Key Points
- An Independent assessment conducted by ISIS Petroleum Consultants of the M.australis play in IPB Petroleum’s (IPB) WA-485-P permit has resulted in an increase to the Company’s Mean Prospective Resources (unrisked) of 160 MMbbls of oil.
- IPB’s net share of Mean Prospective Resources (unrisked) associated with this play has increased by 66% from 241 MMbbls to 401 MMbbls of oil.
- The upcoming Pryderi-1 well in WA-424-P (IPB 75%, Cal Energy 25%), aimed at testing the M.australis play, is scheduled for the third quarter of 2013.
- As previously stated, oil discoveries at Gwydion and Cornea confirm the oil potential of the southern margin of the Browse Basin and with three permits WA-424-P, WA-471-P and WA-485-P, IPB has established a major position from which to benefit from the potential success of the first well at Pryderi.
IPB Petroleum Limited “IPB” (ASX:IPB) is pleased to announce that an independent review by ISIS Petroleum Consultants’ (ISIS) of the M.australis oil play in IPB’s recently acquired WA-485-P permit has resulted in an increase to the Company’s Mean Prospective Resources (unrisked recoverable) by 160 MMbbls of oil, totaling approximately 670 MMbbls.
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