IPB Petroleum announced Friday that its application for a twelve month suspension and extension to the WA-471-P exploration permit offshore northwest Australia has been approved by the Commonwealth-Western Australia joint authority.
The work program now provides a further twelve months for IPB to commence the acquisition of a new 231 square mile 3D seismic survey in accordance with year two permit activities. IPB’s extension also gives the company more time to satisfy future commitments such as the permit year three exploration well, which must now commence before May 3, 2017. The optional permit secondary term now commences on May 4, 2017.
IPB Managing Director Brendan Brown commented in a company statement:
"IPB is very pleased with the extensions granted to the company’s WA-471-P future work program as it will provide increased flexibility for the group in managing future exploration activities relating to its large Browse Basin acreage position."
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