IPB Petroleum has entered the secondary term of its WA-424-P exploration permit as operator with a 100% working interest. The company applied and has received approval from the Joint Authority for a variation of the permit’s secondary term work program (permit years 4 to 6 inclusive).
The revised work program includes seismic reprocessing and inversion analysis within the first year (permit year 4), with an exploration well to be drilled in third year of the secondary term (permit year 6).
Although the obligation to drill an exploration well in WA-424-P does not occur until the commencement of permit year 6, it is IPB’s intention is to bring forward the drilling of this well, on the Idris prospect, through a future work carry resulting from a farmout process budgeted to commence in May 2015.
Recent studies, centered around the Idris prospect, have confirmed the potential for the oil discovery at Gwydion to be much larger than previously mapped. Detailed inversion and depth conversion of the 3D seismic data around Gwydion in support of this interpretation is due for completion in the next few weeks. This will conclude the required technical work for the commencement of IPB’s proposed farmout process.
The company expects to release prospective resources for Idris and a revised resources disclosure for the balance of the company’s prospects and leads within the coming one to two weeks.
Image from IPB Petroleum
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