CalEnergy gets extension for Pryderi drilling

IPB Petroleum Limited has advised that the Commonwealth-Western Australia Offshore Petroleum Joint Authority has granted a nine month suspension and extension to the Primary Term work programme for Permit WA-424-P (IPB 75%, CalEnergy 25% and Operator).

After securing of the Stena-Clyde floating semi-submersible drilling rig for the drilling of the Pryderi-1 well, the WA-424-P Joint Venture sought and has now been granted a nine month suspension of the Permit’s Primary Term end date from 12 July 2014 to 12 April 2015. The Joint Authority has also granted a corresponding extension for the Permits Secondary Work Programme.

Pryderi 1-Well Activities and Schedule

IPB estimates that the 11-15 day Pryderi-1 well will spud in late October 2014. IPB has also advised that the WA-424-P Joint Venture has also received acceptance of its Pryderi-1 Well Operations Management Plan (WOMP) relating to health safety and well integrity matters, from the National Offshore Petroleum Safety and Environment Management Authority (NOPSEMA).

In addition, the WA-424-P Joint Venture has also received its Approval of Application to Undertake a Well Activity (AAUWA) ie permission to drill Pryderi-1, from NOPSEMA.

Related: IPB hires Stena Clyde semi for Prydery drilling

IPB Petroleum’s Managing Director commented: “We are extremely pleased with the substantial progress toward the drilling of the potentially company making Pryderi-1 well by our Joint Venture Operator. The Pryderi-1 oil exploration well is aimed at not only testing a prospect but a play. If we have success at Pryderi, then the follow up potential in the rest of our acreage could be very substantial.”

CalEnergy gets extension for Pryderi_

Pryderi Prospect

The Pryderi prospect is estimated by IPB to have High, Best and Low Prospective Resources (100%) of 78 MMbbls, 32 MMbbls, and 12 MMbbls respectively and lies in 75m of water and is located approximately 10 km’s away from the permit’s existing Gwydion oil discovery. IPB expects Pryderi-1 take around 11-15 days to drill, with drilling costs estimated to be around $20m to be fully covered under its Farmout Agreement with CalEnergy.

 

Press Release, August 18, 2014

 

 

 

 

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