Taipan Resources Inc.
, Stock Forum
) said Monday that BGP has commenced the acquisition of further 2D seismic data on Block 2B, onshore Kenya. The data acquired will be used to finalize the drilling location for the Pearl-1 prospect, the company said in a press release.
Taipan shares were unchanged at 26 cents on Monday, leaving a market cap of $22.2 million, based on 85.3 million shares outstanding. The 52-week range is 39.5 cents and 17 cents.
Taipan is an independent, Africa-focused oil exploration company and the fourth largest acreage holder onshore Kenya (27,712 square kilometers) with multiple exploration plays in multiple basins.
Its assets include interests in Block 1 and Block 2B onshore Kenya, held through its wholly-owned subsidiary Lion Petroleum Corp.
Taipan holds a 45% working interest in Block 2B (5,464 square kilometers) and a 20% working interest in Block 1 (22,246 square kilometers), which is operated by East Africa Exploration (Kenya) Ltd., a subsidiary of Afren plc.