Key Points
- IPB is an Australian conventional oil explorer
- Holds a large acreage position along Oil prone margin of Browse Basin – NW Australia
- Relatively shallow water c ~ 80m, shallow reservoir depth ~ 700m– allows for low cost drilling and development
- Large Oil Resource – 672 MMbbls of oil - mean Prospective Resource level in WA-424-
P and WA-485-P ( Net IPB share)
- 3D seismic is the key to unlocking the potential of its key plays
- Existing oil discovery in IPB’s WA-424-P Permit at Gwydion 6 MMbbls (mean Contingent Resource), also likely to lower the commercial threshold at Pryderi if successful
- Confidence of potential further WA-424-P and WA-485-P permit wide 3D prospectivity, due to large existing 2D data set and demonstrated good 2D to 3D comparison
- Near term drilling activity e.g. Pryderi-1 – fully carried with CalEnergy Farmout
- Total potential funding available of up to $32.4m from CalEnergy Farmout
- Large permits provide diversification as well as success based leverage and play coverage
- Highly qualified and capable Board and Management team
- Current Market Capitalisation at 25 cps ( 28 June 2013) = $24.7m
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