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Exploration firm raises projection for oil in Kenya

17 February 2014, 15:56

Nairobi - The Canadian oil and gas company, Taipan Resources, has estimated that its exploration basin in northern Kenya could have as much as 1.6 billion barrels of crude deposits.

The firm which has prospecting rights in Mandera, said the independent assessment it carried out on Block 2B shows the total unrisked prospective resources could increase by 388 percent.

"The total estimated Mean Gross Unrisked Prospective Resources on Block 2B in the report has increased by 388 percent to 1,593 MMBOE from 410.4 MMBOE," Taipan Resources said in a statement received on Monday.

Taipan, which is the 4th largest gross acreage holder in Kenya, also said the Pearl-1 prospect, that is expected to be drilled later this year, has been estimated by Sproule to have Mean Gross Unrisked Prospective Resources of 251 MMBOE.

"The Pearl-1 exploration well will target a Tertiary prospect that is in a similar geological setting to Tullow's Ngamia, Twiga, Ekales, Agete and Amosing discoveries," said Taipan CEO Maxwell Birley said in the statement.

"The Anza Basin is one of the largest Tertiary-age rift-basins in the East African Rift systems that together contain multi- billion barrel oil discoveries. We believe that the 'sweet spot' of the Anza Basin is located on Block 2B."

Taipan is an independent, Africa-focused oil exploration company with interests in Block 1 and Block 2B onshore Kenya.

The independent assessment of Block 2B was carried out in accordance with 51-101 Standards of Disclosure for Oil and Gas Activities.

Early this month, Taipan announced that it had commenced the acquisition of further 2D seismic data on Block 2B, onshore Kenya. The data is being used to finalize the drilling location for the Pearl-1 prospect.

The Canadian firm said an independent contractor is providing an additional 178.75 km of 540 fold 2D seismic data. The seismic program is expected to be completed by the end of February.

Kenya is currently the world's top onshore oil exploration area. There is an estimated 22.7 billion barrels gross un-risked prospective resource. The region is still largely unexplored. Only 58 wells have been drilled in Kenya. There are 20 wells planned in 2014.

Taipan management has discovered over 3.75 billion barrels of oil equivalent in similar early stage basins with success rates up to 80 percent.

In Premier Oil, Taipan has a senior partner with 180 million U. S. dollars cash on hand, fully invested in the success of Block 2B in Kenya.

- Xinhua

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