Taipan Resources Inc. Cures Default in Block 1 Kenya
Taipan Resources Inc. (TSX VENTURE:TPN) announces today it has resolved the default position on Exploration Block 1, Kenya by paying to Afren Plc $3,566,377. By resolving the default, Taipan has restored its rights and entitlements to a 20% interest in Block 1.
As a result of the recently-completed private placement financing, Taipan is fully-funded for its participating interest in a first well to be drilled on Block 1.
Mr. Paul Logan, Exploration Manager for Taipan commented, “We are extremely pleased to have sorted our issues on Block 1. As we are once again receiving technical data on the Block, it’s extremely exciting to see the size and potential of the new drill targets that have been identified by Afren.”
Taipan has begun commissioning an independent NI 51-101 report on Block 1. The report should be available for release within 60-90 days.
Source: Taipan Resources Inc