The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Taipan Resources Inc. Announces Award of Full Tensor Gravity Survey to ARKeX Ltd. on Block 2B Onshore Kenya

Thursday, January 10, 2013

Taipan Resources Inc. Announces Award of Full Tensor Gravity Survey to ARKeX Ltd. on Block 2B Onshore Kenya09:19 EST Thursday, January 10, 2013NAIROBI, KENYA--(Marketwire - Jan. 10, 2013) - Taipan Resources Inc. ("Taipan" or the "Company") (TSX VENTURE:TPN) is pleased to announce that it has contracted ARKeX Ltd. to undertake an 11,750 km Full Tensor Gravity Gradiometry survey (FTG) over Block 2B onshore Kenya. The survey, which will also acquire magnetic data, is expected to commence in late January and to be completed in February 2013. The award of the FTG survey to ARKeX Ltd. is the last contract required to complete the work program on Block 2B during the Initial Exploration Period. On completion of the Initial Exploration Period, Taipan expects to enter the First Additional Exploration Period and to drill an exploration well on Block 2B in late 2013 or early 2014. The First Additional Exploration Period has a term of two years. Mr. Maxwell Birley, CEO commented, "The Anza Basin is one of the largest Tertiary-age rift-basins of the East African Rift system which contains multi-billion barrel oil discoveries. We continue to believe based on existing gravity, magnetic and seismic data that the 'sweet spot' of the Anza Basin is located on Block 2B. Recent proprietary geochemistry work completed by Taipan also demonstrates that there is excellent quality Tertiary oil-prone source rock present in the Anza Basin in the region of 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. About ARKeX Ltd. ARKeX is a provider of non-seismic geophysical imaging services for the oil & gas exploration industries. It specialises in the acquisition of multi-client and proprietary Full Tensor Gravity Gradiometry (FTG) data. FTG surveys measure minute variations in the earth's gravitational field to help image subsurface structures. FTG has a much higher bandwidth and delivers a higher resolution image than conventional gravity surveys. It can be used as a stand alone service or in conjunction with seismic data. ARKeX can also process and interpret conventional gravity and magnetic data as well as brokering multi-client non-seismic data. Based in Cambridge, UK, ARKeX has offices in Sherington, UK, and Houston, USA, and has global operational capabilities. www.arkex.comThe 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.FOR FURTHER INFORMATION PLEASE CONTACT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Contact Information: Taipan Resources Inc.Adam ZiveDirectorazive@taipanresources.comwww.taipanresources.comKin Communications Inc.Investor Relations604-684-6730 or 1-866-684-6730TPN@kincommunications.comwww.kincommunications.com