IPB Petroleum disclosed Tuesday that the Company’s application for a 12 month Suspension, Extension and Variation to the WA-485-P exploration permit work program offshore Western Australia has been approved by the Commonwealth–Western Australia Joint Authority.
Following IPB’s application in mid May, the Company has been granted a 12 month Suspension and Variation to the permit Year 2, and corresponding Extension to subsequent permit years’ work programs for its 100 percent held WA-485-P exploration permit (Permit).
The current work program now provides a further 12 months for IPB to commence the acquisition of a new 3D seismic survey, now 347 square miles (900 square kilometers) versus a previous 236 square miles (610 square kilometers) as part of the Year 2 Permit activites. Also as a result of the Extension of subsequent years’ work programs, IPB now has additional time to satisfy future commitments including the Permit Year 3 exploration wells which must now commence before May 13, 2017. The optional Permit Secondary Term now commences on May 14, 2017.
The revised remaining permit work program for the WA-485-P permit is as follows:
IPB’s Managing Director Brendan Brown commented, “These revised terms allow increased time to complete future permit work program, and based on the Company’s studies to-date, better reflects the level of technical work necessary for this important exploration permit.”
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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