This follows the National Offshore Petroleum Safety and Environmental Management Authority requesting for modifications to the drilling plan.
The company and its partner CalEnergy , a fully-owned subsidiary of Berkshire Hathaway's MidAmerican Energy Holdings Company, expect to amend the plan over the coming weeks with a view to re-submission around mid-November.
"A pre-requisite for the drilling of any offshore well is environmental approval. It has become common for offshore exploration well EP's to be modified before final acceptance by the regulator," managing director Brendan Brown said.
"The requirement for a re-submission of our EP has consequently meant that it is no longer likely that the Pryderi-1 well can be spudded before the end of the year.
"IPB Petroleum will afford CalEnergy as Operator every assistance in working towards a re-submission of the subject EP, such that the Joint Venture can best place itself to be drill ready for this exciting and very material well during the first quarter 2014."
The Pryderi-1 oil exploration well targets estimated Mean Prospective Resources of 40 million barrels of oil.
IPB's share of costs will be free carried by CalEnergy. IPB has a 75% interest while CalEnergy holds 25%.
The Pryderi prospect is around 5 kilometres away from Gwydion-1, which encountered a 14.5 metre gas column in poor quality glauconitic sand above a 10 metre oil column in good quality clean sand.
It is deemed to have a 75% chance of hydrocarbon discovery with 60% chance of this being oil, or an overall 45% chance of an oil discovery.
IPB's permits are located in one of the most prospective oil and gas basins in Australia. The last two years have seen in excess of A$40 billion of gas condensate development projects reaching final investment decision approval in the Browse Basin.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.