• Binding Terms Sheet executed to acquire 143,368 acres of leases in Alaska's National Petroleum Reserve
• Leases contain the Umiat oil field and are near Conoco Phillips' 700mmbbl Willow Project
• Placement to raise $1.27M to fund technical and commercial studies on the leases

IPB Petroleum Limited (ASX: IPB) has signed a Binding Terms Sheet to acquire Peritas LLC, an Alaskan registered company, and its 143,368 acres of highly prospective leases in the National Petroleum Reserve of Alaska (NPR-A). The leases are approximately 35 km south of the Willow Project (700mmbbl) operated by Conoco Phillips and 50 km southwest of the Horseshoe/Pika/Narwhal discovery. The 11 exploration leases are on trend with major oil discoveries in the region, while the 2 unitized leases cover the previously discovered Umiat oil field. IPB plans to revisit the prospectivity of the exploration leases, consider new leasing opportunities, and review the Umiat development studies. The transaction is subject to conditions including due diligence, regulatory approvals, and IPB providing a US$300,000 lease bond. IPB has also raised $1.27M through a placement to fund technical and commercial studies on the assets and for general working capital.

IPB plans to focus on evaluating the significant remaining prospectivity of the existing exploration leases, considering new leasing opportunities in the NPR-A, and reviewing and updating the Umiat development studies.