Key Points
- IPB Petroleum has been awarded a 100% interest in Petroleum Exploration Permit WA-485-P in the Browse Basin offshore North West Australia for an initial period of six years
- The first three years of the committed work programme comprises studies in each year, 3D seismic in the second year and two exploration wells in the third year
- WA-485-P lies immediately north of IPB’s WA-424-P permit (IPB 75%, CalEnergy 25%) and immediately east of the Company’s WA-471-P permit (IPB 100%)
- The shallow M.australis oil play, which will be tested by the upcoming Pryderi-1 well, is interpreted to be present over a large part of the WA-485-P permit
- Oil discoveries at Gwydion and Cornea confirm the oil potential of the southern margin of the Browse Basin and with the addition of the new permit, IPB Petroleum has established a major position from which to benefit from potential success at Pryderi-1.
IPB Petroleum Limited “IPB” (ASX:IPB) is pleased to announce that the Commonwealth–Western Australia - Offshore Petroleum Joint Authority granted to IPM West Pty Ltd (a wholly owned subsidiary of IPB Petroleum Limited) a 100% interest in Petroleum Exploration Permit WA-485-P for a period of 6 years, commencing 14 May 2013.
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