P10) to 104mmboe (P90) as verified by Sproule. A total of nineteen prospects and leads have been identified in the block so far with total estimated gross mean unrisked prospective resources of 1,593mmboe reported by Sproule. Tower is currently updating its own view on the potential upside in the Block and will provide further guidance once this work is complete. Preparations at the well site are already underway with a number of auxiliary services and long-lead items already contracted. Gross well costs remain estimated at $20 to $25 million ($3.0 to $3.75 million net to Tower). The company will provide a further update upon the formal contracting of the GW-190 rig and mobilisation to the Badada-1 drill site and other operational progress in due course.


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