Stena Clyde to Drill Pryderi-1 Well in Permit WA-424-P Off WA in October

Australia's IPB Petroleum announced Friday that the WA-424-P Joint Venture (IPB 75 percent, CalEnergy 25 percent and Operator) have received notice from the rig contractor that the estimated commencement date for the Pryderi-1 rig contract is Oct. 17.

Subject to current operations at the Puffin field (located approximately 74 miles or 120 kilometers north of WA-424-P), and based on the estimated mobilization date, IPB Petroleum estimates that the Stena Clyde (mid-water semisub) will arrive at the Pryderi-1 well location on or around Oct. 19.

Pryderi-1 is a relatively shallow well and IPB estimates that the well could intersect the target reservoir before the end of October. There will be up to an estimated additional 3 or 4 days of logging before the well is then to be plugged and abandoned.

The Pryderi Prospect

The Pryderi prospect is estimated by IPB to have High, Best and Low Prospective Resources (100 percent) of 78 million barrels, 32 million barrels, and 12 million barrels respectively and lies in 236 feet (75 meters) of water and is located approximately 6.2 miles (10 kilometers) away from the permit’s existing Gwydion oil discovery.

IPB Petroleum’s Managing Director commented: “We are pleased to update shareholders of the commencement date for this important and potentially company transforming well. The Pryderi-1 oil exploration well is aimed at not only testing a prospect but a play. If we have success at Pryderi, the follow up potential across IPB’s three permits of the additional 27 m.Australis leads identified from pre-existing 2D seismic is significant.”


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