Zacks Investment Research upgraded shares of Taipan Resources Inc. (TAIPF) from N/A to OUTPERFORM on September 12, 2014, with a target price of $0.79.
Taipan Resources is an oil & gas exploration company which holds material working interests in two onshore blocks (Block 1 and Block 2B) in Kenya. Block 2B has a NI 51-101 estimate of Gross Mean Un-risked Prospective Resources of 1,593 MMBOE and an NI 51-101-compliant estimate on Block 1 is expected in the near future. Exploratory wells on both properties are expected to spud in the next 12 months, for which Taipan is fully funded. With Taipan Resources offering exposure to the potential opening of a new major oil play in East Africa, coverage is initiated with an Outperform rating with a price target of $0.79.
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