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IPB Petroleum shares on the move, Pryderi-1 oil exploration well spudded soon

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IPB Petroleum (ASX:IPB) have been on a tear in the past month, reaching an intra-day high of $0.42 yesterday, up 68% from a low of $0.25 on 2 September.

Investors are eagerly awaiting the spudding of its first well, the Pryderi-1 oil exploration well in WA-424-P offshore northwestern Australia that has estimated Mean Prospective Resources of 40 million barrels of oil.

Shares in the company are currently trading at about $0.38.

Pryderi-1 is expected to spud in the current quarter subject to receiving environmental approvals and rig availability.

Notably, the well will be free carried by farm-in partner CalEnergy , a fully-owned subsidiary of Berkshire Hathaway’s MidAmerican Energy Holdings Company.

The Pryderi prospect is around 5 kilometres away from Gwydion-1, which encountered a 14.5 metre gas column in poor quality glauconitic sand above a 10 metre oil column in good quality clean sand.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: IPB Petroleum Ltd

Price: 0.042 AUD

ASX:IPB
Market: ASX
Market Cap: $12.05 m
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