Stena Clyde Semisub Spuds Pryderi-1 Prospect in Permit WA-424-P Offshore WA

IPB Petroleum announced Monday 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) arrived at the Pryderi-1 location in WA-424-P offshore Western Australia late evening Nov. 6. The Pryderi-1 well was spudded early morning Nov. 9.

Pryderi-1 is a relatively shallow well and based on the current well schedule IPB estimates that the target reservoir will be intersected later this week.

Over the next 24 hours, planned operations include the commencement of drilling the 17.5 inch section of the well.

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.

Irrespective of the result at Pryderi-1, there are no plans to drill stem test and after logging the well will be plugged and abandoned.

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.