IPB has an interest in the following petroleum exploration permits located in the Browse Basin:
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.