CalEnergy gets more time

US player CalEnergy has received a suspension and expansion to its primary work term for its WA-424-P.

The company has been given another nine months on the work programme for the permit after securing the Stena-Clyde floating drill rig.

This will be used to drill the Pryderi-1 well as part of the first term of the work programme for the permit offshore Western Australia.

Joint venture partner IPB Petroleum said the first erm has now been extended to 12 April 2015.

Pryderi-1 will be an 11 to 15 day well, expected to spud in late October under a new well operations management plan.

The well is fully-funded by CalEnergy’s farm-in.

IPB Petroleum managing director Brendan Brown said this exploration well was not just aimed at sizing up a prospect, but sizing up a play.

“If we have success at Pryderi, then the follow up potential in the rest of our acreage could be very substantial,” he said.

The company expected the prospect to have a best estimate prospective resource of 32 million barrels of oil and lies near the existing Gwydion oil discovery.

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