IPB Petroleum reported Tuesday that the WA-424-P Joint Venture (IPB 75 percent, CalEnergy 25 percent and Operator) has received notification that the Stena Clyde (mid-water semisub) departed the Puffin field location this morning and that the rig is currently under tow to the Pryderi-1 location in WA-424-P offshore Western Australia.
IPB Petroleum estimates that the Stena Clyde will arrive at the Pryderi-1 location later this week with spudding to commence shortly thereafter. IPB intends to make a further ASX announcement when this occurs.
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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