Quarterly Activities/Appendix 5B Cash Flow Report
| Stock | IPB Petroleum Ltd (IPB.ASX) |
|---|---|
| Release Time | 23 Oct 2025, 3:18 p.m. |
| Price Sensitive | Yes |
IPB Petroleum Quarterly Activities/Appendix 5B Cash Flow Report
- Continued efforts to advance commercialization of Exploration Permit WA-424-P
- Assessed domestic and international oil and gas opportunities, with several progressing to due diligence
- Appointed Iain Smith as Non-Executive Director, strengthening technical and commercial expertise
During the quarter, IPB Petroleum Limited (ASX: IPB) continued efforts to advance the commercialization of its key asset, Exploration Permit WA-424-P, in the Browse Basin offshore Western Australia. The Company continued discussions with interested parties in support of drilling the Idris exploration well and potential development of the Gwydion oil discovery. These discussions build on the two-year extension to the application period for a retention lease or production licence over the Gwydion declared location, granted by NOPTA in April 2025. In addition, the Company continued to assess a broad pipeline of high-impact oil and gas new venture opportunities, both domestically and internationally, as part of its strategic focus on building a value-accretive asset portfolio. Several opportunities have progressed to the due diligence stage. The Board remains focused on securing a high-quality, early-stage asset capable of delivering meaningful near-to-medium term value to shareholders. On 1 August 2025, the Company appointed Mr Iain Smith as a Non-Executive Director. Mr Smith is a highly regarded Petroleum Geoscientist with significant experience in senior management roles across the ASX-listed oil and gas sector. Mr Smith's appointment strengthens the technical and commercial expertise of the Board as IPB advances its strategic priorities. Concurrently, Mr Doug Jendry resigned as Non-Executive Director. The Company lodged its Annual Report for the financial year ended 30 June 2025 on 19 September 2025, providing a comprehensive overview of financial performance, operational progress, governance, and strategic priorities of the Company. The Company continues to maintain low corporate overheads, with a focus on strategic activities that support value creation.