IPB-CalEnergy JV Gets Extension for Permit WA-424-P Work Program in WA

IPB Petroleum Limited (IPB or the Company) revealed Monday that the Commonwealth-Western Australia Offshore Petroleum Joint Authority has granted a 9 month suspension and extension to the Primary Term work program for Permit WA-424-P (IPB 75 percent, CalEnergy 25 percent* and Operator) in the Browse Basin, offshore north west Australia.

After securing of the Stena-Clyde (mid-water semisub) for the drilling of the Pryderi-1 well, the WA-424-P Joint Venture sought and has now been granted a 9 month suspension of the Permit’s Primary Term end date from July 12 to April 12, 2015. The Joint Authority has also granted a corresponding extension for the Permits Secondary Work Program.

The revised WA-424-P Permit minimum work program is shown in Table 1 below.

  • Primary Term: Year of Permit - 2 & 3 (Current to April 12, 2015); Remaining Minimum Work Required - 1 exploration well
  • Secondary Term: Year of Permit - 4 (April 13, 2015 to April 12, 2016); Remaining Minimum Work Required - 193 square miles (500 square kilometers) 3D seismic acquisition; geophysical and geological studies
  • Secondary Term: Year of Permit - 5 (April 13, 2016 to April 12, 2017); Remaining Minimum Work Required - 1 exploration well; geophysical and geological studies
  • Secondary Term: Year of Permit - 6 (April 13, 2017 to April 12, 2018); Remaining Minimum Work Required - 77 square miles (200 square kilometers) 3D seismic survey; geophysical and geological studies

Pryderi 1- Well Activities and Schedule

IPB estimates that the 11-15 day Pryderi-1 well will spud in late October 2014.

IPB is also pleased to advise that the WA-424-P Joint Venture has also received acceptance of its Pryderi-1 Well Operations Management Plan (WOMP) relating to health safety and well integrity matters, from the National Offshore Petroleum Safety and Environment Management Authority (NOPSEMA).

In addition, the WA-424-P Joint Venture has also received its Approval of Application to Undertake a Well Activity (AAUWA) ie permission to drill Pryderi-1, from NOPSEMA.

IPB Petroleum’s Managing Director commented: “We are extremely pleased with the substantial progress toward the drilling of the potentially company making Pryderi-1 well by our Joint Venture Operator. The Pryderi-1 oil exploration well is aimed at not only testing a prospect but a play. If we have success at Pryderi, then the follow up potential in the rest of our acreage could be very substantial.”


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