- The WA-424-P Joint Venture (IPB 75%) has been granted a twelve (12) month extension to Permit Years 2 and 3 to allow for the drilling of the planned Pryderi-1 oil exploration well and sufficient time to analyse the results from the well prior to the commencement of the Secondary Term of the Permit.
- Subject to necessary regulatory approvals and rig availability, IPB expects that the Joint Venture will be ready to drill the Pryderi-1 well during the fourth quarter of 2013.
- Requests for quotes have been issued and received for casing, casing accessories, drill bits, well heads, geotechnical and geophysical site surveys. Detailed well design is almost complete, and the rig selection process continues.
- IPB is pleased with the substantial progress that has been made toward the drilling of its Pryderi oil prospect and looks forward to updating investors with further progress in the near future.
IPB Petroleum Limited “IPB” (ASX:IPB) is pleased to advise that the Commonwealth- Western Australia Offshore Petroleum Joint Authority has granted the WA-424-P Joint Venture (IPB 75%, CalEnergy* 25%) a twelve (12) month suspension and extension to the scheduled Permit Work Programme to allow sufficient time to drill the Pryderi-1 oil exploration well and fully evaluate the results from the well before commencement of the Secondary Term of the Permit.
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