Taipan Operations in Kenya

Through an amalgamation with Lion Petroleum Corp in 2012, Taipan has acquired large assets in Kenya. Taipan Resources is currently the fourth largest asset holder in Kenya in terms of gross acreage. Taipan is the operator of Block 2B, with a 100 percent working interest, and holds a 20 percent share in Block 1, of which Afren is the operator. Both exploration blocks are in the the Anza Basin, which is thought to contain reserves of sweet oil. There is speculation that this region may contain even more oil than Western Kenya, where Tullow Oil's discoveries have gained global media attention.

Drilling in Block 2B is due to commence in 2014. Taipan has recently announced a $30 deal with Premier Oil to drill the Pearl 1 prospect, expected to hold some 500 million barrels of oil. This joint venture project alone is worth more than the company's entire market cap. Afren plans to drill in Block 1 in 2014.

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