IPB Petroleum has advised that the WA-424-P Joint Venture have received notice from the rig contractor that the estimated start date for the Pryderi-1 rig contract offshore W. Australia is October 17, 2014.
Pryderi-1 well is located in the Browse Basin, north of Broome, offshore Western Australia. The WA-424-P Joint Venture comprises IPB 75%, CalEnergy 25% and Operator.
Subject to current operations at the Puffin field (located approximately 120 km north of WA-424-P), and based on the estimated mobilisation date, IPB Petroleum estimates that the Stena Clyde semi-submersible rig will arrive at the Pryderi-1 well location on or around the 19 October, 2014.
Pryderi-1 is a relatively shallow well and IPB estimates that the well could intersect the target reservoir before the end of October. There will be up to an estimated additional 3 or 4 days of logging before the well is then to be plugged and abandoned.
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 away from the permit’s existing Gwydion oil discovery.
IPB Petroleum’s Managing Director Brendan Brown commented: “We are pleased to update shareholders of the commencement date for this important and potentially company transforming well. The Pryderi-1 oil exploration well is aimed at not only testing a prospect but a play. If we have success at Pryderi, the follow up potential across IPB’s three permits of the additional 27 m.Australis leads identified from pre-existing 2D seismic is significant.”