IPB Petroleum: Pryderi-1 well disappoints (Australia)

IPB Petroleum has informed that the Pryderi-1 exploration well in WA-424-P, off Australia, has reached a total depth of 694m (RT) in 12.25” hole late afternoon on November 15, 2014 with no moveable hydrocarbons being encountered.

IPB Petroleum said that despite some residual oil shows encountered while drilling, the target reservoir at Pryderi is interpreted to be water bearing. Operations over the next 48 hours include the planned plugging and abandoning of the well.

The company now intends to complete further interpretation and analysis on the results of the well to gain an improved understanding of the remaining prospectivity within the permit, which includes the existing Gwydion oil discovery (2C Contingent Resources of 5 MMbbls -100%).

IPB’s Managing Director Brendan Brown said: “Although the results of this first well are not as predicted, we know that oil is present in this part of the Browse Basin and the data from this well will help us in our ongoing exploration efforts within the permit. IPB remains confident that the company’s existing acreage offers significant hydrocarbon prospectivity in a basin that is a focal point for so many multinational energy companies.”

The Pryderi-1 well was spudded early morning of November 9.

WA-424-P Joint Venture is IPB 75%, and CalEnergy 25% and Operator.

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