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IPB Petroleum Director Acquires Shares On Market

IPB Petroleum (ASX: IPB) non-executive director Geoffrey King has acquired 60,000 shares in the company in on market trade.

He paid an average price of $0.24 for each share, or a total consideration of $14,400, for the transaction, which more than doubles his total shareholding to 100,000 shares.

IPB had in May completed an independent review by ISIS Petroleum Consultants of the M.australis oil play in its WA-485-P permit offshore Western Australia.

This resulted in an increase to the Mean Prospective Resources (unrisked recoverable) by 160 million barrels of oil to 670 MMbbls.

The company is preparing to drill the Pryderi-1 well targeting the play in the third quarter of 2013.

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