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Friday, January 9, 2015
Taipan Resources, through its Kenya-based subsidiary Lion Petroleum, has spud the Badada-1 well on Block 2B onshore Kenya. The well was spud using the GW-190 rig.
Taipan estimates gross mean unrisked recoverable resources of 251 mmboe for Badada. The well is planned to be drilled to a total depth of between 3,000 and 4,000 meters to test Tertiary age reservoirs analogous to those in the Lokichar basin where Tullow Oil and Africa Oil have made discoveries.
The well is expected to take up to 70 days to complete.
Maxwell Birley, CEO, of Taipan said: “The spudding of the Badada-1 well is an important milestone for both Taipan and Lion Petroleum. Since acquiring the Kenya-based assets of Lion, the Taipan team has identified the Badada prospect after acquiring two seismic surveys on Block 2B, building on legacy data from an earlier period of exploration, and then successfully financed the drilling through a combination of capital raises and farm downs. We, along with our partners, Tower Resources and Premier Oil, are extremely excited about the opportunity that Badada presents as a potential play opener which could generate considerable upside from a follow-on exploration program.”
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