IPB Petroleum has informed that its application for a 12 month suspension, extension and variation to the WA-485-P exploration permit work programme, offshore Australia, has been approved by the Commonwealth–Western Australia Joint Authority.
The company also recently gained approval for a 12 month suspension and extension to the WA-471-P exploration permit work programme.
Following IPB’s application in mid May 2015, the company has been granted a twelve month suspension and variation to the permit Year 2, and corresponding extension to subsequent permit years’ work programmes for its 100% held WA-485-P exploration permit located in the Browse basin offshore Australia.
The current work programme now provides a further 12 months for IPB to start the acquisition of a new 3D seismic survey, now 900 sqkm versus a previous 610 sqkm as part of the Year 2 Permit activites.
Also as a result of the extension of subsequent years’ work programmes, IPB now has additional time to satisfy future commitments including the Permit Year 3 exploration wells which must now start before May 13, 2017. The optional Permit Secondary Term now starts on May 14, 2017.
IPB’s Managing Director Brendan Brown commented, “These revised terms allow increased time to complete future permit work programme, and based on the Company’s studies to-date, better reflects the level of technical work necessary for this important exploration permit.”