IPB Petroleum Receives Extension for Permit WA-471-P Work Program off WA

IPB Petroleum Limited (IPB or the Company) announced Wednesday that the Commonwealth-Western Australia Offshore Petroleum Joint Authority has granted the Company a 12 month suspension and extension to the scheduled Permit Work Programme of Permit WA-471-P (IPB 100 percent*) to allow sufficient time to complete a new 3D seismic survey ahead of the commencement of Year 3 of the Primary Term of the Permit.

As a consequence of the lack of suitable available vessels to conduct a new 3D Seismic Survey IPB has sought and has been granted a 12 month suspension and extension to the WA-471-P Permit Year 2 end date to May 3, 2015.

The revised Permit WA-471-P work commitment programme is shown in Table 1 below.

  • Primary (Term): Year 2 of Permit; Permit Year Start Date - Current; Permit Year End Date - May 3, 2015; Remaining Minimum Work Required - 231.6 square miles (600 square kilometers) 3D seismic survey
  • Primary (Term): Year 3 of Permit; Permit Year Start Date - May 4, 2015; Permit Year End Date - May 3, 2016; Remaining Minimum Work Required - 1 Exploration Well and Geotechnical Studies
  • Primary (Term): Year 4 of Permit; Permit Year Start Date - May 4, 2016; Permit Year End Date - May 3, 2017; Remaining Minimum Work Required - Geotechnical Studies
  • Primary (Term): Year 5 of Permit; Permit Year Start Date - May 4, 2017; Permit Year End Date - May 3, 2018; Remaining Minimum Work Required - 1 Exploration Well and Geotechnical Studies
  • Primary (Term): Year 6 of Permit; Permit Year Start Date - May 4, 2018; Permit Year End Date - May 3, 2019; Remaining Minimum Work Required - Geotechnical Studies

Table 1: WA-471-P (IPB 100 percent*) Remaining Work Commitment Program and revised dates (100 percent of Permit basis)

Substantial progress has been made towards the resubmission of the requisite Environmental Plan (EP) for new 3D surveys covering both WA-471-P (the subject of the extension) and WA-485-P (IPB 100 percent) permits. Further modification of the EP is required by NOPSEMA and currently plans are such that resubmission by IPB is expected by end June 2014.

IPB is also in discussions with a number of potential 3D seismic contractors for the future subject surveys and advises that results at the planned Pryderi-1 well in the immediately southerly bounding permit WA-424-P are expected to have some impact on the size and configuration of these surveys.

* CalEnergy has an option to participate at a 25 percent interest in WA-471-P Permit for a nominal cost exercisable within 3 months of drilling the Pryderi-1 well.


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