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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.”

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.