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IPB Petroleum’s 28% share gain prompts ASX price and volume query

Last updated: 14:33 19 Mar 2014 AEDT, First published: 15:33 19 Mar 2014 AEDT

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IPB Petroleum (ASX: IPB) shares have jumped 28.3% from 12 March 2014 to a close of $0.34 yesterday, prompting the ASX to issue a price and volume query.

In response, the company noted that it is not aware of any information that it has not announced that would explain the rise.

IPB had on 7 March 2014 noted that it expected negotiations for a rig to drill the highly anticipated Pryderi-1 oil exploration well in WA-424-P offshore northwestern Australia to conclude within the coming weeks.

The company and its partner CalEnergy , a fully-owned subsidiary of Berkshire Hathaway’s MidAmerican Energy Holdings Company, are targeting Best Estimate Prospective Resources of 32 million barrels of oil at Pryderi-1.

Proactive Investors had said on Monday, 17 March 2014, "that a success at Pryderi would catapult IPB's share price and market valuation.  Pryderi will be one of the most anticipated well to be spudded in recent times".



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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