Taipan announces update on 220 million barrel Kenyan prospect

Taipan Resources Inc. has announced that BGP has commenced 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 km 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 having the right to assume operatorship of any development.

Premier Oil plc 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.

“The Pearl-1 exploration well will target a Tertiary prospect that is in a similar geological setting to Tullow’s Ngamia, Twiga, Ekales, Agete and Amosing discoveries. The Anza Basin is one of the largest Tertiary-age rift-basins in the East African Rift systems that together contain multi-billion barrel oil discoveries. We believe that the ‘sweet spot’ of the Anza Basin is located on Block 2B.” Taipan CEO Maxwell Birley  said.