NAIROBI, KENYA--(Marketwire - Nov 22, 2012) - Taipan Resources Inc. ("Taipan" or the "Company") (TSX VENTURE:TPN) is pleased to provide the following update regarding the 2D seismic acquisition program on Block 2B onshore Kenya.
Taipan has a contract with BGP (Bureau of Geophysical Prospecting of China) to acquire up to 800 kilometers of seismic data over Block 2B in North Eastern Kenya. BGP has begun mobilizing their seismic crew and plans to commence recording in January 2013. Taipan expects the 2D seismic acquisition to be completed by the end of Q1 2013.
BGP is one of the world''s leading geophysical service companies. BGP currently has five seismic crews working in Kenya and has completed a number of other seismic surveys surrounding Block 2B earlier this year. BGP is also currently shooting seismic on Block 1 in Kenya where Taipan owns a 20% interest.
Mr. Maxwell Birley CEO commented, "Taipan''s recent proprietary technical work is demonstrating that the Anza Basin is likely to be one of the largest Tertiary-age rift-basins of the East African Rift system which contains multi-billion barrel oil discoveries. Based on gravity, magnetic and seismic data we believe that the ''sweet spot'' of the Anza Basin is located on Block 2B."
About Taipan Resources Inc.
Taipan Resources Inc. (TSX VENTURE:TPN) is an independent African oil and gas exploration company with interests in 9.7 million gross oil and gas exploration acres (39,588 km2) in Block 1 and Block 2B onshore Kenya. Through its wholly owned subsidiary Lion Petroleum Corp., Taipan currently holds a 100% working interest in Block 2B (1.9 million acres / 7,807 km2) and a 20% working interest in Block 1 (7.8 million acres gross / 31,781 km2) which is operated by Afren plc. Taipan is traded on the TSX Venture Exchange with the symbol TPN.
BGP is a subsidiary of CNPC and is one of the worlds leading geophysical service companies, delivering a wide range of technologies, services and equipment to the oil and gas industry worldwide. BGP is engaged in seismic data acquisition, processing, interpretation, reservoir geophysics, borehole seismic, micro-seismic, GME and multi-client surveys, equipment manufacturing and software R&D.
The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the targeted results. The Company relies upon litigation protection for forward looking statements.
This news release contains forward-looking statements relating to the timing and completion of exploration programs on Block 1 and Block 2B, the future operations of Taipan and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the completion of exploration programs on Block 1 and Block 2B, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Taipan''s expectations are risks detailed from time to time in the filings made by Taipan with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Taipan. As a result, Taipan cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and Taipan will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.