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.