IPB Petroleum secures permit extension to drill

8/18/2014

IPB Petroleum secures permit extension to drill

HAMPTON, Australia -- Pryderi-1 well at WA-424-P in Browse Basin IPB Petroleum Limited (IPB) stated that the Commonwealth-Western Australia Offshore Petroleum Joint Authority has granted a nine (9) month suspension and extension to the Primary Term work programme for Permit WA-424-P (IPB 75%, CalEnergy 25% and Operator).

After securing of the Stena-Clyde floating drill rig for the drilling of the Pryderi-1 well, the WA-424-P Joint Venture sought and has now been granted a nine (9) month suspension of the Permit’s Primary Term end date from 12 July 2014 to 12 April 2015. The Joint Authority has also granted a corresponding extension for the Permits Secondary Work Programme.

IPB estimates that the 11-15 day Pryderi-1 well will spud in late October 2014.

IPB is also pleased to advise that the WA-424-P Joint Venture has also received acceptance of its Pryderi-1 Well Operations Management Plan (WOMP) relating to health safety and well integrity matters, from the National Offshore Petroleum Safety and Environment Management Authority (NOPSEMA).

In addition, the WA-424-P Joint Venture has also received its Approval of Application to Undertake a Well Activity (AAUWA) ie permission to drill Pryderi-1, from NOPSEMA.

IPB Petroleum’s MD commented: “We are extremely pleased with the substantial progress toward the drilling of the potentially company making Pryderi-1 well by our Joint Venture Operator. The Pryderi-1 oil exploration well is aimed at not only testing a prospect but a play. If we have success at Pryderi, then the follow up potential in the rest of our acreage could be very substantial.”

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