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IPB Petroleum Limited, Pryderi-1 Drill Rig Mobilises to Well Location

IPB Petroleum is pleased to advise that the WA-424-P Joint Venture (IPB 75%, CalEnergy 25% and Operator) has received notification that the Stena Clyde drill rig departed the Puffin field location this morning and that the rig is currently under tow to the Pryderi-1 location in WA-424-P.
IPB Petroleum estimates that the Stena Clyde will arrive at the Pryderi-1 location later this week with spudding to commence shortly thereafter. IPB intends to make a further ASX announcement when this occurs.
Pryderi-1 is a relatively shallow well and based on the current schedule IPB estimates that the target reservoir will be intersected within a week of spudding the well. Following logging this Pryderi-1 well will then be plugged and abandoned.
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