IPB PETROLEUM LIMITED ΙPB ANNUAL REPORT 2023
ACN 137 387 350
IPB PETROLEUM
IPB PETROLEUM ANNUAL REPORT 2023
COMPANY PROFILE
IPB Petroleum Limited (ACN 137 387 350) is an Australian oil and gas exploration, appraisal and development 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 both in Australia and Overseas.
ANNUAL GENERAL MEETING
The Annual General Meeting of IPB Petroleum is proposed to be held on:
Tuesday 28 November 2023 at 11 am AEDST at 123 Queen Street Melbourne VIC 3000, Australia.
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 2023.
Front Cover:
Image of top deck of semi-submersible drill rig Sedco 702 which was the rig that drilled the Gwydion initial discovery well (BHP 1995).
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 2023
CONTENTS
Letter from the Chair | Page 5 | |
Directors' Report | Page 7 | |
Auditor's Independence | ||
Declaration | Page 25 | |
Financial Report | Page 26 | |
Financial Statements | Page 27 | |
Notes to the Financial Statements | Page 31 | |
Directors' Declaration | Page 50 | |
Auditor's Report | Page 52 | |
ASX Additional | ||
Information | Page 56 | |
Glossary | Page 59 | |
Image of Stacked drill casing | Corporate Directory | Page 60 |
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
29 September 2023
Dear fellow shareholders,
Although it may appear that slower than planned progress has been achieved in the Financial Year ending 30 June 2023 , our company, IPB Petroleum ("IPB" or "the Company") has been able to maintain the potential shareholder value and its acreage position in North West Australia and completed successful capital raisings.
While concurrently seeking and investigating additional complementary opportunities, some of which are currently under assessment, IPB has preserved its primary asset being permit WA-424P in the Browse Basin. We remain confident in the prospect of commercial value of the hydrocarbon discovery at Gwydion and the potential for the proposed adjacent Idris well to prove up a larger stratigraphic trap.
Accordingly, the Company undertook important steps to extend retention of its acreage, while we continued to pursue additional farmout and funding opportunities. With the Declaration of Location granted over Gwydion block, the Company achieved medium to long term flexibility to apply for a Retention Lease or Production Licence using likely lower cost innovative technology to develop the existing oil accumulation. Furthermore, post Financial Year end, the Joint Authority approved a Suspension and Extension of the permit terms to allow additional time to drill the proposed Idris well in the WA-424-P permit until mid-December 2025.
Your Board has been disappointed by failed past farmin and funding arrangements and frustrated in advancing certain technically encouraging North American opportunities, despite IPB's best efforts. In order to adequately fund the ongoing pursuit of these opportunities in which the Company invested significant time and resources, there were four capital raises during the year and I thank pre-existing and new shareholders who responded and welcome new shareholders to our Company.
Notwithstanding the improved balance sheet, the Company will persist with careful stewardship of its finances and I compliment the Managing Director Brendan Brown and my fellow directors for their diligence in this regard as well as their contributions and fit-for-purpose governance.
The Australian environment for the oil exploration sector, in which IPB operates is challenging and progress is slower than we would sometimes like, but we will continue with concerted efforts to realise the potential we believe IPB offers both shareholders and the broader community.
Bruce McKay
Non-Executive Chair
IPB Petroleum Limited Page 5
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Disclaimer
IPB Petroleum Limited published this content on 29 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2023 04:53:13 UTC.
