WA-471-P Exploration Permit Extension Granted

Source: www.gulfoilandgas.com 6/12/2015, Location: Not categorized

IPB Petroleum is pleased to advise that the Company’s application for a 12 month Suspension and Extension to the WA-471-P exploration permit work programme has been approved by the Commonwealth–Western Australia Joint Authority.

Following IPB’s application in May 2015, the Company has been granted a twelve month Suspension to the permit Year 2, and corresponding Extension to subsequent permit years’ work programmes for its 100% held WA-471-P exploration permit (Permit).

The current work programme now provides a further 12 months for IPB to commence the acquisition of a new 600 sqkm 3D seismic survey in accordance with Year 2 Permit activites.

Also as a result of the Extension of subsequent years’ work programmes, IPB now has additional time to satisfy future commitments including the Permit Year 3 exploration well which must now commence before 3 May 2017. The optional Permit Secondary Term now commences on 4 May 2017.

IPB’s Managing Director Brendan Brown commented on the revised Permit terms, “IPB is very pleased with the extensions granted to the Company’s WA-471-P future work programme, as it will provide increased flexibility for the group in managing the future exploration activities relating to its large Browse Basin acreage position”


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