IPB Petroleum disclosed Monday that the WA-424-P Joint Venture (IPB 75 percent, CalEnergy 25 percent and Operator) has received updated advice from its drilling contractor that the estimated commencement date for the Pryderi-1 rig contract is around Oct. 24.
Subject to completion of current operations at the Puffin field (located approximately 74.5 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. 25 or 26.
Pryderi-1 is a relatively shallow well and based on the current schedule IPB estimates that the target reservoir will be intersected during the first week of November. The well is to then be logged before being 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 246 feet (75 meters) of water and is located approximately 6 miles (10 kilometers) away from the permit’s existing Gwydion oil discovery.
IPB Petroleum’s Managing Director commented: “The Pryderi-1 oil exploration well is a potentially company transforming well 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 could be very substantial.”
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