IPB Petroleum is pleased to provide the following update to its activities.

Exploration Permit WA-424-P

IPB Petroleum introduced its upcoming WA-424-P farmout to industry participants at the PESA deal day at the APPEA conference in May.

IPB has engaged ERC Equipoise Limited, an independent reservoir evaluation company to carry out seismic inversion studies on the WA-424-P 3D seismic data around the Gwydion oil discovery. The aim of these studies is to improve the resolution of the seismic data in order to better delineate the extent of the interpreted oil sand relating to the Idris prospect.

IPB expects a more formal farmout process to commence once the results of the inversion project are available. Following the presentation at the PESA deal day, the Company has already received early expressions of interest from potential farminees interested in receiving further information, as and when it becomes available.

As part of a farmout process IPB will be seeking to obtain a carried interest in the drilling of an exploration well on the Idris prospect.

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