Lion good find Hulthom Very good news. Activity in Kenya is progressing like fire in a dry forest. Only days after Tullow announce we have one company already willing to pay for Lions work and prospectivity.
It will be interesting to see what Simbas Sproule estimates are. Interesting somments below.
Mr. Charles Watson, Director of Taipan, commented, "Lion's Block 1 and Block 2B onshore Kenya are highly prospective, world-class, oil and gas exploration blocks. Kenya is at an early and exciting stage in the development of the country's hydrocarbon resources post the first major oil discovery in Kenya, the Ngamia-1 well, announced by Tullow Oil Plc and Africa Oil Corporation in March."
Block 2B is located at the southernmost extension of the northwest-southeast trending Anza Graben, near the juncture with both the Mandera-Lugh and Mochesa Basins. The Block contains both Tertiary and Cretaceous plays. The Tertiary plays are analogous to the Tullow Oil Plc and Africa Oil Corporation Ngamia-1 discovery located in the main Tertiary rift to the west. The Cretaceous plays are a potential extension of the Sudanese oil-productive Melut and Muglad basins. The NI 51-101 report completed by Sproule Associates Limited concludes that Block 2B has 378 million barrels of oil equivalent of unrisked prospective resources with 17 exploration leads.
There is no certainty the transaction will be completed and the closing of the merger is subject to, among other things, signing a definitive merger agreement, approval of the TSX Venture Exchange, completion of satisfactory due diligence, and approval of the Kenyan Government.