IPB gets more time to acquire seismic in Browse basin permit

IPB Petroleum has informed that its application for a 12 month suspension and extension to the WA-471-P exploration permit work programme, offshore Australia, has been approved by the Commonwealth–Western Australia Joint Authority.

Following IPB’s application in May 2015, the company has been granted a twelve month suspension to the permit Year 2, and corresponding extension to subsequent permit years’ work programmes for its 100% held WA-471-P exploration permit located in the Browse Basin, offshore Western Australia.

The company says that the current work programme now provides it with further 12 months to start the acquisition of a new 600 sqkm 3D seismic survey in accordance with Year 2 Permit activities.

Also as a result of the extension of subsequent years’ work programmes, IPB now has additional time to satisfy future commitments including the Permit Year 3 exploration well which must now start before May 3, 2017. The optional Permit Secondary Term now starts on May 4, 2017.

IPB’s Managing Director Brendan Brown commented on the revised Permit terms, “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.”

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