IPB Petroleum Awarded Permit WA-485-P in Australia

Source: www.gulfoilandgas.com 5/20/2013, Location: Not categorized

IPB Petroleum Limited “IPB” is pleased to announce that the Commonwealth–Western Australia - Offshore Petroleum Joint Authority granted to IPM West Pty Ltd (a wholly owned subsidiary of IPB Petroleum Limited) a 100% interest in Petroleum Exploration Permit WA-485-P for a period of 6 years, commencing 14 May 2013.

WA-485-P adds to IPB’s growing strategic position, now totaling around 14,000 sqkm along what is considered to be a potential new oil fairway offshore North West Australia. IPB has interests in adjoining permits WA-424-P (IPB 75%, CalEnergy 25%) and WA-471-P (IPB 100%).

IPB’s Managing Director Brendan Brown commented further that "the granting of WA-485-P is an important next milestone in the continuing development of IPB Petroleum. Our Company is excited about the oil potential of the near shore margin of the Browse Basin and we're on track to begin drilling the planned Pryderi-1 well in the 3rd quarter in our neighbouring WA-424-P permit. Today's announcement confirms that IPB Petroleum is already well ahead in its growth plans less than a month after listing on the ASX.''

Based on the Company’s analysis and interpretation of the existing available 2D seismic data, IPB believes that there is a substantial continuation into WA-485-P of the M.australis horizon oil play identified in WA-424-P, which is the subject of the upcoming Pryderi-1 exploration well.

IPB estimates this play to contain 322 Mmbbls of mean prospective oil resource (recoverable) in WA-424-P alone. IPB expects that success at Pryderi will add to the prospectivity and value of WA-485-P as well as WA-471-P.

The Company has commenced a more detailed resource estimation for WA-485-P and expects that it will be able to provide this information to the market on or before mid-June, 2013.

WA-485-P was granted to IPB after the Company successfully bid a work commitment programme in the Government’s First Round 2012 Offshore Petroleum Acreage Release. The Primary Term work programme includes 610 sqkm of new 3D seismic in Year 2, and two exploration wells in Year 3.

NOTE: Only the Primary Term of the 6 year Permit forms the Firm committed work programme. The permit can be relinquished at the end of the Primary Term or at the end of each Secondary Term Year.

An Important point worth highlighting is the relatively shallow water c ~ 100m, and shallow interpreted reservoir depths ~ 700m within WA-485-P enables low cost drilling, and has enabled IPB to bid two exploration wells as part of the permit work programme for the equivalent cost of less than one exploration well in deeper parts of the basin.

IPB to retain a 100% interest in WA-485-P
As detailed in the Company’s March 1, 2013 Prospectus, CalEnergy had an option to enter the gazettal block (now known as WA-485-P) at the time of grant to IPB. CalEnergy have not exercised this option and accordingly IPB has retained the full 100% interest.



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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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