Vancouver, British Columbia--(Newsfile Corp. - December 14, 2015) - Taipan Resources Inc. (TSXV: TPN) (OTCQX: TAIPF) ("Taipan" or the "Company") announces that it will not be proceeding with the proposed acquisition of a 50% interest in BLOCK 2769-13 (the "Salam Block") from Petroleum Exploration (PVT) Ltd., which was the subject of the non-binding letter of intent described in Taipan's press release of August 10, 2015.
"It is unfortunate that we could not complete this transaction," remarked Maxwell Birley, chief executive officer of Taipan. "Adverse market conditions impacting exploration finance clearly played a part in our decision. We nonetheless continue to believe in the strong prospectivity and outlook for gas exploration in Pakistan, and wish PEL success on the Salam Block."
About Taipan Resources Inc.
Taipan Resources Inc. (TSXV: TPN) (OTCQX: TAIPF) is an independent, Africa-focused oil exploration company with a 20% non-operated interest in Block 1 and a 100% operated-interest in Block 2B onshore Kenya through its wholly owned subsidiary Lion Petroleum Corp.
Contact Information:
Joel Dumaresq
Director
Taipan Resources Inc.
(604) 336 3193
jdumaresq@taipanresources.com
www.taipanresources.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.
Cautionary Notes Regarding Forward Looking Statements
This News Release contains forward-looking statements. Forward-looking statements are statements that relate to future events. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
