Assets Summary

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

  • WA-424-P (100%)
  • WA-471-P (100%)
  • WA-485-P (100%)

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.