IPB Petroleum has advised that the Company's application for a 12 month Suspension and Extension to the WA-471-P exploration permit work programme has been approved by the Commonwealth-Western Australia Joint Authority.
Following IPB's application in May 2015, the Company has been granted a twelve month Suspension to the permit Year 2, and corresponding Extension to subsequent permit years' work programmes for its 100% held WA-471-P exploration permit (Permit).
The current work programme now provides a further 12 months for IPB to commence the acquisition of a new 600 sqkm 3D seismic survey in accordance with Year 2 Permit activites. Also as a result of the Extension of subsequent years' work programmes, IPB now has additional time to satisfy future commitments including the Permit Year 3 exploration well which must now commence before 3 May 2017. The optional Permit Secondary Term now commences on 4 May 2017.