IPB Petroleum advises that the Pryderi-1 exploration well in WA-424-P (IPB 75%, CalEnergy 25% and Operator) reached a total depth of 694m (RT) in 12.25' hole late afternoon on 15 November 2014 with no moveable hydrocarbons being encountered.

Despite some residual oil shows encountered while drilling, the target reservoir at Pryderi is interpreted to be water bearing. Operations over the next 48 hours include the planned plugging and abandoning of the well.

IPB now intends to complete further interpretation and analysis on the results of the well to gain an improved understanding of the remaining prospectivity within the permit, which includes the existing Gwydion oil discovery (2C Contingent Resources of 5 MMbbls -100%).

Tags: IPB Petroleum