This is IOP's interpretation of events relating to the transfer...

This is IOP's interpretation of events relating to the transfer of its 10% holding in the two Tubatse farms.
IOP Half Yearly Report June 2015....only 12 months late.

Garatau and Tubatse Project
During October 2009, the Company entered into a sale agreement (the “Sale Agreement”) with Nkwe Platinum Limited (ASX: NKP) (“Nkwe”) relating to the Company’s interest in a South African platinum project (“Tubatse Project”).
Hoepakrantz 291 KT, together with prospecting licenses Nooitverwacht 324 KT and Eerste Geluk 327 KT, were known as the Tubatse Project (a South African platinum project). Hoepakrantz 291 KT now forms part of the Garatau Project, with two other prospecting licences. The Company has no interest in the other two prospecting licences forming part of the Garatau Project. Due to the continued uncertainty surrounding ownership title, the Company assigns no value to its 10% interest in prospecting licences Nooitverwacht 324 KT and Eerste Geluk 327 KT.
Owing to the continued delays to the settlement of the dispute about the ownership of two of the three mineral farms that comprise the Tubatse Project and the negotiations with suitable joint venture partners, Nkwe had not been able to pay the A$45 million consideration to the Company by the revised agreement date of 31 December 2012. Company has fully impaired the carrying value of Hoepakrantz 291 KT as at 30 June 2015.

SUBSEQUENT EVENTS
The following significant events and transactions have taken place subsequent to 30 June 2015:
 On 22 January 2016, the Company commenced legal proceedings in the Supreme Court of Western Australia against NKWE Platinum Ltd (NKWE) claiming A$45,000,000 in relation to the failure by NKWE to pay for the purchase of International Petroleum’s 10% interest in prospective platinum tenements known as Hoepakrantz 291 KT, Nooitverwacht 324 KT and Eerste Geluk 327 KT located in the Eastern Limb of the Bushveld Complex in the Republic of South Africa (Tubatse Project or IGC Project) in accordance with the Sale Agreement between International Petroleum and NKWE dated 4 October 2009 (Sale Agreement).
Despite International Petroleum’s several attempts to resolve this matter without formal legal proceedings and to the mutual satisfaction of both parties, NKWE has failed to honour its commitments to International Petroleum. Accordingly, International Petroleum was left with no choice but to commence legal proceedings against NKWE.
On 29 February 2016, the Company was served with a defence from NKWE together with a counter-claim in the sum of A$10 million seeking restitution of funds previously paid by NKWE to International Petroleum under the Sale Agreement between International Petroleum and NKWE Platinum dated 4 October 2009.
During May 2016, all legal proceedings were settled with NKWE on the basis that each party agreed to its claim against the other being dismissed, with no orders as to costs. As part of the settlement agreement, an amount of A$280,000 was paid by NKWE to the Company on 20 May 2016.