Taipan Resources Inc. through its subsidiary Lion Petroleum provided the following update on drilling operations for the Badada-1 well, Block-2B, onshore Kenya. The Badada-1 well commenced drilling operations on 7 January 2015 and has been drilled to a total depth of 918 metres MDBRT intersecting a Neogene sequence. A 20-inch casing has been set at 298 metres MDBRT and the well is currently drilling ahead with the 17 1/2-inch section to the next casing point.

The plan is to drill the well to a total depth of between 3,000 and 4,000 metres in order to test primary targets in Tertiary age reservoirs. Lion, the operator on Block-2B, expects the well to take up to 70 days to complete. The company will provide further operational updates as the Badada-1 well progresses.

Taipan estimates gross mean unrisked recoverable resources of 251 mmboe for Badada.