IPB Petroleum is pleased to advise that the WA-424-P Joint Venture (IPB 75%, CalEnergy 25%, and Operator) has achieved the very important milestone of securing the Stena–Clyde semi-submersible drill rig for its upcoming Pryderi-1 exploration well.
Based on contracted terms and the current rig schedule, IPB Petroleum estimates that the Pryderi-1 well will spud during October 2014. With the drill rig successfully secured the Operator now intends to submit an application for a suspension and extension to the WA-424-P permit terms with the National Offshore Petroleum Titles Administrator (“NOPTA”) to allow sufficient time for the drilling and evaluation of the results of this well.
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