IPB Petroleum to Vary Work Program for Permit WA-424-P in Browse Basin

IPB Petroleum Ltd. (IPB) reported Thursday that it has entered the Secondary Term of its WA-424-P exploration permit in the Browse Basin, offshore north west Australia as Operator with a 100 percent working Interest. The company applied and has received approval from the Joint Authority for a variation of the permit’s Secondary Term work program (Permit years 4 to 6 inclusive).

The revised work program includes seismic reprocessing and inversion analysis within the first year (Permit Year 4), with an exploration well to be drilled in third year of the Secondary Term (Permit Year 6). Entry into each year, and therefore obligation to complete each year’s work program is optional only on the permit holder(s) during a permit’s Secondary Term. The revised work program for the WA-424-P permit is as follows:

Table 1: WA-424-P (IPB 100 percent and Operator) Secondary Term Work Program

  • Year 4
    • Start Date: April 13, 2015; End Date: April 12, 2016
    • Remaining Minimum Work Required
      • 77 square miles (200 square kilometers) Seismic Reprocessing and Inversion; Indicative Expenditure $77,330 (AUD 100,000)
      • Geotechnical Studies; Indicative Expenditure $154,660 (AUD 200,000)
  • Year 5
    • Start Date: April 13, 2016; End Date: April 12, 2017
    • Remaining Minimum Work Required
      • Geotechnical Studies; Indicative Expenditure $154,660 (AUD 200,000)
  • Year 6
    • Start Date: April 13, 2017; End Date: April 12, 2018
    • Remaining Minimum Work Required
      • 1 Exploration Well; Indicative Expenditure $10.83 million (AUD 14 million)
      • Geotechnical Studies; Indicative Expenditure $154,660 (AUD 200,000)

Although the obligation to drill an exploration well in WA-424-P does not occur until the commencement of Permit Year 6, it is IPB’s intention is to bring forward the drilling of this well through a future work carry resulting from a farmout process budgeted to commence in May.

Recent studies, centred around the Idris prospect, have confirmed the potential for the oil discovery at Gwydion to be much larger than previously mapped. Detailed inversion and depth conversion of the 3D seismic data around Gwydion in support this interpretation is due for completion in the next few weeks. This will conclude the required technical work for the commencement of IPB’s proposed farmout process.

The company expects to release prospective resources for Idris and a revised resources disclosure for the balance of the company’s prospects and leads within the coming 1-2 weeks.

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.


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