Taipan 2D seismic complete in Kenya’s Badada prospect

Taipan Resources Inc., Nairobi, Kenya, reported that an additional 196.2 km 2D seismic survey on Block 2B onshore Kenya has been completed, confirming robust closure at the Badada prospect, formerly known as the Pearl prospect.

Processing of the data is now under way and is expected to be completed by mid-March. The data will be used to finalize the drilling location for the prospect, which is planned to be drilled later this year.

Taipan’s 2D seismic data base over Block 2B now totals almost 2,500 line-km. This includes the 440 km survey acquired in early 2013 and 1,850 km vintage data. The company also acquired 12,175 line-km FTG data in 2013.

The Badada prospect has been independently estimated by Sproule International Ltd. to have mean gross unrisked prospective resources of 251 million boe and high (P10) estimate gross unrisked prospective resources of 498 million boe. The total estimated mean gross unrisked prospective resources on Block 2B is 1.6 billion boe based on 19 exploration leads.

Premier Oil PLC is carrying Taipan through the cost of the work program on Block 2B for the first additional exploration period, totaling a gross cost of up to $29.5 million, including the drilling and testing of the Badada prospect, Taipan said.

Taipan holds 45% interest in Block 2B and is the operator during the exploration phase, with Premier having the right to assume operatorship of any development.

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