Taipan Resources has announced that an independent assessment of the Company’s prospective resources on Block 1, northern Kenya has been completed by RPS Energy in the United Kingdom raising the total gross aggregate mean prospective resources on Block 1 by 82 percent from the earlier estimated 715 MMbbls gross prospective resources to an estimated 1,303 MMbbls 1 oil (260 MMbbls Taipan working interest) .
According to the report dated October 15 2014, the largest identified feature is the El Wak lead with gross mean prospective resources of 728 MMbbls 1 (146 MMbbls Taipan working interest) with the high estimate of prospective resources for El Wak now being 1,911 MMbbls 1 (382 MMbbls net to Taipan).
“Due to the size of the structure and the presence of hydrocarbons in the area, indicated by an oil seep to the west at Tarbaj Hill, El Wak should prove to be an intriguing and attractive target to drill,” says Exploration Manager for Taipan Paul Logan.
A 290 km 2D seismic shoot, estimated to cost around $2m net to Taipan, is planned over the El Wak lead, a four-way dip closed structure at surface overlying 1200 sq km of gravity high, .before the end of the year.
Taipan holds a 20% working interest in Block 1 (5.497 million acres / 22,246 sq km) which is operated by East Africa Exploration (Kenya) Ltd, a subsidiary of Afren Plc with the latter having a two well commitment in the current exploration period in Block 1 with the first set for H2 2015.
The Geological Probability of Success of Aggregated Volume for any Hydrocarbon type = 27%.