IPB hires Stena Clyde semi for Prydery drilling

IPB Petroleum has announced that WA-424-P Joint Venture (IPB 75%, CalEnergy 25%, and Operator) has secured the Stena Clyde semi-submersible drill rig for its upcoming Pryderi-1 exploration well in the Browse Basin, located north of Broome, offshore Western Australia.

Based on contracted terms and the current rig schedule, IPB Petroleum estimates that the Pryderi-1 well will spud during October 2014. With the drill rig successfully secured the Operator now intends to submit an application for a suspension and extension to the WA-424-P permit terms with the National Offshore Petroleum Titles Administrator (“NOPTA”) to allow sufficient time for the drilling and evaluation of the results of this well.

The Operator estimates Pryderi-1 to take approximately 11 days drill on a dry hole basis.

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 extremely pleased that our Joint Venture Operator has now secured a drill rig for this very important and potentially company-making well. 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.”