‘Stena Clyde’ semi-sub to arrive at Pryderi a week late (Australia)

As a partner in the WA-424-P Joint Venture, IPB Petroleum has received updated advice from its drilling contractor that the estimated start date for the Pryderi-1 rig contract, offshore W. Australia, is around 24 October, 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 completion of 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 25 or 26 October, 2014.

IPB has previously announced October 17, 2014, as the contract start date for Stena Clyde.

Pryderi-1 is a relatively shallow well and based on the current schedule IPB estimates that the target reservoir will be intersected during the first week of November. The well is to then be logged before being 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: “The Pryderi-1 oil exploration well is a potentially company transforming well 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 could be very substantial.”