IPB Petroleum to install BOP on Pryderi-1

IPB Petroleum has informed that the Pryderi-1 exploration well in WA-424-P offshore Australia has reached a depth of 446 m (RT) in 17.5 inch hole late afternoon of November 11, 2014.

Pryderi-1 well is located in the Browse Basin, north of Broome, offshore Western Australia. Planned operations over the next 48 hours include cementing the 13.375 inch casing and installing the blow out preventer (BOP). The well will then be drilled to a planned total depth of approximately 680 m (RT) in a 12.25 inch hole.

Pryderi-1 is a relatively shallow well and based on the current schedule IPB estimates that the target reservoir at approximately 615 m (RT) will be intersected towards the end of the week.

The Pryderi-1 well was spudded early morning of November 9, 2014.

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

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