Stena Clyde to Drill Pryderi-1 Well in WA-424-P in Late Oct/Early November

Australia's IPB Petroleum revealed Tuesday that the WA-424-P Joint Venture (IPB 75 percent, CalEnergy 25 percent and Operator) has received an update from its drilling contractor that the estimated commencement date for the Pryderi-1 rig contract is now due late October to early November.

Due to a projected extension in current rig operations at the Puffin field (located north of WA-424-P), IPB Petroleum now estimates that the Stena Clyde (mid-water semisub) will begin mobilization to the Pryderi-1 well location late October to early November.

Unless the schedule changes materially over the coming 1-2 weeks, IPB will next update shareholders in relation to the Pryderi-1 well at the time of the rig handover.

Pryderi-1 is a relatively shallow well and based on the current schedule IPB estimates that the target reservoir will be intersected within a week of spudding the well. Following logging this Pryderi-1 well will then be plugged and abandoned.

The Pryderi Prospect

The Pryderi prospect in WA-424-P 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.

The Pryderi-1 well is aimed at not only testing a prospect but a new oil exploration play interpreted by IPB Petroleum to extend from WA-424-P (IPB 75 percent) through to WA-485-P (IPB 100 percent) cover an additional 27 other leads identified on pre-existing 2D seismic.

About IPB Petroleum

IPB Petroleum is an Australian conventional oil exploration company that has built a strategic position in what it believes to be a potential new oil fairway along the south margin of the Browse Basin offshore North West Australia.

IPB Petroleum Resources

Total Best Estimate Prospective Resources (unrisked) net to IPB across the Company’s three Browse Basin Permits WA-424-P (IPB 75 percent), WA-485-P (IPB 100 percent), and WA-471-P (IPB 100 percent) is 619 million barrels of oil.

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