The independent assessment was carried out in accordance with the standards established by the Canadian Securities Administrators in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The effective date of the report is October 15, 2014.
The total gross aggregate mean prospective resources on Block 1 in the report are estimated at 1,303 MMbbls 1 oil (260 MMbbls Taipan working interest).
The largest identified feature is the El Wak lead with gross mean prospective resources of 728 MMbbls 1 (146 MMbbls Taipan working interest). The high estimate of prospective resources for El Wak is 1,911 MMbbls 1 (382 MMbbls net to Taipan).
The El Wak lead is a four-way dip closed structure at surface overlying 1200 sq km of gravity high. A 290 km 2D seismic shoot, estimated to cost around $2m net to Taipan, is planned over the prospect 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.
Afren has a two well commitment in the current exploration period in Block 1.
Commented Paul Logan, Exploration Manager for 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".
