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IPB PETROLEUM

ASX: IPB

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

IPB Petroleum is an Australian oil and gas exploration company. IPB has built a strategic position in the oil-prone southern margin of the Browse Basin Offshore North Western Australia.

IPB aim is to achieve superior returns for Shareholders through early entry, exploration and, if successful, the development and production from its oil and gas assets, WA-424-P, WA-471-P & WA-485-P.

IPB has an interest in three petroleum exploration permits in this area. They are:

    WA-424-P
    WA-471-P
    WA-485-P

The Browse Basin is located north of Broome, offshore, Western Australia, and covers an area of approximately 140,000km2.

WA-424-P (IPB 100%)
The WA-424-P permit contains three wells, Gwydion-1, Caspar-1A and Pryderi-1. The Gwydion-1 well was drilled by BHP Petroleum (now BHP Billiton Petroleum) in 1995. The well discovered a 14.5m gas column in a poor-quality glauconitic sand above a 10m oil column in a good-quality Cretaceous-aged Hauterivian/Barremian clean sand. Caspar-1A, a subcommercial gas discovery was drilled in 1998 by BHP as a follow-up to the Gwydion-1 discovery well, and while the well intersected very good-quality reservoir sands 15m thick at the level that contained oil in the Gwydion-1 well, these sands were water-wet.

The presence of gas in the main Barremian/Hauterivian-aged reservoir sand generates a high amplitude (red) on the seismic data around the Gwydion-1 well.

IPB has plans to farmout an interest in WA-424-P for the drilling of an appraisal well to be named Idris-1 to test the updip presence of the oil accumulation intersected in the Gwydion-1 well.

WA-471-P (IPB 100%)
The WA-471-P permit lies immediately north of the WA-424-P permit, which contains the Gwydion oil discovery. The 2D seismic data in this block highlight the potential for stratigraphic traps between the oil discovery at Gwydion and the oil-prone source rocks identified further to the north.

WA-485-P (IPB 100%)
WA-485-P lies immediately east of IPB's WA-471-P permit, between the oil discoveries at Gwydion and Cornea to the north east. These discoveries prove that oil has migrated a considerable distance from mature source kitchens in the deeper part of the basin and is likely to have migrated through the whole of WA-485-P permit. IPB plans to evaluate the potential for this oil to be trapped in the permit through the acquisition and interpretation of 3D seismic data.

Mine For

Oil, Gas

Location of operation(s)

Browse Basin WA

Australian Basins

Browse

Address

23 Small Street
Hampton, Vic, Australia

Phone

+61 3 9598 0188

Email

Website


Last Updated

2/10/2015

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.