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Drill Rig Successfully Secured for Pryderi-1 Well

Source: 6/25/2014, Location: Not categorized

IPB Petroleum is pleased to advise that the WA-424-P Joint Venture (IPB 75%, CalEnergy 25%, and Operator) has achieved the very important milestone of securing the Stena–Clyde semi-submersible drill rig for its upcoming Pryderi-1 exploration well.

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 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.”

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