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Taipan spuds Badada-1 onshore Kenya

08th January 2015

Taipan Resources, through its Kenya-based subsidiary Lion Petroleum, is pleased to announce that the GW-190 rig has spudded the Badada-1 well, in Block 2B onshore Kenya on 07 January 2015

Taipan Resources, through its Kenya-based subsidiary Lion Petroleum, is pleased to announce that the GW-190 rig has spudded the Badada-1 well, in Block 2B onshore Kenya on 07 January 2015
The operator expects drilling to take up to 70 days to complete

Taipan estimates gross mean unrisked recoverable resources of 251 mmboe for Badada.

"The spudding of the Badada-1 well is an important milestone for both Taipan and Lion Petroleum,” said Maxwell Birley, Taipan CEO.

The well is planned to be drilled to a total depth of between 3,000 and 4,000 metres to test Tertiary age reservoirs analogous to those in the Lokichar basin where Tullow and Africa Oil have made discoveries with best estimate unrisked gross (2C) contingent resources totaling 616 mmbbls.

“Since acquiring the Kenya-based assets of Lion, the Taipan team has identified the Badada prospect after acquiring two seismic surveys on Block 2B, building on legacy data from an earlier period of exploration, and then successfully financed the drilling through a combination of capital raises and farm downs.”

The operator expects drilling to take up to 70 days to complete.

“We, along with our partners, Tower Resources and Premier Oil, are extremely excited about the opportunity that Badada presents as a potential play opener which could generate considerable upside from a follow-on exploration programme."

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