HIGHLIGHTS FOR THE QUARTER
- Stena-Clyde semi-submersible drill rig successfully secured for Pryderi-1 exploration well in WA-424-P
o Based on the contracted rig schedule IPB estimates that the Pryderi-1 well will spud during October 2014.
o IPB estimates Pryderi-1 to take approximately 11 - 15 days to drill and evaluate.
- Twelve month extension to permit WA-471-P granted by National Offshore Petroleum Titles Administrator (NOPTA)
o Extension granted due to unavailability of a suitable seismic vessel.
o Seismic survey now scheduled to commence by 3 May, 2015.
- Activities associated with the technical and commercial assessment of potential new acreage and business development opportunities continued.
- Subsurface study work on Gwydion discovery and Mathonwy prospects within WA-424-P commenced by permit Operator.
- During the Quarter, the following changes to the Company’s Board also occurred:
o Bruce McKay was appointed Non-Executive Chairman
o Brodrick Wray was appointed Non-Executive Director
o Shane Tanner resigned as a Director of the Company
