IPB is looking to farm-out up to a 50% stake in the WA-424-P permit to help fund an appraisal well updip of the Gwydion-1 well which was drilled in the same permit by BHP Billiton in 1995.
Gwydion-1 hit several shallow gas sands, above a 14.5 metre gas cap overlying a 10 metre oil column which contained 30 degree API oil.
IPB
