IPB has extensive land holdings are about to Drill a number of wells under funding provided by the Berkshire Hathaway ( Warren Buffet) controlled oil exploration business Cal energy
IPB do not have any capital requirement for the first drilling program and this is expected to commence drilling int he next 2 months with the date likely to be announced in the next few weeks and this is what I expect to be the catalyst for a move up
The National offshore development program requested some additional information almost 6 weeks ago for the drilling to commence , and this should be close to being approved and the date set .
The initial area has already proven to have oil content with BHP drilling part of this lease many years ago in 1995 (with success ) just 5 km away from this specific drill target
The market cap is $36 m , and Cal are spending that alone so any success or drilling date commencement should see a sharp rise in interest
IBP was a IPO at 50c and last traded at 0.31c , the offer looks very dry ( hopefully the well is not ) and if the approvals do come in the next few weeks could easily get momentum to take it back over the IPO price ,and get me my first winner in this form for some time .
