Taipan Resources has entered an agreement with Tower Resources (Kenya) Limited, a subsidiary of AIM-listed Tower Resources plc, which outlines it will acquire a 15 per cent participating interest in Block 2B onshore Kenya
Taipan Resources, the fourth largest acreage holder onshore Kenya, will hold a 30 per cent operated interest in Block 2B, the company said.
"We have further de-risked our prospect in Block 2B with this farm out to Tower. The farm out to Tower is being completed at a favourable premium to the farm down to Premier announced in December of last year, and is reflective of the increased sentiment towards the value of ouracreage in Block 2B," stated Maxwell Birley, Taipan Resources chief executive officer.
"Between this farm down and the recent private placement, Taipan is now fully-funded and exposed to the drilling of a well on each of Block 1 and Block 2B in 2014. We have now set our sights not only on the drilling of these two exciting targets, but also on other sub-Saharan assets which will allow us to expand our portfolio of exploration assets in 2015 and beyond," Birley added.
