Below is an extract from an article by Ambrose Evans-Pritchard...

Below is an extract from an article by Ambrose Evans-Pritchard in today’s Age. It really does underline just what funding for the Idris well would mean for IPB, and how a $6mil market cap could be multiples more very quickly.

”………the world’s energy transition has been botched. Investment in upstream oil and gas exploration has collapsed from $US900 billion to $US350 billion a year since 2014, but investment in renewables has not been enough to close the deficit. There is a massive and untenable mismatch.

The $US86 trillion global economy still runs off fossil energy and will do so for a long time. We have been muddling through until now with legacy fields but these are in decline and there are no new mega-projects to replace them. We are nearing the point in the long commodity cycle when this will come back to bite us.

The vilification and legal harassment of even the best-run oil and gas companies has scared away the capital markets. The rush towards disinvestment has been indiscriminate and premature, hitting the good along with the bad. When the delayed fuse goes off in the oil markets, there will be absolutely nothing that Biden can do to hold down prices. We will see demand destruction with a fury.If Biden is panicking already at a trifling $US80, one wonders how he will react at $US150, or $US200, or $US250”.