Summary
- IPB is an Australian conventional oil explorer
- Low Cost shallow water / reservoir depths
- Very Large Oil Resource – 619 MMbbls of oil – Best Estimate Prospective Resource level
- Near term drilling activity e.g. Pryderi-1 – Potential NPV10 40 MMBBLS ~ $765m (100%) (fully funded by CalEnergy Farmout) - IPB diluted interest 40% ($306m)
- Highly qualified experienced management Team
- Market Capitalisation at 35 c, 8 July 2014: $38.5m
Strategy
- Early entry with high equity strategic position
- Manage downside risk /GMG – New Ventures (Underway)
- Early part of E&P life-cycle very high reward, but with a plan to manage risks
- Operate only up to FID / Introduce Value Add Partners.
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