Taipan updates on Pearl-1 oil prospect in Kenya

Taipan Resources Inc. (TSX-V: TPN) reports that that BGP has begun 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 kilometers 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 Oil Plc having the right to assume operatorship of any development. Premier Oil 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.

Taipan Resources Inc. 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.

(ogfj.com Feb 3, 2014)