IPB Petroleum has been granted environmental plan approval by the Australian National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) for the Pryderi-1 oil exploration well, off the coast of north-west Australia.
Following the approval, the company has moved a step closer to starting drilling at the Pryderi-1 oil exploration well in WA-424-P.
The companies expect to discover best estimate prospective resources of 32 million barrels of oil, which IPB has a 75% interest in and its partner has CalEnergy holds 25%.
The authorities have also permitted the company to form a joint venture with CalEnergy for activities related to drilling the well.
Both companies are expected to undertake rig selection and negotiation activities, finalise and order items including such items as wellheads, as well as conduct geophysical site survey.
The Pryderi well is located at a distance of about 5km away from Gwydion-1, which encountered a 14.5m gas column in glauconitic sand above a 10m oil column in clean sand.
The well is expected to have 75% chance of hydrocarbon discovery with 60% chance of this being oil, or an overall 45% chance of an oil discovery.
The company expects to spud the Pryderi-1 well in between 12 and 15 days.
Image: 3D seismic Image of top reservoir at Gwydion discovery and neighbouring Pryderi prospect highlighting indicative Pryderi 1 well location in WA-424-P. Photo: courtesy of IPB Petroleum.