IPB Petroleum has secured approval from the Commonwealth-Western Australia Joint Authority for its application for a 12-month suspension and extension of the WA-471-P exploration permit in offshore north-west Australia.

Last month, the company applied to the authority regarding the permit.

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The authority has approved a suspension to the year two permit, as well as corresponding extension to subsequent permit years’ work programmes for IPB’s WA-471-P licence.

"PB can perform a new 600km² 3D seismic survey over 12 months in accordance with year two permit activities."

Under the existing work programme, IPB can perform a new 600km² 3D seismic survey over 12 months in accordance with year two permit activities.

The company also has additional time to satisfy future proposals, including the permit year three exploration well, expected to begin before 3 May 2017.

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According to the company, the optional permit secondary term will start on 4 May 2017.

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IPB Petroleum managing director Brendan Brown said: "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."