Exploring and developing Africa's hydrocarbon potential
Taipan Resources Inc. (TSX-V:TPN) is an independent Africa focused oil exploration company with interests in Block 1 and 2B onshore Kenya through its wholly owned subsidiary Lion Petroleum Corp. The Company presently has an estimated total mean net unrisked prospective resource of 768 million barrels of oil equivalent.
In December 2013, the company signed an agreement with Premier Oil plc (LSE: PMO) to farm out 55% of its interest in Block 2B. After the farmout, Taipan has retained a 45% working interest in in Block 2B and will continue as operator.
On June 3, 2014 Taipan, through its wholly-owned Kenya-based subsidiary Lion Petroleum Corp. has completed a farm-out agreement with Tower Resources (Kenya) Limited a subsidiary of AIM-listed Tower Resources Inc. (TRP.L, TRP LN), whereby Tower has acquired a 15% participating interest in Block 2B onshore Kenya.
In total consideration for the farm-out, Lion Petroleum Corp. received US$4.5 million cash and a total of 9.0 million Ordinary Shares in Tower, the second tranche of which, consisting of 4.5 million shares, will be received in three months' time. There is also a contingent payment of US$1 million cash on the spudding of a second well in Block 2B.
Taipan retains a 30% interest and operatorship during the exploration phase in Block 2B.
In addition the Company maintains a 20% interest in Block 1 which is currently operated by Afren plc.
The Company is listed on the Toronto Venture Exchange under the ticker symbol TSX.V: TPN. Taipan is headquartered in Nairobi, Kenya and has offices in London, UK and Vancouver, Canada.
To develop and grow shareholder value through the exploration and production of under-explored sedimentary basins in Africa.
The company places a strong emphasis on forging the right partnerships in countries where it is engaged in exploration activities, evidenced with the blue-chip partnership on Block 1 in Kenya with Afren plc.
We combine a highly-skilled management team as we pursue a rapid growth strategy for the company. We plan to deliver growth to investors by:
- Uncovering corporate deals and new acreage licences
- Initially focusing on eastern sub-Saharan Africa for growth
- Looking at prospective under-explored basins for new licences
- Driving corporate and asset acquisition opportunities
The Company is pursuing a robust growth strategy which involves being innovators and early movers on acquiring large play positions and operating through discovery and appraisal. This growth strategy is being executed by Taipan’s seasoned management team.
Our team is comprised of an internationally diverse group of professionals who are not only highly skilled both commercially and technically, but also passionate about African-based exploration.
JUDGEMENT: We acquire high quality assets. If they are not available, we will wait.
RELATIONSHIPS: We place a strong emphasis on forging partnerships and strategic relationships that are beneficial to the growth and expansion of the Company.
FLEXIBILITY: We value growth and will continue to do so by licensing new areas in under-explored African basins with attractive geological characteristics.
TECHNOLOGY: We operate with state-of-the-art technology which allows us to discover new and superior opportunities while reducing costs.
COSTS: We are extremely cost conscious and emphasize reducing costs where possible while still maintaining maximum production and technical quality.