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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	IPO

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International Petroleum

International Petroleum Limited (ASX: IPO) is an Australia-based company. The Company is engaged in mineral exploration and development. The Company’s focus on the exploration and development of the Company’s 15% farm-in rights to the Genorah Farms Platinum Project located on the eastern limb of South Africa’s Bushveld Complex.

International Petroleum sets sail for oil exploration in Kazakhstan

Tuesday, March 02, 2010

International Petroleum (ASX: IPO), previously named International Goldfields Limited has today lodged a replacement Prospectus with ASIC, which replaces the prospectus odged with ASIC on 8 February 2010.

The prospectus seeks to issue up to 100,000,000 Shares at a price of 30 cents per Share to raise up to $30,000,000.

The Offer is conditional upon satisfaction or waiver of the conditions precedent to the Share Sale Agreement between the company, Eastern Petroleum and the Eastern Petroleum Shareholders.

The company entered into a Share Sale Agreement to acquire all of the fully paid ordinary shares in the capital of Eastern Petroleum. Eastern Petroleum’s wholly owned subsidiary, North Caspian Petroleum Limited (NCPL), operates and owns a 50% interest in subsoil use rights for the exploration of hydrocarbons in an early stage project in eastern and south-eastern Kazakhstan.

The funds raised in the issue will fund exploration at the Kazakhstan Project, which, if successful, could result in the discovery of hydrocarbons that will be instrumental in re-positioning the Company.

IPO has recently entered into an Asset Sale Agreement pursuant to which the Company agreed to sell its interest in the Tubatse Project.

Current Kazakhstan subsurface law requires consent from the Ministry of Energy and Mineral Resources for transfers of shares in a user of subsurface rights. In addition, the State of Kazakhstan has a priority right to purchase interests in subsurface use contracts, including any direct or indirect interest in companies holding subsurface use rights.

IPO has advised that Eastern Petroleum Corporation Limited sought, and has been granted, from the Ministry a waiver of its priority right to the transfer of the issued capital in Eastern Petroleum to the Company.

IPO anticipates that its securities will be relisted on ASX in early March 2010 once the funds have been raised and the Share Sale Agreement with Eastern Petroleum has completed.

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