IPB Petroleum announced that the company’s application for a 12-month suspension and extension to the WA-471-P exploration permit work program has been approved by the Commonwealth–Western Australia Joint Authority.
Following IPB’s application in May 2015, the company has been granted a 12-month suspension to the permit Year 2, and corresponding extension to subsequent permit years’ work programs for its 100% held WA-471-P exploration permit.
The current work program now provides a further 12 months for IPB to commence the acquisition of a new 600sq km 3D seismic survey in accordance with Year 2 permit activities. Also as a result of the extension of subsequent years’ work programs, 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.
The revised permit terms “will provide increased flexibility for the group in managing the future exploration activities relating to its large Browse Basin acreage position,” said Brendan Brown, IPB’s managing director.
Image: Browse Basin/IPB Petroleum
