- The WA-424-P Joint Venture (IPB 75%, CalEnergy 25% and Operator) has received feedback from the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) that its Environmental Plan (EP) submitted on 13 September 2013 will require additional information to be included before a re-submission can be considered.
- It is not unusual for NOPSEMA to seek additional modification to EP submissions.
- A target date now set by the Joint Venture for a re-submission of the EP in mid-November 2013.
- Approval process timelines are normally up to approximately four (4) weeks after a re-submission, implying a revised target EP approval date of around mid-December 2013.
- The result of the delay in EP approval is such that it is now unlikely that the Pryderi-1 oil exploration well will be drilled this calendar year.
- Subject to environmental and other regulatory approvals, rig and equipment availability the WA-424-P Joint Venture now expects to be ready to commence the drilling of the Pryderi-1 oil exploration well during the first quarter of 2014.
- IPB is pleased with the Operator’s commitment and substantial effort to-date in the EP preparation and looks forward to updating investors with further progress towards the drilling of the Pryderi-1 exploration well in the near future.
IPB Petroleum Limited “IPB” (ASX:IPB) advises that the WA-424-P Joint Venture has received feedback from the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) that its Environmental Plan (EP) for the Pryderi-1 oil exploration well submitted on 13 September 2013 has not been rejected, but will require further modification before re-submission.
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