Taipan Resources Inc. has entered into a non-binding letter of intent dated July 29, 2015 (the 'Letter of Intent') with Petroleum Exploration Limited ('PEL') to acquire a 50% interest in PEL's Block 2769-13 (Salam) (the 'Interest') located in the Jacobabad and Ghotki Districts of the Sindh Province in Pakistan (the 'Transaction').

Commented Maxwell Birley, CEO 'Taipan believes that this Transaction will provide Taipan with immediate exposure to a prospective, low risk exploration well in a province adjacent to existing producing fields. Significantly it would also bring a relationship with PEL offering access to additional production and exploration opportunities and a partner with the capacity to finance such projects. Having PEL and, in particular the Zaheeruddin family, positioned in Taipan as strategic investors would be a step towards our goal of building a production-focused oil and gas company with diversified interests in emerging oil and gas jurisdictions.'

Tags: Taipan Resources