Taipan Resources provides Badada-1 well drilling update onshore Kenya
Taipan Resources Inc. (TSX-V:TPN / OTCQX:TAIPF) (“Taipan”, “the Company”), through its Kenya-based subsidiary Lion Petroleum (“Lion”), is pleased to provide the following update on drilling operations for the Badada-1 well, Block-2B, onshore Kenya.
The Badada-1 well commenced drilling operations at 14:00 GMT on 7 January 2015 and has been drilled to a total depth of 918 metres MDBRT (Measured Depth Below the Rotary Table) intersecting a Neogene sequence. A 20-inch casing has been set at 298 metres MDBRT and the well is currently drilling ahead with the 17 1/2-inch section to the next casing point. The plan is to drill the well to a total depth of between 3,000 and 4,000 metres in order to test primary targets in Tertiary age reservoirs. Lion, the operator on Block-2B, expects the well to take up to 70 days to complete.
The Company will provide further operational updates as the Badada-1 well progresses. A comprehensive update will also be provided once operations on the Badada-1 well have been fully completed and analysed.”
Taipan estimates gross mean unrisked recoverable resources of 251 mmboe (Source: Sproule International Limited (1), February 2014) for Badada.
(1) Sproule completed an updated independent assessment of the company’s prospective resources on block 2B with an effective date of Dec. 31, 2013. The independent assessment was carried out in accordance with the standards established by the Canadian Securities Administrators in National Instrument 51-101 — Standards of Disclosure for Oil and Gas Activities.
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