‘Stena Clyde’ rig in second Pryderi delay

As a partner in the WA-424-P Joint Venture, IPB Petroleum has received an update from its drilling contractor that the estimated start date for the Pryderi-1 rig contract is now due late October to early November 2014.

IPB Petroleum has previously announced October 24, 2014 as the estimated start date for the Pryderi-1 rig contract.

Due to a projected extension in current rig operations at the Puffin field (located north of WA-424-P), IPB Petroleum now estimates that the Stena Clyde semi-submersible rig will begin mobilization to the Pryderi-1 well location late October to early November 2014, the statement from the company reads.

Unless the schedule changes materially over the coming one to two weeks, IPB will next update shareholders in relation to the Pryderi-1 well at the time of the rig handover, the company stated in the release.

Pryderi-1 is a relatively shallow well and based on the current schedule IPB estimates that the target reservoir will be intersected within a week of spudding the well.

Following logging, this Pryderi-1 well will then be plugged and abandoned.

Press Release

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