• Executed binding terms to acquire Peritas LLC, holding 143,368 acres of oil and gas leases in Alaska's National Petroleum Reserve
• Submitted 9-month suspension and extension application for WA-424-P permit to secure funding or farm-in partner
• Raised $1.27 million to support studies on Alaskan assets and general working capital

IPB Petroleum Ltd (ASX: IPB) has executed a Binding Terms Sheet to acquire Peritas LLC, an Alaskan-registered company that holds 143,368 acres of highly prospective oil and gas leases within the National Petroleum Reserve of Alaska (NPR-A). The leases include the previously discovered but undeveloped Umiat oil field, as well as 11 exploration leases strategically located near ConocoPhillips' Willow Project. IPB intends to reassess development options for Umiat and evaluate new exploration prospects within the NPR-A. The company has also submitted a 9-month suspension and extension application to the National Offshore Petroleum Titles Administrator (NOPTA) for its WA-424-P permit in the Browse Basin, to provide additional time to secure funding or a farm-in partner for the committed exploration well. During the quarter, IPB raised approximately $1.27 million (before costs) through a placement to support initial technical and commercial studies on the NPR-A assets, evaluate further acquisition opportunities, and for general working capital.

IPB remains committed to the commercialization of the WA-424-P permit and is seeking a funding or farm-in partner to fulfill the remaining drilling commitment. The company continues to review domestic and international oil and gas opportunities, with the proposed Alaskan acquisition being a compelling opportunity that provides significant exploration upside.