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Australia: CalEnergy's Pryderi-1 well in the Browse Basin disappoints

17 Nov 2014

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JV partner IPB Petroleum has advised that the Pryderi-1 exploration well in WA-424-P (IPB 75%, CalEnergy 25% and Operator) reached a total depth of 694m (RT) in 12.25” hole late afternoon on 15 November 2014 with no moveable hydrocarbons being encountered. Despite some residual oil shows encountered while drilling, the target reservoir at Pryderi is interpreted to be water bearing. Operations over the next 48 hours include the planned plugging and abandoning of the well.

IPB now intends to complete further interpretation and analysis on the results of the well to gain an improved understanding of the remaining prospectivity within the permit, which includes the existing Gwydion oil discovery (2C Contingent Resources of 5 MMbbls-100%)
IPB’s Managing Director Brendan Brown said 'Although the results of this first well are not as predicted, we know that oil is present in this part of the Browse Basin and the data from this well will help us in our ongoing exploration efforts within the permit. IPB remains confident that the company’s existing acreage offers significant hydrocarbon prospectivity in a basin that is a focal point for so many multinational energy companies.'

IPB would like to reassure shareholders that the evolution of successful small exploration companies often involves dealing with exploration risk outcomes and pursuing multiple options. The directors aim to also continue with their stated strategy which includes the examination of complementary opportunities, with the ultimate objective of adding to the company’s current exploration portfolio.

See related article: CalEnergy to drill Pryderi-1 well late October - early November

Original article link

Source: IPB Petroleum

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