![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Monday, February 23, 2015 3:45:16 AM
February 23, 2015 in Top News
Kenya-based subsidiary of Taipan Resources Inc that the Badada-1 well has been drilled to a total depth of 3,500 metres MDBRT (Measured Depth Below the Rotary Table) and following completion of logging operations will be plugged and abandoned as a dry hole.
The well encountered a thick and previously untested Neogene age succession in the Anza Basin, of similar age to that encountered in the Lokichar and Albertine Basins, confirming the pre-drill geological model for this part of the basin.
Tower adds that although the well has failed to find commercial hydrocarbons, minor gas shows and traces of heavier gas molecules indicate the presence of a thermogenic source rock.
The well which has taken a total of 46 days to date, compared to the Operator’s expectations of 70 days in total and is expected to have been drilled under the gross budget of $25.8 million.
Taipan says it proposes seeking additional time from the Government of Kenya in order to complete its evaluation of the remaining prospectivity of what is a very large 5,458 sq km Block, prior to a decision on entering the next phase of exploration.
Tower Resources CEO Graeme Thomson says the well was sandier than had been expected and the development of sealing claystones is less than had been hoped.
“This was the first well to drill the thicker undisturbed Tertiary section in the Anza Basin, close to the basin-bounding faults and potentially analogous to Tullow Oil’s Ngamia discovery in the South Lokichar Basin. Drilling results suggest that the section here is sandier than had been expected and the development of sealing claystones is less than had been hoped. This was always the principal risk for the play. We shall be evaluating the results of the well to assess the remaining prospectivity in this very large area,” said Graeme.
Taipan Resources and Operator of Block-2B with 30% working interests while Tower Resources and Premier Oil have 15% and 55% respectively.
TAGS: Anza Basin Badada-1 Well Block 2B Kenya Premeir Oil Taipan Resources Tower Resources PREVIOUS POST MAERSK TRAINING TO OFFER ADVANCED TRAINING PROGRAMS TO BP DRILLING TEAMS
TOP NEWS
February 23, 2015
LEAVE A COMMENT
(required) (required) (required) Notify me of follow-up comments by email. Notify me of new posts by email.
Recent ERHE News
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/06/2024 07:31:22 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/08/2023 09:06:42 PM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM