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".
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