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Monday, February 9, 2015

Taipan Resources seeks at least $10 million damages from Afren over Kenya project, (CVE: TPN.V)

Africa-focused oil explorer Taipan Resources is seeking at least $10 million in damages from EAX, its partner in a Kenyan oil field and a subsidiary of London-listed oil firm Afren. Taipan's Kenya-based subsidiary Lion Petroleum said on Monday it had opened an arbitration case against EAX for breaching certain conditions of a joint operating agreement, including contract award procedures and accounting procedures."Afren believes that the claim has no grounds and the company will defend its position," an Afren spokesman said.Taipan Resources owns 20 percent of the Block 1 oil field licence in Kenya, while Afren holds the rest.In its latest results update in October, Afren said it had started seismic operations on the block and that drilling work would start after analysing the data.

Taipan Resources Inc. is engaged in the business of exploring for and developing oil and gas resource deposits in East Africa. Shares of TPN remained unchanged at $0.13. In the past year, the shares have traded as low as $0.12 and as high as $0.66. On average, 261922 shares of TPN.V exchange hands on a given day and today's volume is recorded at 164100.