IPB Petroleum Limited “IPB” announces that the Commonwealth-Western Australia-Offshore Petroleum Joint Authority granted to IPM West Pty Ltd (a wholly owned subsidiary of IPB Petroleum Limited) a 100% interest in Petroleum Exploration Permit WA-485-P for a period of 6 years, commencing 14 May 2013.
Rationale WA-485-P adds to IPB’s growing strategic position, now totaling around 14,000 sqkm along what is considered to be a potential new oil fairway offshore North West Australia. IPB has interests in adjoining permits WA-424-P (IPB 75%, CalEnergy 25%) and WA-471-P (IPB 100%).
IPB’s Managing Director Brendan Brown commented further that “the granting of WA-485-P is an important next milestone in the continuing development of IPB Petroleum. Our Company is excited about the oil potential of the near shore margin of the Browse Basin and we’re on track to begin drilling the planned Pryderi-1 well in the 3rd quarter in our neighbouring WA-424-P permit. Today’s announcement confirms that IPB Petroleum is already well ahead in its growth plans less than a month after listing on the ASX.”
[mappress] Press Release, May 21, 2013