IPB PETROLEUM LIMITED ΙPB ANNUAL REPORT 2022
ACN 137 387 350
IPB PETROLEUM
IPB PETROLEUM ANNUAL REPORT 2022
COMPANY PROFILE
IPB Petroleum Limited (ACN 137 387 350) is an Australian oil and gas exploration company. IPB Petroleum holds a large exploration permit in what it believes to be in the oil prone southern margin of the Browse Basin offshore northwest Australia.
Our aim is to achieve superior returns for our shareholders, through successful exploration, appraisal, and if successful development and production from oil and gas assets.
ANNUAL GENERAL MEETING
The Annual General Meeting of IPB Petroleum is proposed to be held on:
Monday 28 November 2022 at 11 am AEDST in Melbourne VIC 3000 at a venue to be advised.
This report meets our compliance and governance requirements and is designed to provide easy to read information for shareholders on IPB Petroleum's performance for the year to 30 June 2022.
Front Cover:
Image of top deck of semi-submersible drill rig Stena Clyde during 2013 operations in WA-424-P
Below:
3D Seismic line in depth through Gwydion oil discovery and up-dip Mathonwy and Gilfaithwy structures (WA-424-P). Revealing at Gwydion marked gas and oil column as measured by well logs.
IPB Petroleum Limited
IPB PETROLEUM ANNUAL REPORT 2022
CONTENTS
Letter from the Chair............. | Page 5 | |
Directors' Report ........................ | Page 7 | |
Auditor's Independence | ||
Declaration ........................................ | Page 26 | |
Financial Report......................... | Page 27 | |
Financial Statements.................................. | Page 28 | |
Notes to the Financial Statements................. | Page 32 | |
Directors' Declaration ................................ | Page 52 | |
Auditor's Report.......................... | Page 54 | |
ASX Additional | ||
Information ...................................... | Page 58 | |
Glossary ................................................. | Page 61 | |
Corporate Directory | Page 62 | |
Image of Stacked drill casing | ||
IPB Petroleum Limited Page 3
Image of a semi-submersible drill rig
Letter from the Chair
ΙPB
IPB Petroleum Limited
(ACN 137 387 350)
Suite 307, 530 Little Collins Street
Melbourne, VIC 3000
Australia
Ph: +61 3 9598 0188
Fax: +61 3 9598 0199
30 September 2022
Dear fellow shareholders,
IPB Petroleum ("IPB" or "the Company") remains committed to optimising the potential value of its primary asset, WA-424P with the Gwydion discovery and Idris prospect. However, with lack of confirmed funding, the drilling of Idris -1 within the existing permit tenure appears to be uncertain. While it has appropriate strategies to retain sufficient tenure, the Company re-invigorated the farmout to industry participants having undertaken additional technical work to support the concept of the stratigraphic potential of the prospect. IPB has also reviewed a number of complementary exploration/development opportunities and several remain under active consideration.
This has required ongoing diligent stewardship of the Company's finances and cash outlays that have been kept to a sensible level. Nevertheless, it again became prudent to supplement the balance sheet and a placement and a rights issue were recently completed in July and September respectively to allow IPB to progress the permitting for the drilling of Idris and to pursue other potentially attractive opportunities. I thank existing shareholders for their support and welcome new investors in these capital raisings.
Existing shareholders will also be aware that IPB had negotiated a Farmout and Funding Agreement with Quay Resource Investments to fund the drilling of the Idris well and earn a 50% interest in the WA-424P permit however promised remittances have at the date of this report not been forthcoming.
It has been another challenging period, and I commend Managing Director Brendan Brown and my fellow directors, who have remained diligent and committed to the future of the Company and the interests of its shareholders.
Bruce McKay
Non-Executive Chair
IPB Petroleum Limited Page 5
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IPB Petroleum Limited published this content on 30 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2022 23:33:01 UTC.
