HIGHLIGHTS
- IPB Petroleum (IPB) was successfully listed on the ASX on 30 April 2013. The IPO closed on 19 April 2013 raising $2.91 million before costs including approximately $400,000 in accepted oversubscriptions.
- IPB was awarded a 100% interest in exploration permit WA-485-P on 14 May 2013, increasing the company’s Browse Basin acreage position to approximately 14,000 km2.
- An independent assessment by ISIS Petroleum Consultants of the interpreted extension of the WA-424-P M.australis play into IPB’s WA-485-P permit has resulted in a 160MMbbls increase to the company’s Mean Prospective Resources (unrisked) taking the company’s total share of Mean Prospective Resources (unrisked) to 672 MMbbls of oil across its three Browse Basin permits.
- The WA-424-P (IPB 75%) Permit Operator, CalEnergy, continued with project management and associated activities for the planned Pryderi-1 exploration well, such that IPB expects that the WA-424-P Joint Venture will be ready to spud the Pryderi-1 well in the fourth quarter of 2013.
Since Quarter End:
- On the 5 July 2013 the WA-424-P Joint Venture (IPB 75%) was granted a twelve (12) month Extension to Permit Years 2 and 3 to allow for the drilling of the planned Pryderi-1 oil exploration well and sufficient time to analyse the results from the well prior to the commencement of the Secondary Term of the Permit.
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