IPB-CalEnergy JV Gets Extension for Permit WA-424-P Work Program in WA

Pryderi Prospect

The Pryderi prospect 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 246 feet (75 meters) of water and is located approximately 6 miles (10 kilometers) away from the permit’s existing Gwydion oil discovery.

IPB expects Pryderi-1 take around 11-15 days to drill, with drilling costs estimated to be around $18.67 million  (AUD 20 million) to be fully covered under its Farmout Agreement with CalEnergy.

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 mean Prospective Recoverable 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 672 million barrels of oil.


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